by Luxury jewelry typically includes precious metals such as gold, silver, platinum as well as precious and semi-precious gemstones. Luxury jewelry items include necklaces, earrings, bracelets, rings and cufflinks. These jewelry items are often showcased as status symbols and are usually made from expensive materials. Increased desire for statement and distinctive pieces among high-net-worth individuals has boosted the sales of luxury jewelry in recent years. The growth of the e-commerce sector has enabled wider reach and availability of luxury jewelry brands online. This has facilitated the flourishing of the luxury jewelry market.
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 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing e-commerce sector, as referred in the heading, has significantly contributed to the growth of the luxury jewelry market. Online retailers offer a wider variety and convenience of purchases to customers compared to physical stores. This has boosted the sales of luxury jewelry brands online. Moreover, social media marketing campaigns by luxury jewelry brands have increased their visibility among potential customers globally. Promotional activities through influencer marketing on social media platforms are further propelling the luxury jewelry market growth. Another key factor driving the market is rising high-net-worth-individual population globally. Increased disposable income and desire for premium products have augmented the demand for luxury jewelry items across regions over the years. Additionally, growing millennials’ inclination towards fashionable and personalized jewelry is supporting the market expansion.
Segment Analysis
The luxury jewelry market can be segmented into men’s jewelry and women’s jewelry. Women’s jewelry is dominating the market accounting for over 65% share due to rising women empowerment and increase in disposable income. Women are more interested in purchasing expensive and premium designer jewelry for casual as well as formal occasions which is driving the growth of this segment.
PEST Analysis
Political: The luxury jewelry market is governed by import duties and regulations related to diamond trade and certification. Stable political environment and supportive policies boost the market growth.
Economic: Rising GDP, growing middle class population and increasing disposable income in developing countries are fueling the demand for expensive luxury jewelry products. Premiumization trend among consumers further bolsters the market.
Social: Changing social trends such as rising fashion consciousness and premiumization is influencing the purchase of luxury jewelry for social status and prestige. Increasing social media influence and celebrity endorsements also drive its sales.
Technological: Advancements in 3D printing and computer-aided design (CAD) help manufacturers in improving designs and production. Online channels are gaining popularity for purchase of luxury jewelry due to convenience.
Key Takeaways
Global Luxury Jewelry Market Demand is expected to witness high growth.
Regional analysis: The North America region holds the major share in the luxury jewelry market attributable to high consumer spending on luxury goods and strong presence of premium brands. The Asia Pacific region is expected to grow at the fastest rate during the forecast period due to rising affluence, growth of middle class and increase in demand from countries like China and India.
Key players operating in the luxury jewelry market are Pandora, Tiffany & Co, Harry Winston, Bvlgari, and Cartier. Key players operating in the luxury jewelry market are Pandora, Tiffany & Co, Harry Winston, Bvlgari, and Cartier. Key players are focusing on product innovation, online platforms for global reach and celebrity endorsements to increase their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
