The global jewelry market is estimated to be worth USD 249.02 trillion in 2021. This number will increase at a compound annual rate of 8.5% between 2022-2030. Product demand will be driven by increasing disposable income and the innovative designs of manufacturers.
The key factors driving industry growth are the acquisitions and strategic collaborations of major players, the growing trend for cross-cultural jewelry, and the adoption of e-commerce to purchase jewelry.
Driving Factors
The rising global economy results from high disposable incomes and increased spending power, which are driving an increase in the consumption of ornaments. Different customs that people follow when adopting ornaments worldwide are expected to increase the demand for the product. According to August 2020’s World Gold Council article, Chinese people are known to give gold ornaments to their children at special events.
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Restraining factors
An increasing number of countries worldwide enforcing strict rules on the export and import of ornament goods has increased tariffs. This results in a higher final cost and discourages many consumers. In addition, market growth may be affected by increased political tensions between countries. The ban on the import of ornament products is expected to cause more problems. A clash of soldiers between India and China in Galway valley is one example of a likely decrease in trade between these two countries.
Market Key Trends
Jewelry demand is rising as the world emerges from the 2008 financial crisis and a recession. Consumer preference has shifted to branded jewelry in recent years. This trend is most prominent among the new upper middle class or wealthy consumers, especially in the Asia Pacific. Branded jewelry is a status symbol. According to the World Gold Council, India and China made up more than 50% of the global demand for gold jewelry in 2018.
Manufacturers increasingly incorporate technology with ornaments, driving the demand for their products. The Ringly Luxe Smart Ring features a large gemstone and a base made of 14k gold. It also has several technological features like activity tracking. This includes distance, calories burned, steps taken, and other useful information. In many ornament products, GPS is embedded to ensure safety in case of theft or loss. This will likely increase the demand.
Recent development
- April 2019 – International Jewelry Design, Inc. has launched DBW Jewelry. Build. Wear) for the company’s B2B retail customers and the general public through an interactive e-commerce site that is direct to the consumer.
- January 2020 – Hong Kong’s Chow Tai Fook has announced the acquisition by Enzo, a gems-maker. The acquisition will allow Enzo to expand its reach across mainland China.
Key Companies
- Buccellati
- ChowTai Fook
- De Beers
- Harry Winston
- A & D Gem Corporation
- Arihant Jewellers
- B. Vijaykumar & Co.
- Blue Nile
- Buccellati Jewelers
- Chanel
- Compagnie Financere Richemont?
- Dora International
- Fame Diamonds
- Gemco Designs
- Graff Diamonds
- J.B. And Brothers
- Joyalukkas
- Kirtilals
- Laxmi Diamonds
- Suashish Diamonds
Segmentation
Type
- by Product
- Rings
- Necklaces
- Earrings
- Bangles
- Pendants
- by Jewelry Type
- Diamond in Gold
- Gold
- Platinum
- Silver
- Gemstones
Application
- Male
- Female
- Children
Key questions
- What is the size of the jewelry market?
- How is the growth of the jewelry market?
- Which segment had the largest share of the jewelry market?
- Which are the major players in the jewelry industry?
- What are the main factors that drive the jewelry market?
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