Jewellery Market Outlook
The global jewellery market, value of 327.28 billion in 2024, is poised for continued growth. According to a report by Expert Market Research (EMR), the jewellery market size is projected to expand at a CAGR of 4.70% during the forecast period of 2025-2033, reaching a value of almost 494.81 billion by 2033. This growth is driven by rising disposable incomes, changing fashion trends, and a growing inclination toward luxury goods.
Jewellery, long regarded as a symbol of wealth, status, and personal expression, encompasses a broad range of products, including rings, necklaces, bracelets, earrings, and watches, crafted primarily from precious metals such as gold, silver, and platinum, along with gemstones, diamonds, and other materials. As a significant sector within the global luxury goods market, jewellery continues to hold a unique position due to its emotional value and cultural significance, further reinforcing its demand in both developed and emerging markets.
Key Drivers of Growth
The growing demand for luxury goods, combined with an increasing middle-class population, particularly in emerging markets, has been a key driver of the global jewellery market's expansion. Rising urbanisation and improved living standards have led to greater purchasing power, making jewellery more accessible to a larger number of consumers. In regions such as Asia Pacific, especially in countries like India and China, there has been a notable rise in jewellery consumption due to growing affluence and a cultural affinity for gold and precious stones.
Moreover, the increasing presence of global luxury brands, coupled with a rise in online retail channels, has made jewellery more accessible to consumers worldwide. The advent of e-commerce platforms has expanded the market’s reach beyond traditional brick-and-mortar stores, allowing consumers to purchase high-end pieces from international brands with ease. This trend has particularly gained momentum during the COVID-19 pandemic, which accelerated digitalisation in the luxury goods market, including jewellery.
Trends Influencing the Jewellery Market
One of the most significant trends in the jewellery market is the growing preference for customised and personalised jewellery. As consumers seek ways to express their individuality, demand for bespoke jewellery designs has risen. This trend is particularly prominent in high-end segments, where buyers are willing to invest in unique, one-of-a-kind pieces that reflect their personal style or commemorate important life events. The rise of social media and influencer culture has also contributed to the popularity of customised jewellery, with celebrities and influencers showcasing personalised pieces, prompting their followers to seek similar items.
Sustainability and ethical sourcing have also become increasingly important to jewellery consumers, particularly among younger generations. A growing number of consumers are choosing jewellery brands that prioritise ethical practices, such as the responsible sourcing of materials and the use of recycled or lab-grown diamonds. This shift towards sustainability has led to the development of new technologies and processes, such as the creation of synthetic diamonds, which offer a more environmentally friendly and cost-effective alternative to natural diamonds.
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Consumer Preferences and Regional Insights
The demand for gold jewellery remains dominant in the global jewellery market, particularly in regions such as India, China, and the Middle East. Gold is traditionally considered a store of value, and in countries like India, it is an integral part of cultural and religious ceremonies, including weddings and festivals. As such, gold jewellery continues to be seen as both a form of investment and an emotional asset. In recent years, the demand for gold jewellery has seen steady growth, owing to its intrinsic value and the global economic uncertainties, which have led consumers to seek tangible assets.
Meanwhile, the demand for diamond jewellery remains strong in the luxury segment, especially in Western markets like North America and Europe, where diamonds are often associated with milestones such as engagements, weddings, and anniversaries. Diamonds continue to be the preferred choice for high-end jewellery, with consumers willing to invest in pieces that represent prestige and long-term value. The proliferation of online platforms offering lab-grown diamonds has further reshaped the market, providing consumers with more affordable alternatives without compromising on quality or ethical considerations.
In terms of regions, Asia Pacific continues to be the largest jewellery market, driven primarily by India and China. The growing middle class, urbanisation, and increasing disposable incomes in these countries are the key factors contributing to the market’s growth. The strong cultural affinity for gold in these regions, coupled with rising consumer confidence, has led to a steady increase in jewellery consumption. Additionally, the increasing number of affluent consumers in Southeast Asia and the Middle East further bolsters the growth prospects in the Asia Pacific region.
North America and Europe are also significant markets, with the United States and the United Kingdom being key players. In these regions, the demand for high-end, luxury jewellery, including diamond-studded pieces and watches, remains strong. However, the market in these regions faces competition from more affordable alternatives, as consumers increasingly seek value for money. The rise of e-commerce in North America and Europe has allowed consumers to purchase luxury jewellery items online, making it easier for international brands to expand their footprint in these markets.
Technological Advancements and Innovations
Technological innovations continue to shape the jewellery market, enhancing both the production process and consumer experience. Advances in 3D printing have revolutionised the design and manufacturing of jewellery, allowing for greater precision, customisation, and faster turnaround times. 3D printing enables designers to create intricate and complex designs that would be difficult to achieve using traditional techniques, and it allows customers to visualise and personalise their jewellery choices before production begins.
In addition to 3D printing, the use of augmented reality (AR) and virtual reality (VR) technologies is gaining momentum in the jewellery industry. These technologies enable consumers to virtually try on jewellery pieces through their smartphones or AR-enabled mirrors, providing an immersive shopping experience that bridges the gap between online and in-store shopping. By allowing customers to visualise how different pieces will look on their body, these technologies help reduce the uncertainty associated with purchasing jewellery market, thereby boosting online sales.
Furthermore, the rise of blockchain technology is helping to enhance the transparency and traceability of jewellery products, especially diamonds and precious stones. Blockchain allows for the secure tracking of the provenance of materials, ensuring that they are ethically sourced and comply with industry standards. This technology also helps combat issues such as the sale of conflict diamonds, ensuring that consumers can make informed purchasing decisions based on ethical considerations.
Jewellery Market Segmentation
The market can be divided based on by material, category, end use, distribution channel and region.
Breakup by Material Type
- Silver
- Gold
- Platinum
- Diamond
- Others
Breakup by Category
- Branded
- Unbranded
Breakup by End User
- Men
- Women
Breakup by Distribution Channel
- Online
- Offline
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
Some of the major players explored in the report by Expert Market Research are as follows:
- Compagnie Financière Richemont SA (Buccellati)
- Signet Jewelers Ltd.
- Chow Tai Fook Jewellery Group Limited
- Graff Diamonds Limited
- Harry Winston, Inc.
- H.Stern (Jewellery) Limited
- LVMH Moët Hennessy – Louis Vuitton
- Pandora A/S
- Swarovski AG
- Tanishq Corporation
- Others
Challenges and Future Outlook
Despite the positive growth projections, the global jewellery market faces several challenges that could potentially impact its expansion. The volatility of raw material prices, particularly gold and diamonds, remains a significant concern for the industry. Fluctuations in the prices of these precious materials can influence the pricing of finished jewellery products, making it more difficult for manufacturers to maintain stable profit margins. Additionally, the global jewellery market faces increasing competition from low-cost alternatives, such as fashion jewellery, which has become more accessible due to online platforms and affordable manufacturing processes.
Another challenge is the ongoing issue of counterfeiting, particularly in the luxury jewellery sector. Counterfeit jewellery not only poses a risk to the integrity of brands but also undermines consumer trust in the industry. To address this, jewellery companies are increasingly focusing on authentication technologies, such as embedded microchips and holograms, to protect their products and assure customers of their authenticity.
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