by The luxury jewelry market has been experiencing exponential growth over the past few years owing to rising affluence levels, especially in developing economies. Luxury jewelry products such as necklaces, bracelets, earrings, rings made of precious metals and gems are considered a status symbol and are highly coveted by the new affluent middle-class in countries like China, India, Brazil, and others. Rising disposable incomes have enabled consumers to indulge in premium, high-end jewelry products. The global luxury jewelry market also benefits from product and design innovations that give these products a contemporary appeal. The increasing preference for lightweight, yet stylish jewelry has prompted manufacturers to use new precious materials and modern designs. Moreover, the growing popularity of online luxury jewelry stores has made premium brands more accessible globally. 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 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
One of the major trends driving growth in the luxury jewelry market is the rising influence of celebrity endorsements and social media marketing. Luxury brands are increasingly collaborating with A-list celebrities and influencers to promote their high-end product lines through social media platforms. When prominent fashion icons and celebrities are seen sporting luxury jewelry pieces, it amplifies the prestige of those brands. Another significant trend is the convergence of luxury and technology. Leading brands are releasing technologically integrated jewelry lines embedded with features like miniature cameras, sensors, and other smart capabilities. For instance, Graff Jewerly launched a collection with miniature drones embedded in necklaces and bracelets. Such innovations help luxury brands stay relevant to the new-age consumers. 3D printing technologies are also enabling the development of customized luxury jewelry through precision design and prototyping compared to traditional methods. This trend allows consumers to personalize jewelry as per their unique tastes and needs.
Porter’s Analysis
Threat of new entrants: The luxury jewelry market requires large investments and established brand reputation to enter the market. Therefore, the threat of new entrants is relatively low.
Bargaining power of buyers: Individual buyers have low bargaining power due to the large number of luxury jewelry brands and retail stores. However, large corporate buyers and retailers have some bargaining power.
Bargaining power of suppliers: Skilled labor and unique raw materials used in luxury jewelry production give suppliers moderate bargaining power in the market.
Threat of new substitutes: While traditional luxury watches and leather accessories can substitute luxury jewelry to some extent, there are limited substitute options for luxury jewelry.
Competitive rivalry: The market is dominated by major brands that compete based on innovation, design, and brand recognition.
Key Takeaways
The global Luxury Jewelry Market Growth is expected to witness high growth over the forecast period of 2023 to 2030.
Regionally, North America dominates the luxury jewelry market currently, followed by Europe. Factors such as high disposable incomes and strong demand for branded luxury jewelry products contribute to the large market size in these regions. Asia Pacific is projected to be the fastest growing market during the forecast period, fueled by increasing luxury product consumption in China and India.
Key players operating in the luxury jewelry market are Pfizer Inc.,Merck & Co., Inc.,GlaxoSmithKline plc,Novartis AG,Sanofi S.A.,Johnson & Johnson,Abbott Laboratories,Eli Lilly and Company,AstraZeneca plc,Bayer AG,Bristol-Myers Squibb Company,Roche Holding AG,Teva Pharmaceutical Industries Ltd.,Mylan N.V.,Allergan plc. Companies compete based on their brand value, design innovation, and ability to adopt new trends in luxury jewelry fashion. They also focus on expanding to fast growing emerging markets to boost sales.
*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.
