Gems and Jewellery Market– Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product Type (Rings, Necklaces, Earrings, Bracelets, Chains and Pendants), By Distribution Channel (Offline, Online), By Region & Competition, 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 431.57 Billion
CAGR (2026-2031)	5.95%
Fastest Growing Segment	Online
Largest Market	Asia Pacific
Market Size (2031)	USD 610.46 Billion

Market Overview

The Global Gems and Jewellery Market will grow from USD 431.57 Billion in 2025 to USD 610.46 Billion by 2031 at a 5.95% CAGR. The Global Gems and Jewellery Market comprises the trade of precious metals such as gold, platinum, and silver, alongside high-value gemstones including diamonds and colored stones, primarily utilized for personal adornment and investment. The sector’s growth is fundamentally driven by rising disposable incomes in emerging economies and the deep-rooted cultural significance of jewellery in bridal traditions and festive gifting. Additionally, the enduring perception of precious materials as a secure store of value provides a robust foundation for consistent demand, distinct from transient fashion cycles.

However, the industry faces a significant challenge regarding price volatility and high raw material costs, which can constrain volume growth. According to the World Gold Council, in 2024, global gold jewellery demand declined by 11% to 1,877 tonnes, although the value of this demand rose by 9% to a record US$144 billion due to price appreciation. This dichotomy highlights how escalating costs can impede accessibility for mass-market consumers, creating a barrier to broader market expansion despite the sector's high value retention.

Key Market Drivers

The rapid adoption of lab-grown diamonds and gemstones is fundamentally reshaping the market by democratizing access to luxury and aligning with ethical consumption trends. Consumers are increasingly prioritizing these stones due to their indistinguishable physical properties from natural counterparts and significantly lower price points, which allows for higher volume sales despite economic pressures. This shift is compelling major brands to diversify their portfolios to capture this growing segment. According to Pandora, November 2024, in the 'Interim Financial Report Q3 2024', the company’s lab-grown diamond segment generated revenue of DKK 64 million, achieving a robust like-for-like growth of 34% compared to the previous year. This performance illustrates how the category is becoming a critical revenue engine for organized retailers.

Simultaneously, the proliferation of e-commerce and digital retail channels is driving a structural evolution in how jewellery is discovered and purchased. Retailers are aggressively integrating digital capabilities to create seamless omnichannel experiences, crucial for engaging younger, tech-savvy demographics. According to Signet Jewelers, May 2024, in the 'Fiscal 2024 Annual Report', strategic investments in digital platforms successfully drove e-commerce penetration to approximately 23% of the company's total sales. This digital maturity is essential for sustaining demand; for instance, according to Mastercard SpendingPulse, in 2024, United States jewelry sales increased by 4% year-over-year during the holiday season, highlighting the resilience of consumer spending when supported by accessible retail channels.

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Key Market Challenges

The primary challenge hindering the growth of the Global Gems and Jewellery Market is the escalating cost of raw materials and the associated price volatility. As the prices of precious metals like gold and silver reach historical peaks, the immediate affordability for the mass-market consumer is severely compromised. This price surge creates a disconnection between the intrinsic desirability of these items and the purchasing power of average buyers, forcing a shift toward lighter weight designs or delaying purchases indefinitely. Consequently, while the market value may appear robust due to unit price appreciation, the underlying volume of trade contracts, indicating a shrinking customer base for traditional heavy jewellery.

This volume contraction is evident in recent industry performance data which underscores the severity of the issue. According to the World Gold Council, in the third quarter of 2025, global gold jewellery consumption fell to 371 tonnes, marking a significant double-digit year-on-year decline driven specifically by the record price environment. Such trends demonstrate that price sensitivity acts as a formidable ceiling on market expansion, as the sustained high cost of entry alienates entry-level buyers and limits growth to the premium luxury segment.

Key Market Trends

The Growth of the Second-Hand and Vintage Jewellery Resale Market is emerging as a critical trend as consumers increasingly treat high-quality pieces as investment assets with proven longevity. This segment is effectively decoupling from the broader retail slowdown by appealing to affluent buyers who prioritize vintage provenance and material intrinsic value over new, mass-produced inventory. Driven by sustainability concerns and the search for unique designs, the secondary market is outperforming the primary sector in value retention. According to The RealReal, August 2024, in the '2024 Luxury Resale Report', sales for fine jewelry priced at $5,000 and above increased by 22% year-over-year, achieving the highest growth rate of any luxury category on the platform.

The Transition from Unbranded to Organized Branded Jewellery Retail is accelerating as the market bifurcates between commoditized bullion and high-margin, design-led collections. While volatile gold prices have dampened demand for traditional heavy plain gold jewellery, organized players focusing on studded and value-added designs are capturing market share through superior craftsmanship and brand equity. This shift allows manufacturers to mitigate raw material price sensitivity by emphasizing the artistic value of the product rather than just its metal weight. According to the Gem & Jewellery Export Promotion Council (GJEPC), July 2024, in the 'Gem & Jewellery Trade Trends' report, exports of studded gold jewellery grew by 14.55% to US$1.34 billion during the April-June 2024 quarter, standing in sharp contrast to the decline observed in the broader unbranded segment.

Segmental Insights

The Online segment is emerging as the fastest-growing channel within the Global Gems and Jewellery Market, driven by a significant structural shift in consumer purchasing behavior. According to comprehensive market analysis, this expansion is primarily fueled by the integration of Augmented Reality tools, which enable virtual product visualization and effectively bridge the gap between physical and digital retail. Furthermore, the increased availability of verified digital certifications has strengthened consumer trust in high-value transactions. These technological enhancements, combined with the convenience of accessing diverse global inventories, are rapidly accelerating the sector’s transition toward a digital-first retail model.

Regional Insights

Asia Pacific dominates the global gems and jewellery market due to substantial consumption within major economies such as China and India. This leadership is driven by rising disposable incomes and a strong cultural preference for precious metals during traditional festivals and weddings. Additionally, the region functions as a central manufacturing hub for cutting and polishing, which optimizes supply chain efficiency. Strategic support from industry organizations like the Gems and Jewellery Export Promotion Council strengthens trade capabilities, ensuring the region remains the primary driver of both global demand and production supply.

Recent Developments

• In July 2024, Messika released the second chapter of its "Midnight Sun" high jewelry collection, which was thematically centered on the transition from night to dawn. The collection featured bold designs that utilized contrasting materials, such as yellow gold and white diamonds, to represent the interplay of light and shadow. Key pieces included complex collar necklaces and sets employing the "snow-setting" technique to maximize brilliance. The launch was accompanied by a global advertising campaign featuring a prominent model and actor, emphasizing the company's focus on innovative diamond setting and its strategy to appeal to a contemporary, fashion-forward luxury consumer.
• In June 2024, Pomellato unveiled "The Dualism of Milan," a high jewelry collection consisting of 51 unique pieces designed to pay homage to the brand's home city. The Creative Director structured the collection around two contrasting themes that reflect Milan's austere urban architecture and its vibrant creative history. The pieces utilized a diverse range of gemstones, including spinels, tourmalines, and sapphires, set in rose gold and accented with diamonds. This launch underscored the company's dedication to preserving traditional Milanese goldsmithing techniques while exploring contemporary, sculptural forms that align with the brand's modern aesthetic and luxury positioning.
• In May 2024, Signet Jewelers and De Beers Group announced a comprehensive collaboration aimed at stimulating demand for natural diamonds within the United States. This strategic partnership focused on developing integrated marketing campaigns and specialized training programs for retail staff to effectively communicate the unique value proposition of natural stones compared to lab-grown alternatives. By combining Signet’s extensive retail network with De Beers’ expertise in diamond sourcing and storytelling, the companies sought to enhance consumer appreciation for natural diamonds, particularly in the bridal and engagement ring segments, while sharing data to optimize future inventory and marketing strategies.
• In February 2024, Swarovski launched its "The Wonder of Love" collection, a strategic product release timed for the Valentine's Day retail period. The collection introduced new jewelry and eyewear designs featuring vintage-inspired heart motifs, utilizing the company's signature "dancing stone" technique along with Swarovski Zirconia and pearls. Concurrently, the company expanded its "Creators Lab" platform by collaborating with a luxury accessory brand to release a limited series of crystallized handbags. These simultaneous initiatives were designed to reinforce the brand's technical expertise in crystal cutting and to strengthen its positioning in the broader luxury lifestyle and accessory market.

Key Market Players

• LVMH Group
• PANDORA JEWELRY LLC
• Richemont SA
• The Swatch Group AG
• Chow Tai Fook Jewelry Company Limited
• Tata Sons Private Ltd
• De Beers Jewellers US Inc.
• Swarovski Crystal Online AG
• Signet Jewelers
• Chow Tai Fook Jewellery Company Limited

By Product Type	By Distribution Channel	By Region
Rings Necklaces Earrings Bracelets Chains and Pendants	Offline Online	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Gems and Jewellery Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Gems and Jewellery Market, By Product Type:

• Rings
• Necklaces
• Earrings
• Bracelets
• Chains and Pendants

• Gems and Jewellery Market, By Distribution Channel:

• Offline
• Online

• Gems and Jewellery Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE