U.K. & Poland Luxury Jewelry Market Size, Share & Trends Analysis Report By Product (Rings, Earrings), By Material (Gold, Diamond), By Distribution Channel (Online, Offline), By Application, By Country, And Segment Forecasts, 2023 - 2030

Report Overview

The U.K. and Poland luxury jewelry market size was valued at USD 1,997.3 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 9.8% from 2023 to 2030. The rise in demand for sustainable and gender-fluid jewelry is a factor boosting the market growth for luxury jewelry. Many customers prefer unusual and new pieces of luxury jewelry, which has evolved into a form of self-expression. New materials, forms, and shapes, such as asymmetrical cuts, gemstone flaws, practical things, and opaque gems, have been included in jewelry collections to appeal to clients’ sense of individuality.

Due to increasing sponsorships from prominent global figures at high-profile public events, including British Royal Family members, American Vice President Kamala Harris, and superstars in the music and entertainment industry, pearl jewelry has grown in popularity.Luxury jewelry has advanced 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 is aimed at all genders and Bugari’s B.Zero 1 Rock designs are contemporary, stylish, and unisex.

Moreover, the demand for gold chains and necklaces is, however, not limited to weddings and events. Luxury jewelry marketers have introduced daily-wear jewelry pieces for both men and women, which can positively impact consumer behavior. The jewelry industry is gradually catching up with technical developments, such as Computer-AidedDesign (CAD), Augmented Reality (AR), and 3D printing, offering an entirely new approach to jewelry design, production, and shopping. Many companies are adopting these technologies to produce intricate jewelry designs and stay ahead of the competition.

A 3D printer and CADsoftware are increasingly becoming popular technologies. Faster manufacturing, simple revisions, and an incredible amount of detail are some of the advantages of these technologies. Lost-wax printing and casting are used to create gold, silver, bronze, copper, and brass jewelry. This technology advances both conventional metal casting and contemporary 3D printing technologies. The ultimate result is that the pieces are far more adaptable, intricate, and unique.Gender fluidity has become more common than ever. According to the Office for National Statistics, in January 2023, it is estimated that globally, 35% of Gen Z know someone identifying themselves as non-binary.

In addition, 30,000 (0.06%) identified themselves as non-binary in England and Wales. Gen Z is especially resistant to labels or classifications. This has presented an opportunity for brands to target products at all types of individuals as well as occasions. London-based jeweler Shaun Leane is a pioneer in gender-fluid jewelry. His brand has seen a rise in demand for bespoke engagement rings.This rising trend can be credited to celebrities and social media influencers. The idea of gender-fluid jewelry has gained significant momentum over the past few years. In 2021, gender-neutral jewelry made of gold, silver, and brass was quite fashionable.

Product Insights

The ring product segment held the largest share of more than 41.00% in 2022. Jewelry companies in the U.K. are increasingly adopting various technologies to produce eco-friendly jewelry. These companies are focusing on reducing their carbon footprint and providing sustainable jewelry. For instance, in May 2022, The Royal Mint announced the launch of its collection of fine jewelry under its new brand 886. This new line of jewelry is made from gold that has been extracted from discarded electronics. The collection features pieces with classic, understated designs, including solid gold and silver earrings, rings, chains, and cuffs, all of which are unisex.

On the other hand, the earring product segment is expected to register a significant CAGR during the forecast period. Earrings are some of the most popular jewelry items. They can be paired with other jewelry or worn as the only piece of jewelry for a clear fashion statement. Some jewelry manufacturers are launching earrings with unique designs that depict a unique place or monument. For instance, in January 2023, the Princess of Wales wore earrings from the brand CHALK, a London-based label. The earrings were inspired by the ornate details and geometry found within the main stage auditorium ceiling of the Royal Opera House.

Material Insights

The gold segment dominated the industry and captured a revenue share of more than 37.55% in 2022. Gold jewelry is a popular form of adornment in Poland, and the country has a tradition of gold smithing and jewelry making. In recent years, the demand for gold jewelry has been influenced by factors, such as the price of gold, economic conditions, and changing fashion trends.One trend that has emerged in the U.K. luxury gold jewelry market is the use of unconventional materials alongside gold, such as wood, leather, or precious stones. This combination creates a unique look and feel that appeals to consumers looking for something different and original.

Key players have also been focusing on sustainability and including recycled materials in their luxury offerings.The diamond segment is expected to register the highest CAGR during the forecast period. Diamond jewelry is quite popular in Poland and worn at weddings, as well as for several formal events. Poland is known for its quality diamond jewelry craftsmanship, and many jewelers in the country use diamonds of exceptional quality in their designs. While diamonds are still considered a luxury item, they are becoming more accessible to a broader range of consumers in Poland. Many jewelers offer a variety of diamond jewelry at different price points, making it possible for more people to own a piece of diamond jewelry.

Application Insights

The women segment dominated the market and captured a revenue share of more than 69.85% in 2022. The trend of luxury jewelry for women in the U.K. is strong, with consumers willing to invest in high-quality, unique, and sustainable pieces that reflect their style and values. One trend that has emerged in recent years is the rise of sustainable and ethical luxury jewelry. Many consumers are increasingly concerned with the social and environmental impact of their purchases, and luxury jewelry brands are responding by incorporating ethical and sustainable practices into their business models. Another trend among women consumers is the popularity of bespoke and personalized jewelry.

The men segment is expected to register a significant CAGR during the forecast period. The demand for men’s luxury jewelry gained traction in recent years. The lockdown showed a positive number in sales of men’s luxury jewelry in the U.K. According to MacthesFashion, an online fashion retailer, the sales of jewelry doubled in the first six weeks of the lockdown. Men invest in jewelry that they know they will wear for more than a season.Deriving inspiration from artists and celebrities wearing elaborate statement pieces, men in the country seek ornate jewelry to incorporate into their unique styles.

Distribution Channel Insights

The offline segment dominated the market and held a revenue share of more than 81.85% in 2022. The majority of luxury jewelry sales in the U.K. are through brick-and-mortar retail stores, with department stores and specialist luxury jewelry stores being the most popular retail channels. Offline stores offer a tangible experience, where customers can see and touch as well as try on the jewelry (depending on the shop’s policies), helping them make an informed decision. Also, offline stores often offer services, such as appraisals and valuations, which can be important when buying or selling high-value pieces of jewelry.

The online segment is expected to exhibit the fastest growth rate of 13.1% over the forecast period. Since the pandemic, an increasing number of consumers have started to purchase most items through online platforms. In line with this trend, several big brands have introduced e-commerce platforms to promote online sales. Furthermore, several e-commerce platforms offer luxury jewelry in the U.K. from international brands

Country Insights

The U.K. accounted for the largest revenue share of more than 94.00% in 2022. The COVID-19 pandemic resulted in lockdown, social isolation, and store closures, and this had a devastating impact on the sales of luxury jewelry in the U.K. Social distancing limitations and the cancellation of social events like weddings resulted in declining sales of luxury jewelry. However, as restrictions lifted and people went back to their social and professional routines, weddings, parties, and other social events picked up momentum. The market has been slowly returning to pre-pandemic levels, and luxury jewelry brands in the U.K. have been undertaking new growth and expansion strategies to recover from the impact of the pandemic.

On the other hand, Poland is expected to expand at a high CAGR during the forecast period. The demand for luxury jewelry and the newest designs are the main factors contributing to market growth. Increasing disposable income is one of the key reasons propelling the market expansion. Luxury jewelry is in demand as a result of the rising purchasing power of the population.Diamonds are popular in the country as people tend to buy diamond engagement rings, and also prefer them as a gift for friends and family members. The majority of jewelry in Poland is traditional. Younger consumers will continue to drive the demand for luxury jewelry, as they seek unique designs to suit their style and social status. Moreover, the market will expand due to rapid globalization and digital media usage.

Key Companies & Market Share Insights

The market is highly competitive owing to the presence of a large number of global as well as many small- and mid-sized regional players. Companies with multiple brands and vast distribution networks hold a significant market share. Major players have extensive product portfolios and strong distribution channels.

• In February 2023,De Beers launched the first part of its latest high jewelry collection called Metamorphosis. Some of the pieces in the collection are transformable; for instance, a transformable necklace features four diamond strands, strung between two removable clasps

• In February 2023, Berry’s Jewellers opened its latest showroom in Nottingham, U.K. This opening was in line with the company’s aim of expansion across the U.K. The company already has stores, VIP customer rooms, and brand boutiques in York, Leeds, Newcastle, Windsor, and Hull

• In January 2023, David Morris International showcased its latest collection called Skylines during Paris Couture Week. Twenty new pieces of high jewelry were included in the collection, each of which was created in the jeweler’s Bond Street workshop

The key companies operating in the U.K. & Poland luxury jewelry market are as follows:

• Queensmith

• Chaumet

• Flawless Fine Jewellery Ltd.

• David Morris International

• Garrard

• De Beers Group

• Maya Magal London

• Daisy London

• Boodles

• Beaverbrooks The Jewellers Ltd.

U.K. & Poland Luxury Jewelry Market Report Scope 

U.K. & Poland Luxury Jewelry Market Report Segmentation

This report forecasts revenue growth at the country leveland provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the U.K. & Poland luxury jewelry market report on the basis of product, material, application, distribution channel, and country:

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

  • Necklaces

  • Rings

  • Earrings

  • Bracelets

  • Others

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

  • Gold

  • Platinum

  • Diamond

  • Precious Pearls

  • Gemstones

  • Others

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

  • Men

  • Women

  • Children

• Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)

  • Online

  • Offline

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

  • U.K.

    • London

  • Poland

    • Warsaw