Global Luxury Jewelry Market 1982

Global Luxury Jewelry Market, By Product (Necklace, Rings, Bracelets, Hair Ornaments, Earrings, Leg and Feet Ornaments, Others); By Material-Use (Gold, Diamond, Platinum, Gems, Others); By Distribution Channel (Mono-Brand Stores, Online Stores, Offline Stores); By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2017-2027

  • Published Date: May 2021
  • Report ID: BWC1982
  • Available Format: PDF
  • Page: 115

Report Overview

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.

Source: BlueWeave Consulting

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

Growth Drivers

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.

Restraints

Strict Regulations 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 various cultures.

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.

Regional Insight

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.



Competitive Landscape

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.

Recent Developments

l  In May 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.

l  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

Attributes

Details

Years Considered

Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USD Million

Market Coverage

North America, Europe, the Asia-Pacific, Latin America, and the Middle East and Africa

Product Service/Segmentation

By Product, By Material-Use, By Distribution Channel, By Region

Key Players

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.

By Product

Ø  Necklace

Ø  Rings

Ø  Bracelets

Ø  Hair Ornaments

Ø  Earrings

Ø  Leg and Feet Ornaments

Ø  Others

By Material-Use

Ø  Gold

Ø  Diamond

Ø  Platinum

Ø  Gems

Ø  Others

By Distribution Channel

Ø  Mono-Brand Stores

Ø  Online Stores

Ø  Offline Stores

By Region

Ø  North America

Ø  Europe

Ø  Asia-Pacific (APAC)

Ø  Latin America (LATAM)

Ø  Middle-East & Africa (MEA)

FAQs:

1. What is the current size of the global luxury jewelry market?

Answer: The 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?

Answer: 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 market?

Answer: The 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?

Answer: The gold segment accounted for the largest share in the global luxury jewelry market.

5. Which region is at the highest growth rate in the global luxury jewelry market?

Answer: Europe has the highest growth rate in the global luxury jewelry market.