Global Jewellery Market Report and Forecast 2024-2032

Global Jewellery Market Outlook

The global jewellery market size attained a value of 327.28 billion in 2023. The market is expected to grow at a CAGR of 4.70% between 2024 and 2032, reaching almost 494.81 billion by 2032.

Key Takeaways

• Silver is more abundant and less expensive, making it a popular choice for fashion jewellery and trendy designs.

• The durability and longevity of gold make it a preferred choice for everyday wear and heirloom pieces.

• Platinum is naturally hypoallergenic, making it an excellent choice for people with sensitive skin or allergies to certain metals.

Ornamental pieces or decorative items made up by shaping and refining jewels or precious metals are known as jewellery. These are used as personal ornaments, which include necklaces, rings, and bracelets, among others, and the cost of the product may vary depending on the type of metal or jewels being used.

Real/ fine jewellery accounts for a massive share of the jewellery market in terms of revenue owing to its luxurious nature and premium look. Made of precious metals or stones like gold or diamond, these pieces are highly valued and are considered a good investment option. Meanwhile, costume/ fashion jewellery is expected to witness an increased adoption in the forecast period. This can be attributed to the increasing consumer preference for fashionable and affordable jewellery that can complement their outfit perfectly. This segment is further bolstered by its low manufacturing cost as less-precious materials are used. Necklaces, charms, and bracelets account for almost 50% of the market share.

The mphasng lifestyles and increasing disposable incomes of people, followed by aggressive branding and advertising executed by key players are the major factors augmenting the jewellery market growth. The increasing demand for premium and luxurious products is significantly contributing to the demand for gold and diamond jewellery. These jewels help enhance the look and overall appearance of an individual and are considered a symbol of high status.

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Key Trends and Developments

Growing popularity of classy pearls and maximalist cuffs; the emergence of sculpted shapes and beaded jewellery; the trend of wearable art; and increased focus of brands on offering improved customer experience are the major trends in the jewellery market

Jewellery Market Trends

The growing popularity of classy pearls and maximalist cuffs and their increasing launch by high jewellery brands like Van Cleef & Arpels, Tiffany & Co., and Harry Winston reflect a broader trend in the luxury fashion and jewellery sector. In an era where personal style and individual expression are highly valued, both pearls and maximalist cuffs offer unique ways for wearers to express their personalities and tastes as pearls can convey sophistication and grace, while maximalist cuffs showcase boldness and creativity.

Further, there is an increasing focus on adopting production methods and materials that conform to principles of sustainable development. In January 2024, Pandora announced that it is using recycled silver and gold in its product lines. This commitment to using 100% recycled silver and gold reflects a significant step towards sustainability in the jewellery market. This move not only reduces the environmental impact associated with mining new materials but also aligns with growing consumer demand for ethically sourced and environmentally friendly products.

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Market Segmentation

“Jewellery Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Earrings, being a staple accessory for women, account for the majority of jewellery market share

Earrings hold a significant share of the total market value, driven by their universal appeal, versatility, and the wide array of designs that cater to diverse consumer tastes and cultural traditions. Earrings are a fundamental accessory in fashion and personal styling, offering individuals a way to express their personal style, mood, or identity. From subtle studs to elaborate statement pieces, earrings can complement various outfits and occasions, making them a staple in personal adornment.

Other jewellery pieces like ring also enjoy considerable popularity. Engagement rings and wedding bands, in particular, are universal symbols of union and partnership, making them essential purchases for couples around the world. Beyond matrimonial significance, rings also symbolise achievements (such as graduation rings), memberships (such as class rings or signet rings), and personal milestones.

Women represent the leading end use segment, and their increased appetite for statement pieces contributes to the jewellery market revenue

Jewellery has been used as a form of adornment by women across different cultures and societies. Jewellery plays a crucial role in fashion and personal styling for many women, allowing them to express their individuality, mood, and style. The vast array of jewellery designs, from classic to contemporary, enables women to complement their attire for different occasions, making jewellery a versatile accessory.

While women traditionally dominate the jewellery market, men are also expected to hold a significant market share, a trend that has been growing over time. There is a shift in societal attitudes towards masculinity and self-expression, with a growing acceptance that jewellery can be a part of men’s fashion. This change has encouraged more men to explore jewellery as a way to accentuate their personal style and express their individuality.

Competitive Landscape

The market players are adopting innovative and sustainable practices, including the use of recycled materials for jewellery production, and expanding their offline and online presence to gain a competitive edge in the market

Other major players in the jewellery sector include Harry Winston, Inc., H.Stern (Jewellery) Limited, LVMH Moët Hennessy – Louis Vuitton, Pandora A/S, Swarovski AG, and Tanishq Corporation, among others.

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Jewellery Market Analysis by Region

North America accounts for a significant share of the global market for jewellery and is anticipated to remain one of the leading regions in the forecast period owing to the aggressive advertising and branding of the products. The region boasts a mature and diverse retail landscape that includes a mix of luxury boutiques, department stores, online retailers, and speciality jewellery stores. This variety offers consumers easy access to a wide range of jewellery products, from high-end designer pieces to more affordable fashion jewellery, catering to a broad spectrum of tastes and budgets.

Meanwhile, parts of the Asia Pacific, which include India and China, are rapidly growing in terms of revenue and consumption. Gold is consumed on a large scale in China due to its rapidly developing economy. The growth of the Indian jewellery market can be attributed to the high significance of jewellery in Indian culture, rising living standards, and the growing influence of social media on consumers.

Key Highlights of the Report