Jewellery Market Outlook
According to the report by Expert Market Research (EMR), the global jewellery market size reached a value of 327.28 billion in 2023. Driven by increasing consumer affluence, rising fashion consciousness, and a growing preference for luxury and investment-grade jewellery, the market is anticipated to expand at a compound annual growth rate (CAGR) of 4.70% between 2024 and 2032, reaching almost 494.81 billion by 2032.
Jewellery, encompassing a wide range of items including rings, necklaces, bracelets, earrings, and watches, is a significant component of personal adornment and cultural expression. Its appeal spans across various demographics and regions, driven by factors such as economic conditions, fashion trends, and technological advancements in design and production.
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Market Drivers and Trends
Several key factors are propelling the growth of the global jewellery market. One of the primary drivers is the increasing disposable income of consumers worldwide. As global economies continue to recover and expand, particularly in emerging markets, consumers are allocating more of their income towards luxury items, including high-end jewellery. This trend is particularly evident in regions such as Asia Pacific, where rapid economic growth and rising middle-class affluence are fueling demand.
Fashion and lifestyle trends also play a crucial role in shaping the jewellery market. The continual evolution of fashion and the increasing influence of celebrity endorsements and social media have driven interest in diverse and innovative jewellery designs. Consumers are increasingly seeking unique, customizable, and high-quality pieces that reflect their personal style and status. The rise of trend-driven collections and limited-edition releases contributes to market growth, as brands and designers continually introduce new and exclusive items to capture consumer interest.
Additionally, the growing appreciation for jewellery as an investment asset is influencing market dynamics. Gold and diamond jewellery, in particular, are viewed as stable investment options that retain value over time. This perception, coupled with fluctuations in global financial markets, drives investment demand for high-value jewellery pieces. Investors and collectors alike are increasingly turning to fine jewellery as a hedge against economic uncertainty and inflation.
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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 Opportunities
Despite the positive growth outlook, the jewellery market faces several challenges. Fluctuations in precious metal prices, geopolitical uncertainties, and economic downturns can impact consumer spending on luxury items. Additionally, the market is subject to counterfeit products and issues related to ethical sourcing of materials, which can affect consumer trust and brand reputation.
However, these challenges also present opportunities for market players to innovate and differentiate themselves. The adoption of sustainable practices, ethical sourcing of materials, and the integration of advanced technologies such as blockchain for traceability are becoming increasingly important. Companies that address these concerns effectively can enhance their market position and appeal to conscientious consumers.
Furthermore, the increasing popularity of digital and omnichannel retailing offers opportunities for growth. By leveraging digital marketing, social media, and online sales platforms, jewellery brands can reach a broader audience and enhance their customer engagement. The integration of augmented reality (AR) and virtual reality (VR) technologies in the online shopping experience is also expected to drive growth by providing consumers with immersive and interactive ways to explore and purchase jewellery.
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