SAN FRANCISCO, April 18, 2022 /PRNewswire/ -- The global jewelry market size is expected to reach USD 518.90 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.5% from 2022 to 2030. The luxury goods industry continues to drive the market for jewelry, amid challenges concerning varying economic trends.
Key Insights & Findings from the report:
- The ring product segment held the largest revenue share in 2021. The segment stood as the most popular product amongst end users as consumers' interest is growing in the intricate designs and details of the rings. Moreover, they are perceived as elegant and stylish statement-making jewelry among both men and women, which is supporting the growth of the segment.
- The gold material segment is projected to register the fastest growth rate over the forecast period. In 2020, the jewelry industry used over 1,400 metric tons of gold accounting for more than one-third of all gold demand worldwide.
- Asia Pacific held the largest revenue share in 2021. Highly populated and developing economies of the region including China and India generate humongous demand for jewelry boosting its consumption and revenue. Additionally, the high significance of jewelry in Indian culture, improving living standards, rising per capita income and spending power, and the rising influence of social media on consumers are fueling the growth of the market in Asia Pacific.
Request a free sample copy or view report summary, "Jewelry Market Size, Share & Trends Analysis Report By Product (Necklace, Ring, Earring, Bracelet), By Material (Gold, Platinum, Diamond), By Region (North America, Europe), And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Jewelry Market Growth & Trends
The demand for jewelry is increasing as the world is recovering from a recession and the global financial crisis of 2008. Over the past few years, consumer preference has turned to branded jewelry. This trend is more prominent among the emerging upper middle class or wealthy consumers, particularly in Asia Pacific, for whom branded jewelry is a status symbol. According to the World Gold Council, India and China accounted for more than 50% of the global gold jewelry demand in 2018.
Most consumers buy jewelry from international or established brands as they offer authentic and trustworthy products and unique designs. E-commerce is another important trend in the industry. Most consumers in this market prefer to research online before purchasing any product, and many make purchases from online portals for convenience.
Technological advancements have been transforming the jewel industry, from mining and discovering precious metals to cloud solutions and e-commerce platforms. Computer-aided design (CAD), 3D printing, and augmented reality (AR) are among the most notable technologies that have been prompting the growth of the industry in recent years. From a distribution standpoint, the emergence and popularity of these technologies have been aiding jewelry manufacturers around the world to realize higher profit margins in retail outlets.
A key trend that has been gripping the jewelry industry over the years is the transformation of the shopping experience using technology. For instance, in June 2017, YOOX NET-A-PORTER GROUP, an Italian online fashion retailer, partnered with Lumyer Inc., a U.S.-based app developing company, to launch an AR camera app designed to enable users to try on jewelry, sunglasses, and handbags in virtual reality.
The rising number of double-income households in emerging economies such as India, China, and Brazil have resulted in increased spending on luxury goods, including jewelry. Spending on luxury products is expanding at a more substantial rate in tier-II cities in India than in tier I cities. According to American Express, high-end spending in tier II cities between 2013 and 2018 grew 30 times faster than that in tier I cities. The rise in luxury spending in tier I and tier II cities is due to strict measures by the Indian government, such as an increase in excise duty on gold and diamond, demonetization, and a rise in taxes on luxury items to curb black money.
Jewelry Market Segmentation
Grand View Research has segmented the global jewelry market on the basis of product, material, and region:
Jewelry Product Outlook (Revenue, USD Million, 2017 - 2030)
- Necklace
- Ring
- Earring
- Bracelet
- Others
Jewelry Material Outlook (Revenue, USD Million, 2017 - 2030)
- Gold
- Platinum
- Diamond
- Others
Jewelry Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- U.S.
- Europe
- Germany
- France
- Asia Pacific
- China
- India
- Central & South America
- Brazil
- Middle East & Africa
- Saudi Arabia
List of Key Players of Jewelry Market
- Tiffany & Co.
- Louis Vuitton SE
- Signet Jewelers Limited
- Pandora Jewelry, LLC
- H.Stern
- Richemont
- Chow Tai Fook Jewellery Group Limited
- Malabar Gold & Diamonds
- SWAROVSKI GROUP
- GRAFF
Check out more related studies published by Grand View Research:
- Costume Jewelry Market - The global costume jewelry market size is expected to reach USD 39.2 billion by 2025, expanding at a CAGR of 6.5% in the forecast period, according to a new report by Grand View Research, Inc. Growing fashion consciousness, increasing number of working women, and rising disposable income are some of the factors for the market growth.
- Precious Metal Market - The global precious metal market size is estimated to reach USD 362.1 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 9.0% from 2020 to 2027. Rising demand for precious metals in industrial applications is likely to positively influence the market growth.
- Diamond Market - The global diamond market size is anticipated to reach USD 123.83 billion by 2030, expanding at a CAGR of 3.0% over the forecast period, according to a new report by Grand View Research, Inc. The market is mainly driven by strong jewelry demand from emerging economies.
Browse through Grand View Research's Clothing, Footwear & Accessories Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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