by Luxury jewelry includes fine necklaces, rings, bracelets, and other ornaments made from precious metals and gems. Such jewelry is crafted with intricate designs and superior quality to portray fashion and wealth. There has been a rising trend of personalized luxury jewelry among affluent consumers who seek exclusive pieces reflecting their taste and personality. In addition, festivals and ceremonies have fueled special orders for customized designer pieces from wedding trousseaux to birthday gifts.
The global luxury jewelry market is estimated to be valued at US$ 68.82 billion in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the defining trends has been the greater demand for sustainable luxury. Consumers today pay close attention to the ethics and sustainability standards of brands. There is a marked preference for jewelry crafted from responsibly sourced precious metals and conflict-free gems. Leading luxury houses have responded by strengthening policies regarding responsible sourcing, traceability, and community development programs. Another notable trend is the rise of customization and personalized designs on digital platforms. Using 3D modeling and other virtual tools, buyers can now co-create unique pieces customized to their size, metals, gemstones and design features of choice from the comfort of their homes.
Porter’s Analysis
Threat of new entrants: The luxury jewelry market requires high initial investments and established brand names. This makes the entry of new players difficult.
Bargaining power of buyers: Buyers have moderate bargaining power in the luxury jewelry market due to the availability of variety of brands at different price points.
Bargaining power of suppliers: Suppliers have moderate to high bargaining power as raw materials like gold, silver and precious stones have limited sources of production.
Threat of new substitutes: Luxury fashion accessories and watches pose limited threat as substitutes for fine jewelry.
Competitive rivalry: The market has presence of many international as well as local established brands.
Key Takeaways
Global Luxury Jewelry Market Demand is expected to witness high growth. The market size for luxury jewelry in 2023 is projected to reach US$ 68.82 Bn, indicating a growth of 3.9% CAGR during the forecast period of 2023 to 2030.
Regional analysis- Europe accounted for the largest share in the luxury jewelry market in 2023 due to the presence of major luxury brands like Prada and Versace. Asia Pacific region is expected to witness fastest growth owing to the rising spending power of middle-class population in China and India.
Key players- Key players operating in the luxury jewelry market are Pandora, Swarovski, Tiffany & Co, Richemont (Cartier), and Signet Jewelers. Pandora specializes in affordably priced jewelry and enjoys a strong global presence. Tiffany & Co. focuses only on luxury jewelry above $1,000 and operates exclusive boutiques globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
