New York, United States, March 13, 2024 (GLOBE NEWSWIRE) -- The Global Jewelry Market Size is to Grow from USD 309.2 Billion in 2023 to USD 432.8 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 3.42% during the projected period.
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Personal ornaments worn by an individual, such as rings, bracelets, anklets, and necklaces, are referred to as jewelry. Jewelry is crafted from precious metals like gold, silver, and platinum, and occasionally it is embellished with precious stones like diamonds and gemstones. The global jewelry industry is experiencing significant changes due to evolving consumer tastes and fashion trends. Current trends and fads are reflected in the new collections that jewelry designers and brands are showcasing. In response to shifting customer tastes, designers and companies are constantly introducing new styles and trends to the global jewelry market. Customization and personalization of jewelry contribute significantly to the global jewelry industry. Most clients desired unique, handcrafted jewelry that reflected their individuality. The growing demand for jewelry driven by people's increased disposable incomes is driving the market's expansion. When economies expand, people have more money to spend on jewelry and other luxuries. The fact that consumers are prepared to shell out cash for upscale jewelry pieces that radiate exclusivity, elegance, and distinction is another reason the market is expanding more quickly. Furthermore, the increasing number of middle-class households in developing countries is a major factor driving the market's growth. However, the number of nations across the world that are enforcing more stringent laws on the import and export of commodities has led to a rise in the tariffs levied against such goods. This raises the product's ultimate cost and turns off a lot of customers.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the "Global Jewelry Market Size, Share, and COVID-19 Impact Analysis, By Product (Necklace, Ring, Earring, Anklet, Bracelet, and Others), By Material (Gold, Silver, Dimond, Platinum, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The ring segment is anticipated to hold the greatest share of the global jewelry market during the projected timeframe.
Based on the product, the global jewelry market is divided into necklace, ring, earring, anklet, bracelet, and others. Among these, the ring segment is anticipated to hold the greatest share of the global jewelry market during the projected timeframe. This is due to the increased demand from customers for personalized items, which has prompted vendors in the ring market to provide a wide range of customization possibilities. Options for ring customization include sort of material, design, shape, and kind of gemstone.
The gold segment is anticipated to grow at the fastest pace in the global jewelry market during the projected timeframe.
Based on the material, the global jewelry market is divided into gold, silver, diamond, platinum, and others. Among these, the gold segment is anticipated to grow at the fastest pace in the global jewelry market during the projected timeframe. This is because, gold jewelry is favored for important occasions like anniversaries, weddings, and engagements. It is emotionally and culturally significant in many communities. Gold is valued as an investment in addition to its ornamental value, which is expected to promote the growth of the worldwide jewelry market.
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Asia Pacific is expected to hold the largest share of the global jewelry market over the forecast period.
Asia Pacific is expected to hold the largest share of the global jewelry market over the forecast period. A long-standing tradition of appreciating and making jewelry is one of Asia Pacific's many cultural legacies. For many years, countries like Thailand, China, and India have produced exquisite jewelry, most of which has symbolic and cultural significance. This tradition, together with the skill and craftsmanship of the people in the area, is creating a strong foundation for the growth and importance of the jewelry industry in Asia Pacific. Moreover, the growing middle class and rising disposable income of the consumer base are important growth drivers. Furthermore, the market for high-end goods like jewelry is expanding.
North America is predicted to grow at the fastest pace in the global jewelry market during the projected timeframe. A lifestyle change, an increase in the median family income, and a rise in sales of fine jewelry products are the main drivers of the region's revenue growth. According to data from the U.S. Census Bureau, the median household income in 2020 was USD 67,521. The US and Canada are two of the jewelry industry's largest markets. Due to the presence of well-known jewelry producers like Signet Jewelers, Forevermark US, and Tiffany & Co., the jewelry market is expanding quickly. Furthermore, a lot of companies are focusing on making original jewelry designs, which ought to boost demand in the sector.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Jewelry Market include Tiffany & Co., Pandora, Chow Tai Fook, Rajesh Exports Ltd., Chopard, Hary Winston, Inc., Louis Vuitton SE, Richemont, Swarovski, Tata Sons Private Ltd, The Swatch Group AG, GRAFF, Signet Jewelers Limited, H. Stern, Malabar Gold & Diamonds, Buccellati, Cartier, LVMH Group, SHR Jewelry Group, and Others.
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Recent Developments
- In January 2023, Vrai & Oro, LLC unveiled VRAI x Brides, a stunning jewelry line. The collection includes bracelets, necklaces, earrings, wedding bands, and engagement rings.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Jewelry Market based on the below-mentioned segments:
Global Jewelry Market, By Product
- Necklace
- Ring
- Earring
- Anklet
- Bracelet
- Others
Global Jewelry Market, By Material
- Gold
- Silver
- Diamond
- Platinum
- Others
Global Jewelry Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- The rest of the Middle East & and Africa
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