Global Luxury Jewelry Market- Industry Trends &
Forecast Report 2027
The global luxury jewelry market was worth USD 35.2 billion in 2020 and is further projected to reach USD 51.4
billion by the year 2027, growing at the CAGR of 5.7% during the forecast
period (2020-2027). The key factors associated with the market growth are the
latest designs, and demand for high-quality jewelry, among the elite consumers.
Integration of emerging technologies such as Computer-Aided Design in jewelry
manufacturing is also driving the global luxury jewelry market forward.
Furthermore, the growing trend of concentrating on visual appeal, the power of
social media, and the rapid adoption of online internet browsing are all
leading to market growth.
Global Luxury Jewelry Market - Overview
Luxury jewelry is well-known for its
intricate designs and use of the most costly and rare raw materials. The luxury
jewelry market is dynamic and fast-growing. It is also highly
fragmented and primarily driven by consumer behavior and fashion trends.
Significant market growth is expected in the coming years, owing to rising
disposable income and increasing consumer expenditure on luxury goods.
Also, the integration of the luxury jewelry industry with the entertainment and
glamour industries has helped create new opportunities for the market.
Global Luxury Jewelry Market Forecast and Trends
Increasing Per Capita
Income and Purchasing Power of Consumers
One of the major factors driving the
growth of the luxury jewelry market is rising disposable income. When the
population's disposable income grows, so does their buying power, resulting in
increased demand and consumption for luxury jewelry. Furthermore, the customs
surrounding precious metals are one of the primary factors driving the demand
for luxury jewelry pieces. Because of numerous religious and cultural
associations, India, for example, consumes a lot of gold and silver. It is
worth mentioning that the growth in India’s luxury jewelry market is primarily
driven by an increasing disposable income.
High Exposure to Global Fashion Trends
The global luxury jewelry market is
expected to grow as a result of increased globalization and the high
consumption of digital media. The media is one of the primary factors that
influence fashion trends at any given time. Digital media has also
made it possible for consumers to know about various fashion trends all around
the world, thereby, propelling the growth of the global luxury jewelry market.
For instance, street fashion from East-Asian countries has witnessed a sudden
boom in recent years and is gaining quite a popularity in other parts of the
world. Such factors are projected to fuel the market growth during the forecast
period as well.
Surrounding Trading of Luxury Jewelry
In several countries, imports and exports
of precious metals and jewelry are subject to high tariffs and indirect taxes,
which add up to the overall cost of the final products. This may impede the growth of the overall
market, as many potential customers are beginning to reconsider their
decision of purchasing luxury goods. Furthermore, the precious metals
used for making luxury jewelry is unevenly distributed around the world.
Also, the smooth flow of luxury goods is hampered by political tensions between
countries, which may impede the growth of the global luxury jewelry market.
Impact of COVID-19
The global luxury jewelry market was completely halted in the wake of the COVID-19-induced pandemic. Since
luxury jewelry is mostly made of precious metals such as gold, diamonds,
platinum, and so on, which comes from mining, the entire market was placed on
hold as all mining operations were temporarily banned, following the nationwide
lockdown enforced by governments around the world to combat the spread of the
virus. Furthermore, the priorities of consumers swiftly shifted from buying
luxury items to consumer goods, which subsequently declined the demand for
luxury jewelry pieces. Furthermore, the prevalent demand could not be met
because all distribution networks were completely shut down, impeding
the imports and exports of goods.
Global Luxury Jewelry Market - By Product
Based on product, the
global luxury jewelry market is segmented into necklaces, rings, bracelets,
hair ornaments, earrings, leg and feet ornaments, and others. The earring
segment is expected to be the fastest-growing segment in the overall luxury
jewelry market during the forecast period. Differently patterned earrings are a
quick and easy way for women to dress up and match their outfit style, creating
a huge demand for different-sized earnings among females. Furthermore, the
growing trend of ear piercing and multiple ear piercing is also driving the
growth of this segment.
Global Luxury Jewelry Market - By Material-Used
Based on material used, the
global luxury jewelry market is segmented into gold, silver, diamond, platinum,
gems & others. Among these, the gold segment is expected to have the
largest share in the overall market during the forecast period. Also, the
diamond jewelry segment is expected to be the fastest-growing segment. Jewelry,
especially gold jewelry, serves as a form of investment in developing countries
such as India. It also serves a devotional purpose and is used to represent
Global Luxury Jewelry Market - By Distribution
Based on the distribution
channel, the global luxury jewelry market is segmented into mono-brand stores,
online stores, and offline stores. The mono-brand stores enjoy the high demand
for the sale of luxury jewelry. This is because people are inclined towards
cross-checking the products they are buying. However, with the growth of
e-commerce platforms and the maintenance of high customer satisfaction, the
online store segment is rising at a very high rate and is expected to
dominate the market during the forecast period.
Geographically, the global luxury jewelry market is segmented into North America, Europe, Asia-Pacific
(APAC), Latin America (LATAM), Middle-East & Africa. Europe accounted for the largest market share in the market,
followed by North America. These regions consist of developed nations
with high per capita income of the population as well as the presence of major
luxury brands, which fuels the market growth. Furthermore, the high female labor-force
participation rate in these countries is an important factor that is
contributing to the growth of the market. Also, the Asia-Pacific region is
predicted to have a high CAGR during the forecast period.
The leading market players
in the global luxury jewelry market are Buccellati Holding Italia SPA. Chopard
International SA, Mikimoto & Co., Ltd., Bulgari S.P.A., Graff Diamond
Corporation, Compagnie Financiere Richemont S.A., Tiffany & Co., Societe
Cartier, Harry Winston, Inc., Guccio Gucci S.P.A., Chanel, LVMH Moet
Hennessy, Signet Jewelers, Cartier International SNC, Rajesh Exports Ltd. and
other prominent players. The market is highly dense
and consolidated with the presence of luxury brands like Chanel, Gucci,
etc. Moreover, several luxury jewelry manufacturers are pursuing organic and
inorganic strategic initiatives in order to maintain their market share.
Mergers, acquisitions, geographic growth, and new product releases are some of
the core tactics employed by market leaders.
2021, Futura Jewelry, a US-based leading luxury jewelry brand launched the
first mercury-free gold jewelry collection. Understanding the environmental
consequences of gold mining, the product launch is aimed at reducing the threat
of mercury emissions on the earth.
In May 2021, Tiffany
& Co., a US-based leading jewelry brand announced its plan of releasing its
first men’s engagement rings. The purpose is to expand their consumer base and
tap the emerging market due to the increasing same-sex marriages and
gender-fluid fashion trends.
Scope of the Report
Historical data – 2017-2020
Base Year – 2020
Forecast – 2021 – 2027
Revenue in USD Million
North America, Europe, the Asia-Pacific, Latin America,
and the Middle East and Africa
By Product, By Material-Use, By Distribution
Channel, By Region
Buccellati Holding Italia SPA, Chopard International SA,
Mikimoto & Co., Ltd., Bulgari S.P.A., Graff Diamond Corporation,
Compagnie Financiere Richemont S.A., Tiffany & Co., Societe Cartier,
Harry Winston, Inc., Guccio Gucci S.P.A., Chanel,
LVMH Moet Hennessy, Signet Jewelers, Cartier International SNC, Rajesh
Exports Ltd., Pandora Jewelry, LLC., Van Cleef Arpels,
Messika, Damiani, and other
Ø Hair Ornaments
Ø Leg and Feet Ornaments
By Distribution Channel
Ø Mono-Brand Stores
Ø Online Stores
Ø Offline Stores
Ø North America
Ø Asia-Pacific (APAC)
Ø Latin America (LATAM)
Ø Middle-East & Africa (MEA)
1. What is the current size of the global luxury jewelry
global luxury jewelry market reached USD 35.2 billion in 2020.
2. What are the major factors driving the growth of the
global luxury jewelry market?
The major factors driving the growth
of the market are; increasing per capita income
and purchasing power of consumers and high exposure to global fashion trends.
3. Who are the key players in the global luxury jewelry
key players in the global luxury jewelry market are: Buccellati
Holding Italia SPA, Chopard International SA, Mikimoto & Co., Ltd., Bulgari
S.P.A., Graff Diamond Corporation, Compagnie Financiere Richemont S.A., Tiffany
& Co., Societe Cartier, Harry Winston, Inc., Guccio Gucci S.P.A., Chanel, LVMH Moet
Hennessy, Signet Jewelers, Cartier International SNC, Rajesh Exports Ltd.,
Pandora Jewelry, LLC., Van Cleef Arpels, Messika, Damiani, and other prominent players.
4. Which material-use segment accounted for the largest
share in the global luxury jewelry market?
gold segment accounted for the largest share in the global luxury jewelry
5. Which region is at the highest growth rate in the
global luxury jewelry market?
Europe has the highest growth rate in the global
luxury jewelry market.