by 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 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Luxury jewelry consists of high-quality precious metals and gemstones crafted into intricate designs. High-end luxury jewelry made of gold, silver, and precious gemstones are considered as an investment and status symbol. The fine jewelry segment which consists of customized designs made of precious materials contributes the largest market share.
Market key trends:
Rising disposable income and growing preference for branded luxury goods especially among middle-aged consumers are driving the demand in the luxury jewelry market. The millennials represent an emerging demographic and are majorly influencing the market. They are attracted towards customizable and personalized designs offered by luxury jewelry brands which allows them to reflect their individuality through jewelry pieces. Furthermore, rising popularity of online luxury jewelry brands that offer a wide variety of exclusive collections at affordable prices through e-commerce platforms is a key trend in the market.
SWOT Analysis
Strength:
– Luxury jewelry items like diamonds and gold possess high resale value and are considered an investment.
– Rising disposable incomes and changing lifestyle and fashion trends boost demand.
Weakness:
– High prices of luxury jewelry make it unaffordable for middle-income groups.
– Volatility in gold and diamond prices impacts margins.
Opportunity:
– Growth of online retail platforms increases accessibility of luxury products.
– Rising population of millennials and Generation Z drives demand.
Threats:
– Economic downturns and recessions lower discretionary spending.
– Rise of lab-grown diamonds and other substitutes increases competition.
Key Takeaways
The Global Luxury Jewelry Market Size is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing consumer preference for gold and diamond jewelry during festive seasons and occasions. The market size for 2023 is US$ 68.82 Bn.
Regional analysis: Europe dominates the market currently due to presence of major luxury brands. However, Asia Pacific is expected to be the fastest growing market owing to rising affluence in countries like China and India.
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. These companies are focusing on exclusivity, innovations and celebrity associations to boost their brand visibility.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
