The global Luxury Jewelry Market is estimated to be valued at US$ 68.82 Bn 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.
Luxury jewelry refers to high-end jewelry made with precious metals and gemstones. This includes diamond jewelry, necklaces, rings, earrings, bracelets made of gold, platinum or silver. Luxury jewelry is a symbol of prestige, status and wealth. It is mostly purchased by high net-worth individuals for special occasions like weddings, anniversaries, engagements etc. or simply as gifts. The rising affluence levels in developing countries of Asia Pacific have been fueling the demand for luxury goods like luxury jewelry in the recent years.
Market key trends:
One of the key trends in the luxury jewelry market is the increased adoption of gold and silver jewelry. Gold and silver are the most commonly used precious metals in luxury jewelry owing to their tarnish resistance and affordability compared to platinum and palladium. Moreover, the rising demand for customized jewelry has been boosting the growth of small luxury jewelry businesses. Customers now prefer jewelry pieces uniquely designed based on their preferences rather than standardized classic jewelry designs. This allows them to flaunt uncommon, distinctive pieces and thus satisfy their increasing interest in self-expression through fashion accessories like luxury jewelry.
Threat of new entrants: The luxury jewelry market requires large capital investments for branding and supply chain management. This poses significant barriers for new entrants.
Bargaining power of buyers: Individual customers have low bargaining power due to the highly diversified product portfolio of luxury jewelry brands. However, large retail chains wield considerable influence on product pricing and supply terms.
Bargaining power of suppliers: Precious metal and gemstone suppliers have moderate bargaining power due to the specialized nature of raw materials and lack of substitutes. Supplier concentration also impacts procurement costs.
Threat of new substitutes: While fashion accessories can replace luxury jewelry to an extent, there are limited product substitutes that offer similar brand value, aesthetics and status appeal.
Competitive rivalry: The market landscape is highly competitive with major brands fighting for market share globally through extensive branding activities. Strong brand loyalty also impacts rivalry between competitors.
The Global Luxury Jewelry Market Size is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing spending on premium and ultra-luxury products driven by economic prosperity in emerging nations.
Asia Pacific dominates the market with a share of over 35% in 2023 led by growth markets such as China and India. The presence of affluent customer segments demand luxury jewelry for social occasions and as status symbols. Europe is another major regional market supported by established luxury brands from Italy and France catering to domestic as well as international customers.
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. Market fragmentation is low owing to dominance of top conglomerates, though niche brands are expanding product lines and geographical footprint.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it