Market Size of Gems and Jewelry Industry
| 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 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 |
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Gems and Jewelry Market Size Summary
The gems and jewelry market is poised for steady growth, driven by increasing consumer demand in developing regions and a rise in disposable income globally. The expanding middle class in countries like India, China, and Brazil is significantly contributing to this growth, as these consumers seek luxury goods that symbolize wealth and prestige. The market is also witnessing a shift in consumer preferences towards minimalistic and sophisticated designs, influenced by urbanization and cross-cultural trends. This has led to a heightened demand for modern jewelry materials such as platinum, white gold, and rose gold, particularly among working women. The adoption of Western lifestyles in the Asia-Pacific region is further propelling demand for new and diverse jewelry designs, with branded jewelers gaining an edge over local players.
The competitive landscape of the gems and jewelry market is marked by the presence of major players like LVMH, Pandora, and Chow Tai Fook, who are leveraging online distribution channels to expand their reach. These companies are investing in innovative technologies, such as 3D printing and augmented reality, to enhance the shopping experience and meet evolving consumer demands. The market is also seeing a surge in e-commerce activities, with manufacturers updating their platforms to boost sales. As luxury jewelry continues to be a status symbol, particularly in Asia, the market is expected to expand further, driven by the demand for branded products and the assurance of authenticity in luxury metals and gems.
Gems and Jewelry Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Product Type
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2.1.1 Rings
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2.1.2 Necklaces
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2.1.3 Earrings
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2.1.4 Bracelets
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2.1.5 Chains and Pendants
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2.1.6 Other Product Types
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2.2 By Distribution Channel
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2.2.1 Offline Retail Stores
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2.2.2 Online Retail Stores
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 Spain
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Germany
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2.3.2.5 Russia
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2.3.2.6 Italy
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2.3.2.7 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 South Africa
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2.3.5.2 United Arab Emirates
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2.3.5.3 Rest of Middle-East and Africa
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Gems and Jewelry Market Size 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.
