Jewelry Market Size, Share & Trends Report

Jewelry Market Size, Share & Trends Analysis Report By Product (Necklace, Ring, Earring, Bracelet), By Material (Gold, Platinum, Diamond), By Distribution Channel, By End-user (Men, Women, Children), By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-3-68038-106-1
  • Number of Report Pages: 110
  • Format: PDF, Horizon Databook
  • Historical Range: 2018 - 2023
  • Forecast Period: 2024 - 2030 
  • Industry: Consumer Goods

Research Methodology

A three-pronged approach was followed for deducing the jewelry market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for jewelry market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of jewelry market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Jewelry Market Categorization:

The jewelry market was categorized into four segments, namely product (Necklace, Ring, Earring, Bracelet), material (Platinum, Gold, Diamond), distribution (Offline Retail Stores ,Online Retail Stores), end-user (Men, Women, Children), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The jewelry market was segmented into product, material, distribution, end-user, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The jewelry market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into seventeen countries, namely, the U.S, Canada, Mexico, Germany, UK, Spain, Italy, France, China, India, Japan, South Korea, Australia & New Zealand, Brazil, Argentina, South Africa, UAE, Saudi Arabia

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Jewelry market companies & financials:

The jewelry market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Tiffany & Co. Tiffany & Co., an American luxury jewelry and specialty design house, was founded in 1837 and is headquartered in New York, U.S. The company is involved in designing, manufacturing, and selling luxury goods, leather items, and jewelry, including bracelets, earrings, necklaces, charms, and engagement rings for men and women. The company also offers home décor products such as tableware, bar and drinkware, designer coffee and tea sets, desk accessories, and baby gifts. The company's principal product category is jewelry, which represented 92% of its revenue in 2021. It has five reportable business segments: the Americas, Asia Pacific, Japan, Europe, and Others. It transacts its businesses through various channels such as retail, wholesale distribution, and online sales in 13 countries including the U.K., Austria, Belgium, France, and Germany. In 2021, LVMH acquired Tiffany & Co. Globally; Tiffany & Co. operates in more than 300 stores in over 20 countries. As of 2021, the company had more than 126 company-operated retail stores in Americas, with 95 in the U.S., 13 in Canada, 11 in Mexico, 6 in Brazil, and 1 in Chile. As of 2021, the company had more than 13,000 employees. 

  • Signet Jewelers Signet Jewelers, founded in 1949 and headquartered in Ohio, U.S., is a major player in the diamond jewelry market. The company designs and sells diamond jewelry, including bracelets, earrings, necklaces, charms, and rings for men and women. It has several reportable sectors, including Sterling Jewelers, Zale, Piercing Pagoda, and UK Jewelry divisions. Signet operates primarily in malls and off-mall locations in the U.S., Canada, and the U.K. under various banners, including Kay Jewelers, Zales, Jared, Banter by Piercing Pagoda, and H. Samuel and Ernest Jones. The company has more than 2,800 stores and kiosks globally, and its operations and supply chains are mainly based in Africa and India.

  • HStern HStern, founded in 1945 and headquartered in Rio de Janeiro, Brazil, is a major player in the global jewelry market. The company specializes in designing, manufacturing, marketing, and distributing jewelry, luxury watches, and precious stones worldwide. Initially, the company focused on precious stones before transitioning to jewelry design. HStern is a family-owned company with over 150 retail stores across North America, Latin America, Europe, Asia, and Central & South Africa. 

  • Vrai & Oro, LLC Vrai & Oro, LLC was established in 2014 and is headquartered in Los Angeles, U.S. It is a cutting-edge fine jewelry company. In order to highlight the beauty and potential of sustainably made diamonds, Vrai & Oro, LLC only uses rough diamonds that have been sustainably generated by Diamond Foundry, the first zero-emission diamond producer in the world. As the direct-to-consumer part of Diamond Foundry, Vrai & Oro, LLC is growing internationally and opening more showrooms in the U.S., Europe, and China. As of 2022, the company had 31 employees globally.

  • Aether Diamonds Aether Diamonds, established in 2018 and headquartered in New York, U.S., is a major market player in the sustainable fine jewelry and carbon capture diamonds segment. The company is the first and only diamond brand in the world to use carbon capture technology to create sustainable diamonds. Aether Diamonds is a certified B Corporation and an award-winning startup in climate technology. The company's proprietary manufacturing process is carbon neutral, and it is committed to removing 20 metric tonnes of CO2 from the atmosphere for every carat of diamond produced. Aether Diamonds is a cutting-edge fine jewelry company that is pushing the boundaries of product design, manufacturing technology, and artisanship to create a more attractive and enduring future for both people and the environment. As of 2021, the company had 33 employees globally. 

  • Brilliant Earth, LLC Brilliant Earth, LLC, a globally recognized leader in ethically sourced fine jewelry, was founded in 2005 and is headquartered in California, U.S. The company offers a wide range of products, including gifts, gemstone rings, diamond and gold rings, diamond earrings, and diamond necklaces. It has been influential in creating a market for ethically sourced jewelry and was one of the first jewelers to sell blockchain-enabled diamonds at scale, providing traceability of a diamond's origin and ownership. 

  • Vashi Vashi is a major player in the diamond jewelry market, founded in 2007 and headquartered in London, England. The company operates as an e-retail platform, allowing customers to personalize their diamond jewelry and have it delivered to their desired location. Vashi's diamond jewelry is manufactured from ethically-sourced diamonds with guaranteed provenance and is expertly handcrafted by British artisans. The company has a reputation for using blockchain technology to provide traceability of a diamond's origin and ownership. As of 2021, the company had 243 employees globally. 

  • CARAT* LONDON UK CARAT* LONDON UK, a renowned jewelry brand, was established in 2003 and is headquartered in London, England. The company offers a wide selection of jewelry designed for women and operates more than 100 stores worldwide. Since 2011, CARAT* LONDON UK has been a consistent supporter of the British Academy of Film and Television Arts, a nonprofit organization that fosters and promotes the visual arts. 

  • De Beers Jewellers (US) Inc. De Beers Jewellers (US) Inc., established in 2001 and headquartered in London, England, is a major market player in the luxury diamond jewelry segment. The company is incredibly passionate about diamonds in all cuts, clarities, and colors. Its distinctive collections of rough and polished diamond jewelry showcase the diamonds' inherent beauty while also emphasizing the excellent cutting techniques that maximize light-reflection for dazzling glitter. The company mines diamonds in four countries: Botswana, Canada, Namibia, and South Africa. As of 2021, the company had 345 employees.

  • Chow Tai Fook Jewellery Group Limited Chow Tai Fook Jewellery Group Limited, founded in 1929 and headquartered in Hong Kong, is a major market player in the global jewelry industry. The company specializes in designing, manufacturing, and distributing jewelry made from diamonds and other precious stones. It operates more than 2,200 stores across 500 cities worldwide, including Hong Kong, mainland China, the U.S., Singapore, Malaysia, and South Korea. 

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Jewelry Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 - 2023, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Jewelry Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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