Global Luxury Jewelry Market

Luxury Jewelry Market Size, Share, Growth Analysis, By Product(Necklace, Ring), By Distribution Channel(Offline, Online), By Application(Men, Women) - Industry Forecast 2024-2031


Report ID: SQMIG25K2084 | Region: Global | Published Date: February, 2024
Pages: 271 | Tables: 94 | Figures: 76

Luxury Jewelry Market Dynamics

Luxury Jewelry Market Driver

  • Increasing disposable income is one of the key factors propelling the luxury jewelry market's expansion. Luxury jewelry is more in demand as a result of rising buying power brought on by rising disposable income among the populace. Another important factor influencing the demand for luxury jewelry is the traditions surrounding precious metals. India, for instance, consumes a significant amount of gold and silver due to the country's diverse religious and cultural ties. It is important to note that rising disposable income is primarily responsible for the luxury jewelry market in India's expansion.
  • Due to increased globalization and the widespread use of digital media, it is anticipated that the market for luxury jewelry will expand globally. One of the main things that affect fashion trends at any given time is the media. The global market for luxury jewelry is expanding due to the availability of information about various fashion trends to consumers through digital media. For instance, East Asian street fashion has experienced a sudden boom in recent years and is becoming quite popular around the world. During the anticipated time frame, these factors are also anticipated to fuel market expansion.

Luxury Jewelry Market Restraint

  • Precious metal and jewelry imports and exports are frequently subject to high tariffs and indirect taxes, which raise the price of the finished goods overall. This could slow the market's expansion overall because many potential buyers are starting to second-guess their decision to buy luxury goods. Furthermore, there is an uneven distribution of precious metals used to make high-end jewelry worldwide. Political tensions between nations also impede the free flow of luxury goods, which could impede the expansion of the world luxury jewelry market.
  • Following the COVID-19-caused pandemic, the market for luxury jewelry was completely shut down. Following the nationwide lockdown imposed by governments around the world to stop the spread of the virus, the entire market was put on hold as all mining operations were temporarily banned. Luxury jewelry is mostly made of precious metals, such as gold, diamonds, platinum, and so on, which are obtained through mining. Additionally, consumers' priorities quickly changed from purchasing luxury goods to purchasing consumer goods, which consequently reduced the demand for expensive jewelry. Furthermore, because all distribution networks were completely shut down, hampering imports and exports of goods, the general demand could not be satisfied.
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Luxury Jewelry Market size was valued at USD 56.5 billion in 2019 and is poised to grow from USD 61.01 billion in 2023 to USD 95.8 billion by 2031, growing at a CAGR of 7.85% in the forecast period (2024-2031).

To increase sales across numerous nations, manufacturers are changing their product branding and advertising strategies. The manufacturing companies have adopted creative strategies to boost sales of high-end jewelry, such as new product launches featuring stones that look like semi-precious stones, daring jewelry designs, and colorful stones engraved in chains that are beautifully packaged. For instance, the first collection of gold jewelry made without the use of mercury was introduced in May 2021 by the leading US luxury jewelry brand Futura Jewelry. The product launch aims to lessen the threat of mercury emissions on the planet in light of the effects of gold mining on the environment. 'MIKIMOTO', 'Bulgari', 'Cartier', 'Chopard', 'Graff Diamonds', 'Harry Winston', 'Van Cleef & Arpels', 'Piaget', 'Tiffany & Co.', 'Boucheron', 'Buccellati', 'David Yurman', 'Chaumet', 'Fabergé', 'H. Stern', 'Swarovski', 'Damiani', 'Pomellato', 'De Beers', 'Bvlgari Jewelry'

Increasing disposable income is one of the key factors propelling the luxury jewelry market's expansion. Luxury jewelry is more in demand as a result of rising buying power brought on by rising disposable income among the populace. Another important factor influencing the demand for luxury jewelry is the traditions surrounding precious metals. India, for instance, consumes a significant amount of gold and silver due to the country's diverse religious and cultural ties. It is important to note that rising disposable income is primarily responsible for the luxury jewelry market in India's expansion.

Throughout the forecast period, there may be room for luxury jewelry market growth due to rising demand for men's jewelry. Traditionally, women are more likely than men to buy expensive jewelry. Due to men's growing emphasis on aesthetic appeal and self-grooming, this trend is, however, changing. In addition, men are adopting the newest fashion trends at a high rate thanks to the growing influence of social media. Such elements are influencing the rise in demand for men's luxury jewelry items like necklaces, bracelets, and rings. As a result, producers are concentrating on these goods to gain a competitive edge.

More than one-third of the market was held by the market in the Asia-Pacific region in 2021, and it is anticipated that this region will continue to lead the market throughout the forecast period. This is explained by the expectation that consumers will continue to be concerned with their appearance as a result of the influence of beauty shows, TV shows, and magazines in various Asia-Pacific nations. The market is expanding as a result of widespread acceptance of luxury jewelry as well as increased awareness of affordable jewelry designs, a preference for western culture, and the expansion of the luxury jewelry segment in tier 2 cities.

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Global Luxury Jewelry Market

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