by The luxury jewelry market comprises high-end jewelry pieces made of precious metals and gemstones. Luxury jewelry items such as necklaces, rings, earrings and bracelets are known for their intricate craftsmanship and exquisite designs. They make for memorable gifts in special occasions like weddings, anniversaries and graduations.
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 3.9% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key trends:
Increasing preference for custom jewelry designs has been a key trend propelling the growth of the luxury jewelry market. Consumers today want exclusive jewelry pieces that are tailored to their individual tastes and personality. This has nudged luxury jewelry brands to offer customized design services, where clients can choose from a variety of materials, gemstones and customize elements like engravings. For instance, high-end brands like Tiffany & Co. and Cartier allow customers to customize nearly all jewelry lines by selecting gemstones and precious metals of their choice. This emerging trend has made luxury jewelry a more personal and premium product. Furthermore, social media influencers have grown fond of flaunting their unique customized pieces, making such exclusive designs an attractive Statement. This focus on personalized designs is expected to drive further growth in the luxury jewelry market over the forecast period.
SWOT Analysis
Strength: Luxury jewelry items are recognized as a status symbol and for their high craftsmanship which drives their demand. Additional crafting and use of premium materials also make luxury jewelry exclusive and desirable.
Weakness: Luxury jewelry is expensive and out of reach for most consumers which limits its customer base. Economic uncertainties and fluctuations also impact spending on luxury items.
Opportunity: Growing wealth worldwide is expanding the customer base for luxury products. Rapid growth of e-commerce is also opening new sales channels for luxury jewelry brands. Innovative crafting using new materials and designs presents new opportunities.
Threats: Increased availability of inexpensive imitation or artificial jewelry increases competition. Economic downturns threaten discretionary spending on luxury goods. Younger customers also prefer spending on experiences over luxury possessions.
Key Takeaways
The Global Luxury Jewelry Market Size is expected to witness high growth over the forecast period driven by increasing urban affluent population and rising demand for luxury and premium products worldwide. 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 3.9% over the forecast period 2023 – 2030.
The Asia Pacific region dominates the market currently and is expected to witness the fastest growth due to economic prosperity and rising demand in nations like China and India.
Key players operating in the luxury jewelry market are Tiffany & Co., Bulgari, Cartier, Chopard International SA , Harry Winston, Van Cleef & Arpels, Graff Diamonds Corp., Mikimoto, Piaget, Buccellati and Damiani. They are focused on strengthening their global luxury jewelry brands through innovative crafting, premium designs and expanding retail presence including online channels. The fast growing market also presents opportunities for new brands to emerge with innovative products and designs targeted at younger customers globally.
*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.
