Jewelry Market Size, Share & Trends Analysis Report By Product (Necklace, Earrings, Ring, Bracelet), By Material Type (Gold, Platinum, Diamond), By Region, And Segment Forecasts, 2019 - 2025

Industry Insights

The global jewelry market size was valued at USD 278.5 billion in 2018 and is anticipated to witness significant growth over the forecast period. Increasing disposable income and innovative jewelry designs offered by manufacturers are anticipated to drive the demand for jewelry over the forecast period.

A vast client base of the jewelry industry 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. Manufacturers are leveraging this daily change in fashion to innovate more products and designs to attract customers.

Moreover, changing lifestyles and perception of jewelry as a status symbol is expected to boost the growth of this market. Additionally, the growing acceptance of jewelry among men is another factor propelling the market growth. Products such as cufflinks, plain gold chains, cufflinks, tie bar, cartography necklaces, and signet rings are few of the products common among men.

The emerging trend of bridal jewelry is gaining momentum in the market. In countries like India, a wedding is considered a huge affair having a lot of rituals and functions. Growing expenditure on wedding functions is expected to positively impact market growth. Women are focusing on the latest trends of necklaces, hairpins, and bangles. The availability of customization of such products is an important factor likely to fuel market growth.

Usage of gold chains and necklaces is no longer limited to weddings and functions. Men and women both wear rings, plain gold chains, and anklets as a fashion statement. Earrings and bracelets are also gifted on various occasions or events like birthdays and anniversaries. This consumption behavior is expected to positively impact market growth.

Manufacturers are also focusing on product innovation by leveraging the demand for cross-cultural jewelry designs. Designs inspired by Brazil tribal women and Greek or Roman culture are steadily penetrating the market based on their popularity. Additionally, awareness about the authenticity of the metals and gems used in the jewelry pieces is also another factor fueling the market growth.

Manufacturers are not only following the authenticity standards but also educating consumers via their advertising campaigns. Moreover, the market is expected to witness significant growth via the online channel as major key players are focusing on using their websites to announce product launches, sales, and other relevant information. However, e-commerce fraud and lack of knowledge about hallmarks on jewelry are expected to hinder the market growth.

Material Type Insights

Gold is the most popular metal used for making jewelry across the world. It held the largest market share and was valued at USD 117.1 billion in 2018 due to an increase in exports and imports of gold. Increasing the GDP of developing countries like India and China is one of the major reasons for the growth of gold jewelry.

China was the largest consumer of gold in 2018, followed by India and the U.S. Moreover, gold is considered to be a hard currency that can be converted into cash during emergencies. Additionally, youth in China prefer low-purity gold jewelry for day-to-day use. This is expected to drive the gold imports in China on a large scale, fueling market demand.

However, diamonds are becoming increasingly popular due to the increase in disposable income. Diamonds are considered to be one of the earth’s most impressive natural materials due to their stunning attributes. People consider having diamond jewelry to be a personal indication that they are tough like the gem itself. It is also perceived as a symbol of financial success to possess a diamond because their shortage makes them a classy commodity.

Moreover, engagement and wedding diamond rings are quite popular in most of the developed countries. In addition, the availability of synthetic or laboratory-grown diamonds is propelling the growth of the diamond jewelry segment. Synthetic diamonds are as real as natural diamonds as they have the same internal structure. However, these diamonds are 20%-40% less expensive as compared to natural diamonds.

Platinum is a popular material used in jewelry making. However, platinum is heavy and is more expensive as compared to gold and diamond. Additionally, platinum can easily get scratches and dents as compared to gold but it can hold the diamond and other precious stones very securely. This is expected to keep the market demand for platinum jewelry constant. Other types of materials include silver, steel, and copper. These metals are often used in fashion and imitation jewelry.

Product Insights

The ring was the most popular product, accounting for a share of 28.9% in 2018. The major reason for the popularity of this jewelry is the growing interest of the consumers in the intricate designs and details of the rings. Additionally, rings are perceived as stylish and elegant. Hence, an increase in the consumption of men’s signet rings is also expected to drive the segment.

Rings are available in various sizes and shapes. They are not only used for engagements or anniversaries but are also used on a daily basis. For instance, silver is known to have healing properties and it helps with internal heat and circulation. Hence, many people wear silver rings. Awareness about such spiritual benefits of various metals and the availability of custom-made rings are expected to drive the ring product segment in the projected period.

Diamond-studded rings are gaining traction owing to an increase in demand for diamond jewelry. Additionally, platinum love rings are becoming popular and are worn by many couples as a symbol of love. Moreover, many Brazilian designs involve rings with various colorful gems mounted on them. Rising customer inclination towards studded jewelry is a key factor boosting the segment growth.

Bracelet is another popular product. They are known to look elegant and gentle on the hands without burdening the wrists, unlike bangles. The availability of a variety of thin and thick bracelets in gold, diamond, and silver is expected to boost the demand for bracelets. Moreover, manufacturers are focusing on couple bracelets like platinum or diamond love bands to boost sales. Increasing use of bracelets in daily life is also expected to boost product demand.

Necklaces and earrings are the products mostly used during weddings. Heavy expenditure is made on the diamond and studded necklace sets during festivities. Additionally, earrings and pendants are used for gifting purposes due to an increase in the purchasing power of consumers. Moreover, increasing consumption of studded earrings among men is expected to fuel the growth of the earrings segment. Other products like cufflinks, tie pins, hairpins, and anklets are gaining popularity as the young generation are becoming fashion-smart and trendy about their look and appearance.

Regional Insights

In terms of revenue and consumption, Asia Pacific occupied the largest jewelry market share of 60.1% in 2018. This is attributed to high demand from countries like China and India, where gold is consumed on a large scale. China was the leading country in the market due to its rapidly developing economy and increasing the spending power of the population. Gold jewelry is very popular in India due to its high demand for weddings and festivals. Additionally, the presence of Chow Tai Fook, one of the major players, in China, Hong Kong, and Macau is expected to boost jewelry demand in this region.

Middle East and Africa is expected to witness significant growth, expanding at a CAGR of 8.0% from 2019 to 2025. Jewelry designs in UAE and Saudi Arabia are very unique and world-famous, which, in turn, is expected to boost the market growth in this region. Additionally, this region is expected to contribute significantly to the market growth in the forecast period due to the presence of gold mines and the emergence of UAE as the largest diamond trading hub.

North America and Europe are expected to witness slow growth due to major imports of gold and diamond being diverted to Asia Pacific countries. However, diamond jewelry is increasingly becoming popular due to the rise in the disposable income of the population.

Jewelry Market Share Insights

The global market is highly competitive and fragmented due to the presence of many key manufacturers like Tiffany & Co., Swarovski, Signet Jewels, and Chow Tai Fook. However, major manufacturers are facing stiff competition from local manufacturers in various parts of the world. Product innovation and sales via the online channel are the key trends in the market. Manufacturers are focusing on online services to learn consumer demand and update their manufacturing technologies with the latest processes. Additionally, websites are customized as per the consumer’s purchase and search history to create demand. This is expected to positively impact market growth in the forecast period.

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 in each of the sub-segments from 2015 to 2025. For the purpose of this study, Grand View Research has segmented the global jewelry market report on the basis of product, material type, and region:

•  Product Outlook (Revenue, USD Billion, 2015 - 2025)

  • Necklace

  • Ring

  • Earrings

  • Bracelet

  • Others

• Material Type Outlook (Revenue, USD Billion, 2015 - 2025)

  • Gold

  • Platinum

  • Diamond

  • Others

• Regional Outlook (Revenue, USD Billion, 2015 - 2025)

  • North America

    • The U.S.

  • Europe

    • Germany

    • France

  • Asia Pacific

    • China

    • India

  • Central & South America

    • Brazil

  • Middle East & Africa

    • Saudi Arabia