Luxury Jewelry Market Size, Share & Trends Report

Luxury Jewelry Market Size, Share & Trends Analysis Report By Application, By Raw Material (Diamond, Gold, Platinum), By Product (Necklace, Ring, Earring), By Distribution Channel, By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: Sep, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-3-68038-093-4
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 138

Report Overview

The global luxury jewelry market size was valued at USD 37.4 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.2% from 2021 to 2028. The rise in demand for sustainable jewelry and the rise in demand for gender-fluid jewelry are factors boosting the growth of the market for luxury jewelry. Luxury Jewelry has also grown into vehicles for self-expression, with many buyers looking for unique and important pieces. Non-traditional forms, shapes, and materials have found their way into jewelry collections. Asymmetrical cuts, imperfections in gemstones, utilitarian items, and opaque gems added a dimension of personality that appealed to customers' sense of individuality. Pearl jewelry gained popularity as a result of glowing endorsements from US Vice President Kamala Harris, film and music superstars, and members of the British Royal Family at high-profile public events.

U.S. luxury jewelry market size, by raw material, 2018 - 2028 (USD Billion)

During the pandemic, the female self-purchase market exploded across all product categories. Female self-purchase of precious jewelry was strong last year, according to PGI's Q4 2020 evaluation, and will continue to grow in 2021. According to the study, 77% of female respondents in India and China and 59.0% of female consumers in America, purchased non-bridal jewelry for themselves in 2020. In addition, over 80.0% of women in India and China and 67.0% of American women are expected to purchase non-bridal jewelry this year.

Boundaries are being breached in jewelry trends, from watches to wedding rings and beyond, as gender fluidity becomes increasingly widespread. While male jewelry has always existed, more unisex pieces are emerging. For example, Gucci's jewelry collection was aimed at all genders and Bugari's B.Zero 1 Rock designs are contemporary, stylish, and unisex.

Generation Z is especially resistant to categorization and labeling. This allows marketers to target items to a wide range of people, connections, and events. London-based Shaun Leane is a pioneer in the field of gender-neutral jewelry. The designer, who began his company in 1999 after working as a jeweler for Alexander McQueen, has seen an increase in gay couples seeking unique engagement rings.

Raw Material Insights

The gold segment dominated the market for luxury jewelry and accounted for the largest revenue share of 38.9% in 2020. Gold is an alluring investment during times of political and economic crisis. Gold luxury jewelry accounts for half of all gold consumption, with investments accounting for 40% and industry accounting for 10.0%.

Gold has remade itself to suit today's aesthetics, thanks to the emergence of lightweight jewelry designs. The popularity of wearable gold jewelry has soared, and the precious metal is no longer limited to traditional heritage items. The new-age consumer prefers a seamless, convenient, and easy retail experience, especially with the advent of online purchasing.

According to a survey for top metals of 2021, the top gold of 2021 is yellow gold, which has a 45% preference rate in 2021 compared to 37% in 2020, white gold's preference has decreased by 2%, from 33% in 2020 to 31% in 2021, and rose gold's preference has decreased from 11% in 2020 to 11% in 2021.

Product Insights                                               

The ring segment dominated the market for luxury jewelry and accounted for the largest revenue share of 32.2% in 2020. In comparison to the pre-pandemic period, 65 percent of Americans are now more likely to offer a significant gift to someone they care about. When people are in a relationship, the percentage rises to 77%. At the end of 2020, more than half of customers went out shopping or socializing for the first time since pre-COVID-19. According to a study by De Beers Group, the most popular piece of diamond jewelry that customers are buying right now is a diamond ring (36 percent of total respondents). A diamond pendant or neckpiece comes second at 30.0%, followed by stud earrings at 22.0%. On the other hand, 27.0% of women purchasing diamond jewelry, prefer stud earrings.

Companies' key marketing techniques are branding through social media platforms and celebrity endorsements. Similarly, the messaging strategy used by businesses in their marketing efforts has a significant impact on consumers' purchasing decisions.

Application Insights                                                

The women segment dominated the market for luxury jewelry and accounted for the largest revenue share of 69.2%in 2020. The men segment is expected to witness a CAGR of 8.8 % over the forecast period. The majority of people who buy natural diamond jewelry wear it themselves, according to a Consumer Insights Report on Diamond Desirability (US) published by the Natural Diamond Council (NDC) in January 2021. Female consumers have been particularly motivated by this, with 72% percent acquiring at least one piece for themselves in the last 24 months, compared to only 23%of male buyers.

Distribution Channel Insights                                               

The offline segment dominated the market for luxury jewelry and accounted for the largest revenue share of 81.9% in 2020. Several consumers prefer purchasing luxury jewelry from offline stores as opposed to online platforms. According to a survey in 2021, even though consumers browsed or selected products online, only 15-20% of them bought jewelry online, and the remainder preferred to purchase these items from physical stores. The luxury brands Graff and MIKIMOTO have launched flagship stores in Hong Kong in 2020 and New York in 2021, respectively. The stores have been built to provide a more personalized experience to customers. The major players are generating maximum revenue from offline sales on account of the benefits they offer to the customers, such as free demonstrations, physically examining the product before purchase, availability of a large number of options to choose from, and guidance from sales executives in choosing the best product based on one’s specific needs.

Global luxury jewelry market share, by distribution channel, 2020 (%)

The online distribution channel segment is expected to grow well in the market for luxury jewelry over the forecast period. The gap between online sales platforms and brick-and-mortar stores has narrowed thanks to augmented reality software, customized jewelry alternatives, and digital user interfaces. People are developing trust and confidence in e-wallets and online purchases; therefore, contactless payments grew their market share during the pandemic and are likely to stay crucial.

Regional Insights

Asia Pacific dominated the market for luxury jewelry and accounted for the largest revenue share of 65.4% in 2020. China and India are the two largest markets for luxury jewelry in the region. The latest styles and the need for high-quality jewelry among top customers are two significant drivers driving the market for luxury jewelry in this region. The market is also being driven by the integration of modern technologies such as the computer-aided design in jewelry manufacture.

The region is expected to see an increase in the popularity of online distribution. The majority of luxury jewelry is purchased for special occasions or events such as weddings and engagements. Additionally, due to continuous restrictions on international travel and the expansion of domestic duty-free zones in China, demand from younger customers as well as those who shop domestically is expected to climb.

Key Companies & Market Share Insights

Even before the epidemic, millennials and Generation Z valued corporate social responsibility and it influenced their purchasing preferences. As a result, luxury brands including LVMH, Chopard, Kering, Richemont, and Swarovski, as well as mining businesses Gemfields and Muzo, formed the Gemstones and Jewellery Community Platform, where all associated brands support sustainable material procurement.

Through mergers, acquisitions, collaborations, and sponsorships, recent market advancements have mostly concentrated on rebranding, shop openings, and new product releases. For instance, Chopard, in collaboration with Attar United, has established a new boutique in Jeddah, Saudi Arabia, at Al Basateen Mall, whereas, Swarovski, crystal manufacturer, is expanding its new retail concept with a flagship opening in New York City, and Mikimoto launched its deluxe new flagship boutique in New York City. Some of the prominent players in the luxury jewelry market include:

  • Guccio Gucci S.p.A.

  • The Swatch Group Ltd.

  • Richemont

  • Tiffany & Co.

  • GRAFF

  • Louis Vuitton SE

  • Signet Jewelers Limited

  • Chopard International SA

  • MIKIMOTO

  • Pandora Jewelry, LLC

Luxury Jewelry Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 39.9 billion

Revenue forecast in 2028

USD 70.2 billion

Growth rate

CAGR of 8.2% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million and CAGR from 2021 to 2028

Report coverage  

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments covered

Raw material, product, application, distribution channel, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; U.K.; Germany; China; India; Brazil; UAE 

Key companies profiled

Guccio Gucci S.p.A.; The Swatch Group Ltd.; Richemont; Tiffany & Co.; GRAFF; Louis Vuitton SE; Signet Jewelers Limited; Chopard International SA; MIKIMOTO; Pandora Jewelry, LLC

Customization scope

Free report customization (equivalent to up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional, and segment scope.

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global luxury jewelry market report on the basis of raw material, product, application, distribution channel, and region:

  • Raw Material Outlook (Revenue, USD Million, 2016 - 2028)

    • Gold

    • Platinum

    • Diamond

    • Precious Pearls

    • Gemstones

    • Others

  • Product Outlook (Revenue, USD Million, 2016 - 2028)

    • Necklaces

    • Ring

    • Earrings

    • Bracelets

    • Others

  • Application Outlook (Revenue, USD Million, 2016 - 2028)

    • Women

    • Men

    • Children

  • Distribution Channel Outlook (Revenue, USD Million, 2016 - 2028)

    • Online

    • Offline

  • Regional Outlook (Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

    • Europe

      • U.K.

      • Germany

    • Asia Pacific

      • China

      • India

    • Central & South America

      • Brazil

    • Middle East & Africa 

      • UAE

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