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The Jewelry Market size is forecast to increase by USD 107.9 billion, at a CAGR of 5.45% between 2023 and 2028. The market is experiencing significant growth, driven by several key trends. The increasing demand for jewelry as gifts, particularly during special occasions and festive seasons, is a major growth factor. Moreover, the growing acceptance of gems and jewelry among men, expanding beyond traditional roles as gifts for women, is broadening the market base. However, the market also faces challenges, including the increasing availability of counterfeit jewelry, which undermines the credibility of the industry and affects consumer trust. To mitigate this issue, industry players are focusing on implementing authentication measures and collaborating with regulatory bodies to ensure market transparency and consumer protection. Overall, the market is expected to continue its growth trajectory, driven by these trends and challenges.
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The market report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The specialist retailers segment is estimated to witness significant growth during the forecast period. The global market is witnessing substantial growth, particularly in the specialist retail segment. This segment comprises exclusive brand stores, multi-brand outlets, and premium fashion retailers. Companies are expanding their physical presence by opening stores in various cities and regions, enhancing their ability to cater to diverse consumer preferences and increase sales efficiency. Gold chains, necklaces, rings, bracelets, anklets, cufflinks, tie bars, and other gold wear continue to dominate the market, with platinum and demifine jewelry gaining popularity.
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The specialist retailers was the largest and was valued at USD 306.70 billion in 2018. Fashion trends influence jewelry consumption, with contemporary jewels and cartography necklaces emerging as favorites. High-income earners and men are significant consumer groups, with an increasing preference for luxurious products such as signet rings and high-end fine jewelry. Social media and celebrity endorsements shape consumer preferences, driving customer footfall to retail jewelry stores. However, the global supply chain faces challenges such as factory closures and shipping delays, which may impact the market's growth. Despite these logistical challenges, the market continues to evolve, with designers introducing innovative designs and styles to meet individual aesthetics.
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APAC is estimated to contribute 59% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market encompasses an extensive range of decorative items designed for personal adornment and self-expression. These accessories, crafted from precious metals such as gold and silver, showcase intricate designs involving metalworking, stone setting, enameling, filigree, and more.
Precious gemstones like diamonds, rubies, emeralds, and sapphires are often incorporated into fine jewelry, adding an element of wealth and sentimental value. Crystal stones are also popular in fashion jewelry, which is often made from plated alloys. The market has evolved to include various categories, including intricate fine jewelry and trendy fashion jewelry, catering to diverse consumer preferences. Online platforms have emerged as a significant distribution channel, offering convenience and accessibility to a global audience.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Cartier SA - The company offers jewelry such as yellow gold diamond necklace, gold diamond pendant, white gold diamond necklace and others.
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Market structure |
Fragmented |
YoY growth 2023-2024 |
4.98 |
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing demand for jewelry as gifts is notably driving market growth. Jewelry, as a fashion accessory and symbol of luxury, holds significant cultural and personal value, particularly for special occasions and life events. Gold chains, necklaces, rings, bracelets, anklets, cufflinks, tie bars, and other forms of gold wear are popular choices for gifting, representing prosperity, good fortune, and familial bonds. In many cultures, traditions surround jewelry gifting, such as the use of intricately designed gold jewelry during auspicious occasions in Asian cultures, or the common practice of gifting jewelry for birthdays, weddings, and anniversaries in the US. Platinum and demifine jewelry are also sought after for their durability and elegance.
The market caters to diverse consumer preferences, from fast fashion and costume jewelry to high-end fine jewelry, with a focus on craftsmanship and individual aesthetics. However, the industry faces challenges such as factory closures, shipping delays, and logistical challenges within the global supply chain. Despite these hurdles, jewelry consumption remains a significant trend among high-income earners, driven by contemporary jewels and designs from renowned designers. Thus, such factors are driving the growth of the market during the forecast period.
Growing acceptance of jewelry among men is the key trend in the market. The market is witnessing an increase in demand, particularly for gold chains, necklaces, rings, bracelets, anklets, cufflinks, and tie bars among men. This trend is driven by the increasing acceptance of jewelry as fashion accessories and the influence of celebrities and influencers. Men's jewelry consumption is on the rise, with contemporary jewels such as cartography necklaces, signet rings, and demifine jewelry gaining popularity. The market for high-end fine jewelry and fast fashion jewelry is thriving, with an emphasis on craftsmanship and individual aesthetics.
The global supply chain for jewelry is facing logistical challenges due to factory closures and shipping delays, which may impact retail jewelry stores' customer footfall. Despite these challenges, the market for luxurious jewelry products continues to grow, with fashion trends and styles influencing purchasing decisions. High-income earners are increasingly enhancing their looks with jewelry, making it a significant investment for them. Thus, such trends will shape the growth of the market during the forecast period.
Increasing availability of counterfeiting jewelry is the major challenge that affects the growth of the market. The market encompasses a wide range of gold chains, necklaces, rings, bracelets, anklets, cufflinks, tie bars, and other fashion accessories. These luxurious products are often made of gold wear, platinum, or other precious metals, and are popular for weddings and functions. Demand for jewelry continues to rise due to its ability to enhance looks and express individual aesthetics. However, the market faces challenges such as the proliferation of counterfeit jewelry. Counterfeit jewelry, often made with cheap metal alloys containing toxic substances like lead, cadmium, and nickel, can cause skin irritation, allergic reactions, and long-term health problems. Unknowing consumers risk financial loss and potential health hazards when purchasing such products. Moreover, counterfeit jewelry negatively impacts the brand image of established jewelry brands.
The rise in jewelry purchases from unauthorized e-commerce platforms exacerbates this issue. The global jewelry supply chain is complex, with factory closures and shipping delays causing logistical challenges. High-income earners and fashion trends continue to drive demand for contemporary jewels designed by renowned designers. However, the market's growth is threatened by the availability of counterfeit products, which diminishes the perceived value of original jewelry and erodes consumer trust. It is crucial for retail jewelry stores to ensure authenticity and maintain transparency to retain customer footfall. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
The market is a thriving industry that encompasses a wide range of gold chains, necklaces, rings, bracelets, anklets, cufflinks, tie bars, and other fashion accessories. Gold wear, including plain gold chains and signet rings, continues to be a popular choice for various functions and weddings. Platinum, a luxurious alternative to gold, is also gaining traction among high-income earners. Fashion trends influence jewelry consumption, with contemporary jewels such as cartography necklaces and demifine jewelry gaining popularity. The market caters to both men and women, offering a diverse range of styles and designs to enhance individual aesthetics.
Further, the industry faces challenges in the global supply chain, including factory closures and shipping delays due to logistical challenges. Fast fashion and high-end fine jewelry coexist, with the former catering to the mass market and the latter emphasizing craftsmanship and exclusivity. Jewelry purchases are made through retail jewelry stores, with customer footfall influenced by fashion trends and personal preferences. The industry includes both costume jewelry and luxurious products, catering to various budgets and tastes. Overall, the market is a dynamic and evolving industry that continues to captivate consumers worldwide.
Market Scope |
|
Report Coverage |
Details |
Page number |
202 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.45% |
Market growth 2024-2028 |
USD 107.9 billion |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 59% |
Key countries |
China, US, India, Hong Kong, Japan, Russian Federation, Turkey, Canada, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Cartier SA, Chow Tai Fook Jewellery Group Limited, Compagnie Financiere Richemont SA, David Yurman Enterprises LLC, De Beers Corp., EOS Designs Studio, Graff Diamonds Ltd., Hermes International SA, Hstern Jewellery Ltd., Kalyan Jewellers India Ltd., Kering SA, Le petit fils de L.U. Chopard and Cie SA, LukFook Holdings International Ltd., LVMH Group., Malabar Gold and Diamonds, Pandora Jewelry LLC, PC Jeweller Ltd., Signet Jewelers Ltd., Swarovski AG, Tata Sons Pvt. Ltd., and The Swatch Group Ltd. |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, AI impact on market trends, COVID -19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Technavio Analysis
3 Market Landscape
4 Market Sizing
5 Historic Market Size
6 Qualitative Analysis
7 Five Forces Analysis
8 Market Segmentation by Distribution Channel
9 Market Segmentation by Type
10 Customer Landscape
11 Geographic Landscape
12 Drivers, Challenges, and Opportunity/Restraints
13 Competitive Landscape
14 Competitive Analysis
15 Appendix
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