Jewelry Market Size, Share & Trends Analysis Report By Product (Necklace, Ring, Earring, Bracelet), By Material (Gold, Platinum, Diamond), By Region (North America, Europe), And Segment Forecasts, 2022 - 2030

Report Overview

The global jewelry market size was valued at USD 249.02 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.5% from 2022 to 2030. Increasing disposable income and innovative jewelry designs offered by manufacturers are expected to drive the product demand. Changing lifestyles and perceptions of jewelry as a status symbol are expected to boost the growth of this market. COVID-19 has had a positive effect on jewelry sales, with 30% of consumers in a recent poll reporting they purchased more jewelry during the pandemic, according to a study from the supplier group, the Plumb Club. The survey entitled “The Plumb Club Industry & Market Insights 2021” also noticed that 49% of consumers bought as much jewelry as they always did, while 21% purchased less.

The increasing acceptance of jewelry among men is also propelling the growth of the market. Products such as cufflinks, plain gold chains, tie bars, cartography necklaces, and signet rings are some of the products commonly in demand among men. A vast client base makes it possible for manufacturers to cater to a large market and earn profits. The introduction of new designs and emerging fashion trends are attracting customers and manufacturers are leveraging this frequent change in fashion to design unique products to attract customers.

Bridal jewelry also plays a significant role in driving the market. In countries like India, high expenditure on wedding ceremonies and celebrations is expected to positively impact the market growth. Women are focusing on the latest trends when it comes to jewelry and accessories. The availability of customization for such products is an important factor among consumers and is likely to bode well for the market. Additionally, rising awareness regarding the authenticity of the metals and gems used in the jewelry pieces is driving the market. Manufacturers are not only adhering to authenticity and quality standards but also educating consumers through advertising campaigns.

Diamonds are becoming increasingly popular due to an increase in consumer disposable income and spending capacity. Diamonds are considered to be one of the earth’s most impressive natural materials due to their stunning attributes and are perceived as a reflection of one’s financial status. The market for jewelry is also expected to witness significant growth via the online channel as major players are focusing on using their websites to announce product launches, sales, and other relevant information. However, rising e-commerce frauds and a lack of knowledge about hallmarks on jewelry are expected to hinder the market growth.

Material Insights

Gold dominated the market for jewelry and held a revenue share of over 40.0% in 2021 as the material is the most popular metal used in the making of all sorts of jewelry across the world. The segment is expected to maintain its leading position during the forecast period. Based on material, the market is segmented into platinum, gold, diamond, and others.

Depending on the product type of alloy used, jewelry made with yellow, white, rose, and green gold is available in various designs and shapes. For instance, yellow gold is alloyed with silver, copper, and zinc. White gold is an alloy of gold and at least one white metal, usually nickel, silver, or palladium. Rose gold is a mixture of gold, copper, and silver, and green gold is a mixture of gold and silver, with traces of copper and other metals.

Product Insights

Ring captured the largest revenue share of over 25.0% in 2021. This segment is likely to retain its pole position throughout the forecast period. The rising sales of rings worldwide are principally driven by the increasing demand for wedding rings, coupled with the growing preference for corporate dressing. A key trend that has been gripping the market for jewelry in recent years is the rising sale of rings within the male consumer segment. This can be attributed to improvements in men’s jewelry designs and rising fashion awareness among men around the world.

There has also been a change in the way consumers perceive rings. Younger generations with a less-traditional viewpoint on marriages tend to build a strong connection between love and rings, be it commitment rings, engagement rings, or promise rings. In the near future, jewelers are expected to increasingly target younger consumers worldwide owing to their growing affinity for rings. The bracelet segment is projected to expand at a CAGR of 8.9% over the forecast period. The rising popularity of cross-cultural designs in bracelets is among the key factors augmenting product demand around the world. In this respect, jewelry inspired by Egyptian, European, and Italian cultures is likely to gain traction in the foreseeable future.

Regional Insights 

Asia Pacific captured the largest revenue share of more than 60.0% in 2021. This whopping market share is mainly attributed to the high demand for jewelry from densely populated countries in the region including India and China, where gold is consumed on a large scale. China was the leading country in the market owing to the increasing spending power of the population and swiftly developing economy.

The region is marked by the presence of a large number of top key players such as Malabar Golds and Diamonds, Tanishq, Queelin, and Wallace Chan with a vast distribution network. For instance, according to the Indian Brand Equity Foundation (IBEF), data published in July 2020, the Indian jewelry and gem sector was estimated to be one of the largest contributors to the global market and is anticipated to have 29% of the global consumption.

Key Companies & Market Share Insights

The market is characterized by the presence of a number of well-established players such as Tiffany & Co., Pandora, Chow Tai Fook, and Louis Vuitton SE, in addition to several small players and mid-sized players such as Richemont, GRAFF, Signet Jewelers Limited, H. Stern, and Malabar Gold & Diamonds. The competition in the market is intense as some of the players are among the well-known manufacturers of jewelry items and accessories.

Looking to enhance their consumer base, leading players in the industry are trying to increase their presence in Asia Pacific owing to the growing middle-class population with high disposable income. Asia presents over 50% of the global jewelry market and is expected to showcase high growth in the luxury jewelry segment in the coming years. These companies are primarily focusing on expansion and partnerships with established online retailers in the region to gain a competitive advantage. 

For instance, in September 2019, a luxury brand, Cartier, which is a subsidiary of Richemont, announced its partnership with Alibaba Group to launch an online store on the Tmall Luxury Pavilion platform of Alibaba, which is a Chinese language website for business-to-consumer for online retail. Through this deal, the company plans to attract young consumers in the country, who, in recent years, have shown the willingness to shift from offline to online purchase of luxury jewelry. The company has launched exclusive products on Tmall, including the Juste un Clou, a small model bracelet with diamonds, and a Guirlande chain wallet bag. Some prominent players in the global jewelry market include:

• Tiffany & Co.

• Pandora

• Chow Tai Fook

• Louis Vuitton SE

• Richemont

• GRAFF

• Signet Jewelers Limited

• H. Stern

• Malabar Gold & Diamonds

• Swarovski AG

Jewelry Market Report Scope

Segments Covered in the Report    

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global jewelry market report on the basis of product, material, and region:

• Product Outlook (Revenue, USD Million, 2017 - 2030)

  • Necklace

  • Ring

  • Earring

  • Bracelet

  • Others

• Material Outlook (Revenue, USD Million, 2017 - 2030)

  • Platinum

  • Gold

  • Diamond

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

  • Europe

    • Germany

    • France

  • Asia Pacific

    • China

    • India

  • Central & South America

    • Brazil

  • Middle East & Africa

    • Saudi Arabia