by The luxury jewelry market consists of high-end jewelry made from precious gemstones and precious metals including gold, silver, platinum, and diamonds. Luxury jewelry finds widespread applications in special occasions such as weddings, anniversaries, and event commemorations. It is also used as fashion accessories and status symbols. Major product types in the luxury jewelry market include necklaces, rings, earrings, bracelets, and others. The global luxury jewelry market is driven by rising fashion consciousness among millennials and increasing spending power. Millennials today account for over 25% of the luxury goods market and are more inclined to splurge on expensive luxury items like jewelry to demonstrate their financial success and unique personal style.
The global Luxury Jewelry Market is estimated to be valued at US$ 68.82 Billion in 2023 and is expected to exhibit a CAGR Of 7.1% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Increased Millennial Spending Power: As mentioned in the heading, millennials today demonstrate higher spending on luxury brands and see luxury jewelry as a means to showcase status and individuality. Their increased spending power is one of the key drivers of future growth in the luxury jewelry market over the forecast period.
Rising Affluence in Emerging Markets: Economic development and wealth accumulation in emerging economies of Asia Pacific, Latin America, and Middle East has boosted the demand for luxury lifestyle products including expensive jewelry. This rise in affluence in developing regions will further support the expansion of the luxury jewelry market during the forecast period.
Segment Analysis
The luxury jewelry market can be segmented into fine jewelry and fashion jewelry. Within fine jewelry, the diamond jewelry segment currently dominates due to high demand for diamond jewelry in wedding products. Diamond jewelry accounts for over 60% of the fine jewelry segment market share.
PEST Analysis
Political: The luxury jewelry market is impacted by regulations related to diamond and precious gemstone mining and imports. Various trade agreements influence gemstone imports.
Economic: The market witnesses strong growth during economic booms when consumer spending increases. Market sees heightened demand from high-net-worth individuals.
Social: Cultural traditions and occasions that involve gifting luxury jewelry like weddings and anniversaries drive sales. Luxury jewelry is also seen as a status symbol.
Technological: Digital marketing helps luxury jewelry brands connect with younger consumers. Technologies involving 3D printing and computer-aided design are used in product development.
Key Takeaways
The Global Luxury Jewelry Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. Regionally, North America is dominating currently due to heavy spending on luxury goods. The growing millennial population is fueling demand.
Regional analysis: North America accounts for over 35% share due to strong demand in the US. Europe holds the second largest share led by Italy and France hosting major jewelry brands. Asia Pacific is the fastest growing region with China emerging as a key market supported by an increasing affluent population.
Key players: Key players operating in the luxury jewelry market are Gucciogucci S.P.A., Harry Winston, Inc., Societe Cartier, Tiffany & Co., Compagnie Financiere Richemont SA, Buccellati Holding Italia SpA, Graff Diamonds Corporation, Bulgari S.p.A, K. Mikimoto & Co., Ltd., and Chopard International SA. These companies cater to the ultra-luxury segment through exclusive collections and craftsmanship.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
