May 24, 2024

The Luxury Jewelry Market Entering New Trends in Personalization by 2024

The luxury jewelry market consists of a variety of precious metal crafted ornaments that include necklaces, bracelets, rings, earrings and other accessories. Made from precious materials like gold, silver, platinum and diamonds, these jewelry pieces epitomize luxury, finesse and status. Luxury jewelry emphasizes intricate designs, premium metals and rare gemstones to create statement pieces for day and evening wear. Their bespoke craftsmanship and enduring aesthetics enable luxury jewelry to hold value over time as heirlooms.

The Global luxury jewelry market is estimated to be valued at US$ 60.11 Bn in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period 2024 to 2031.

Key Takeaways

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. The growing preference for branded and customized luxury jewelry pieces among high-net-worth individuals is fueling demand in the market. Major players are expanding their global footprint and opening flagship stores in strategic locales to optimize visibility and accessibility for customers.

Market key trends

One of the key trends gaining traction in the luxury jewelry market is personalized designs and customizable pieces. Consumers today want unique jewelry that reflects their individuality and taste beyond standardized offerings. Luxury brands are innovating with configurable jewelry designs allowing customers to choose metals, gemstones, engravings and other attributes online as well as in exclusive ateliers and boutiques. This is enabling customers to cherish personalized Luxury creations treasured for special moments and heirlooms.

Porter’s Analysis
Threat of new entrants: The luxury jewelry market has a number of established brands with a loyal customer base, making it difficult for new brands to enter. However, accessibility of various distribution channels provide some opportunities.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and differentiated products offered by various brands in the market.

Bargaining power of suppliers: A few suppliers dominate the mining of precious gemstones and production of precious metals giving them significant influence over prices.

Threat of new substitutes: Substitutes like imitation or fashion jewelry pose a low threat as luxury jewelry is more about status, brand value and craftsmanship than just functionality.

Competitive rivalry: Intense competition exists among major international brands to attract affluent customers and promote brand exclusivity through superior craftsmanship and marketing.

Geographical Regions
In terms of value, the luxury jewelry market is currently concentrated in Western Europe, North America and the Asia Pacific region. Within Asia, Japan and China represent major luxury jewelry markets.

The fastest growing region for the luxury jewelry market during the forecast period is expected to be Asia Pacific, mainly driven by rising affluence in major countries like China and India. Rapid urbanization and growing influence of western luxury brands are fueling the demand for luxury jewelry in Asia.

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1.Source: Coherent Market Insights, Public sources, Desk research

2.We have leveraged AI tools to mine information and compile it