Gems and Jewelry Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.20 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Gems and Jewelry Market Analysis
The gems and jewelry market is expected to register a CAGR of 5.2% over the next five years.
A soaring middle-income level of consumers within developing countries as well as the rising purchasing power of these consumers, alongside a growing fashion trend around the globe, have been significant contributors to the increase in demand for gems and jewelry around the world. In the same way that the gold industry anticipates high demand for gold, the diamond industry expects high demand for diamonds as well. This is primarily due to the growing middle class that is emerging in the country. As a result, major players are investing and expanding their retail outlets across the globe. As emerging markets like India, China, Brazil, and other developing markets are showing encouraging prospects, international players are beginning to move into the region in order to tap into the rising market demand in these countries.
Additionally, the increase in cross-cultural designs is one of the latest trends gaining popularity in the gem and jewelry market. The demand for jewelry inspired by Italian, European, and Egyptian cultures is expected to drive the market studied over the forecast period. The rise in urbanization has resulted in changing consumer behavior related to accessories, switching from wearing more pieces of jewelry to keeping it minimal and sophisticated while maintaining the style statement. Such evolving factors have led to a substantial demand for single-stone stud earrings, pendants, and rings.
Gems and Jewelry Market Trends
This section covers the major market trends shaping the Gems & Jewelry Market according to our research experts:
Rising Demand for Gems & Jewellery Owing to the Emerging Middle Class
With the steady growth of the global economy and the increase in disposable income and spending power of the population, the demand for luxury goods such as gems and jewelry is increasing dramatically, which is a major factor contributing to the growth of the global economy. As well as that, different cultures around the world follow different customs regarding the adoption of ornaments. Accordingly, the emergence of new gift exchange practices during festivals and the shift in consumer preferences towards celebration gifts and gifts for their friends and families are also driving the growth of the gem and jewelry market in the five years to come. During the next five years, the gems and jewelry market is expected to steadily expand as a result of the increasing demand for branded jewelry products among the middle-class group of consumers and the assurance of the authenticity and purity of luxury metals and gems in jewelry.
In middle-class and upper-middle-class families, luxury materials such as gold and silver are viewed as symbols of wealth and prestige. Modern jewelry designs and materials such as platinum, white gold, rose gold, etc. are among the things that are used in jewelry making today. As a result, they are quickly becoming accepted in the market, mostly by working women looking for lighter, more comfortable jewelry. According to the Gems Jewellery Export Promotion Council, India's export of modern materials jewelry has increased dramatically. The export of polished lab-grown diamonds grew by 211%, platinum jewelry grew by 180%, silver jewelry grew by 61%, and studded gold jewelry grew by 60% in 2021 over 2020.
Asia-Pacific is the Largest Market
In Asia-Pacific, the gems and jewelry market is witnessing changes in consumer preferences due to the adoption of the Western lifestyle. Consumers are demanding new designs and varieties in jewelry, and branded jewelers are able to fulfill their changing demands better than the local, unorganized players. Moreover, an increase in per capita income has led to an increase in sales of jewelry in countries like India, where jewelry is considered a status symbol. Luxury jewelry, especially gold jewelry, is witnessing an increase in demand in the country. The strong performance of the real jewelry segment is expected to drive the Asian jewelry market.
Manufacturers of gems and jewelry in the region are more focused on developing new and innovative designs to fulfill the changing needs and demands of consumers by using advanced technologies, such as computer-aided design (CAD) and rapid prototyping (RP), that play a vital role in incorporating 3D printing in jewelry. Additionally, gems & jewelry manufacturers are developing and updating their e-commerce platforms with the aim of increasing sales of gems & jewelry to consumers via e-commerce platforms in order to increase their profits. For instance, in December 2022, in an effort to elevate jewelry shopping experiences, Perfect Corp., a Taiwan-based company, developed high-precision real-time live AR and AI-powered virtual try-on technology that allows customers to experience 3D necklaces in real time.
Gems and Jewelry Industry Overview
The gems and jewelry market is highly competitive with the presence of key players such as LVMH, Buccellati, Pandora Jewelry LLC, Chow Tai Fook Jewelry Company Limited, The Swatch Group AG, Tata Sons Private Ltd., De Beers Jewellers US Inc., Signet Jewelers, Richemont, and Swarovski Crystal Online AG. Key players are focusing on online distribution channels for the online marketing and branding of their products to expand their geographical reach and increase their customer base. Leading manufacturers in the gems and jewelry market are focusing on leveraging the opportunities posed by the emerging markets of Asia-Pacific, like China and India, to expand their revenue base because of the rising income levels and their religious traditions, as they consider giving jewelry ornaments as auspicious. The key brands are embarking on innovation and new product developments infused with the latest technology to provide a luxury feel and perfect craftsmanship to their product offerings.
Gems and Jewelry Market Leaders
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LVMH Group
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Richemont SA
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The Swatch Group AG
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Chow Tai Fook Jewelry Company Limited
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Pandora Jewelry LLC
*Disclaimer: Major Players sorted in no particular order
Gems and Jewelry Market News
- September 2022: As an ode to the Chola Dynasty, which is considered a golden age of Indian history, Tanishq launched its new exclusive collection The Chola, which is an ode to the dynasty.
- August 2022: A new collection of Empreinte Fine Jewelry has been launched by Louis Vuitton. In the Empreinte collection, the design of the collection draws inspiration from Maison's emblematic codes.
- August 2022: Pandora launched a new line of jewelry known as the 'Pandora Brilliance' in the United States and Canada. This line features diamonds produced from 100 percent renewable energy, grown in the United States.
Gems and Jewelry Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Rings
5.1.2 Necklaces
5.1.3 Earrings
5.1.4 Bracelets
5.1.5 Chains and Pendants
5.1.6 Other Product Types
5.2 By Distribution Channel
5.2.1 Offline Retail Stores
5.2.2 Online Retail Stores
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 Spain
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Germany
5.3.2.5 Russia
5.3.2.6 Italy
5.3.2.7 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 South Africa
5.3.5.2 United Arab Emirates
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Share Analysis
6.2 Strategies Adopted by Players
6.3 Company Profiles
6.3.1 LVMH Group
6.3.2 PANDORA JEWELRY LLC
6.3.3 Richemont SA
6.3.4 The Swatch Group AG
6.3.5 Chow Tai Fook Jewelry Company Limited
6.3.6 Tata Sons Private Ltd
6.3.7 De Beers Jewellers US Inc.
6.3.8 Swarovski Crystal Online AG
6.3.9 Signet Jewelers
6.3.10 Chow Tai Fook Jewellery Company Limited
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Gems and Jewelry Industry Segmentation
Gems and jewelry are decorative objects worn on clothes or the body that are usually made from valuable metals, such as gold, silver, and precious stones. The market report is segmented by product type, distribution channel, and geography. Based on product type, the market has been segmented into Rings, Necklaces, Earrings, Bracelets, Chains & Pendants, and Other Product Types. Based on the distribution channel, the market has been segmented into Offline Retail Stores and Online Retail Stores. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and the Middle-East & Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD billion).
| By Product Type | |
| Rings | |
| Necklaces | |
| Earrings | |
| Bracelets | |
| Chains and Pendants | |
| Other Product Types |
| By Distribution Channel | |
| Offline Retail Stores | |
| Online Retail Stores |
| Geography | |||||||||
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Gems and Jewelry Market Research FAQs
What is the current Gems and Jewelry Market size?
The Gems and Jewelry Market is projected to register a CAGR of 5.20% during the forecast period (2024-2029)
Who are the key players in Gems and Jewelry Market?
LVMH Group, Richemont SA, The Swatch Group AG, Chow Tai Fook Jewelry Company Limited and Pandora Jewelry LLC are the major companies operating in the Gems and Jewelry Market.
Which is the fastest growing region in Gems and Jewelry Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Gems and Jewelry Market?
In 2024, the Asia Pacific accounts for the largest market share in Gems and Jewelry Market.
What years does this Gems and Jewelry Market cover?
The report covers the Gems and Jewelry Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Gems and Jewelry Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the growth opportunities in the Gems and Jewelry Market?
The growth opportunities in the Gems and Jewelry Market are a) Growth in developing economies and a rising demand for gems and jewelry in these regions can create new markets for businesses b) Offering personalized jewelry pieces, catering to individual styles and preferences, can be a growing trend
Jewelry Industry Report
The global jewelry market is experiencing significant growth, driven by innovations in design and manufacturing technologies. This expansion is further supported by increased international tourist expenditure and a rising demand for wedding jewelry. The market is segmented by product types, including rings, necklaces, earrings, bracelets, chains and pendants, and other product types. Distribution channels are divided into offline retail stores and online retail stores. Geographically, the market spans North America, Europe, Asia-Pacific, South America, and the Middle-East and Africa.
Market segmentation is crucial in understanding the diverse consumer preferences and technological advancements that are shaping the industry. The influence of social media on consumer purchases has been a significant driver, enhancing vendor engagement and expanding market outreach through digital platforms. However, challenges such as rising labor costs and fluctuating raw material prices pose potential impediments to growth.
Industry analysis reveals that the market is continually adapting to meet evolving consumer demands. The market size and forecasts are provided in value, offering a comprehensive outlook on industry growth. Market statistics indicate a robust expansion, with market research highlighting the importance of both offline and online distribution channels.
The industry outlook remains positive, with market trends showing a steady increase in demand for various types of jewelry, including gold, platinum, silver, diamonds, and gemstones. Market data and market forecast suggest continued growth, supported by the increasing influence of digital platforms.
Market leaders are leveraging industry reports and market review to stay ahead of the competition. The market overview provides a detailed analysis of the current state of the industry, while market predictions offer insights into future trends. Industry reports and industry research are essential tools for understanding market dynamics and identifying growth opportunities.
In summary, the global jewelry market is poised for continued growth, driven by technological advancements and evolving consumer preferences. The market value is expected to rise, supported by strong market segmentation and a comprehensive industry analysis. The industry size and industry statistics underscore the market's potential, while market outlook and market trends provide a clear picture of future developments.
