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 Insights

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).

Jewelry made with precious metals or stones is referred to as luxury jewelry. Jewelry design, mold-making, polishing, casting, and plating of metals like gold, silver, or platinum are all part of the manufacturing process. Rings, bracelets, earrings, cufflinks, tie clips, watches, necklaces, and hair accessories are examples of luxury jewelry and timepieces.

Increased modernization, westernization, and personal disposable income are the main drivers of the luxury jewelry market's expansion. Other indirect factors driving the growth of the luxury jewelry market include an increase in consumer preference for opulent goods, the advancement of the jewelry industry, and the rise of new fashion jewelry. The preference of consumers for branded jewelry is growing, which has further encouraged manufacturers to promote the widespread availability of various types of luxury jewelry in the market. Long-term market expansion opportunities for luxury jewelry will also be lucrative and rewarding owing to the increase in television marketing and the expanding use of ornaments in ceremonies. Additionally, a sharp rise in consumer belief in astrology will pave the way for the expansion of the luxury apparel market.

US Luxury Jewelry Market is poised to grow at a sustainable CAGR for the next forecast year.

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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

Product ID: SQMIG25K2084