SAN FRANCISCO, U.S., Feb. 13, 2023 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Jewelry Market Size, Share, Growth Analysis Report By Material (Diamond, Platinum, Gold, and Others), By Distribution Channel (Online and Offline), By Product (Ring, Necklace, Bracelet, Earring, and Others), By Type (Real and Imitation), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030” in its research database.
“According to Facts and Factors, the global jewelry market size was worth around USD 256 billion in 2021 and is predicted to grow to around USD 517.27 billion by 2030 with a compound annual growth rate (CAGR) of roughly 8.25% between 2022 and 2030.”
Jewelry Market Overview:
Jewelry is a decorative item that can have personal applications or be used as a means of wealth storage. Personal adornments like brooches, rings, earrings, necklaces, anklets, bracelets, cufflinks, and toe rings are examples of jewelry. Since past many centuries various stones, gemstones, or rare metals have been used to create or produce jewelry but it can also be created using rather normal materials like shells, glasses, and plant materials
Jewelry can be purchased or worn for multiple purposes like storing it as a form of currency, for storage reasons, or as a means of showing wealth. The functional application includes the use of pins, clasps, or buckles. It can also be used as a means of symbolism to show membership or belonging to a certain group or for artistic display.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2021 | USD 256 Billion |
| Projected Market Size in 2030 | USD 517.27 Billion |
| CAGR Growth Rate | 8.25% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2030 |
| Key Market Players | Pandora, Tiffany & Co., Swarovski AG, GRAFF, Malabar Gold & Diamonds, Louis Vuitton SE, Chow Tai Fook, and others. |
| Key Segment | By Material, Distribution Channel, Product, Type, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
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Key Insights from Primary Research
- As per the analysis, the jewelry market share is likely to grow above a CAGR of around 8.25% between 2022 and 2030.
- The Jewelry market size was worth around US$ 256 billion in 2021 and is estimated to hit approximately US$ 517.27 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The market is projected to grow at a significant rate due to the growing return on investment value of the jewelry
- Based on material segmentation, gold was predicted to show maximum market share in the year 2021
- Based on product segmentation, the ring was the leading type in 2021
- On the basis of region, Asia-Pacific was the leading revenue generator in 2021
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Market Dynamics:
Growth Drivers
- Growing return on investment (ROI) to propel market demand
The global jewelry market growth is expected to be influenced by the value that fine jewelry holds in today’s modern world where consumerism is at an all-time high. With jewelry, even if the current rate of materials is low, there is always a high chance that the price may bounce back up making it ideal to be sold as the profit rate increases. In the current volatile economic world where other means of investments have certain rates of risks associated with them, the threat of value-reduction with fine quality jewelry is significantly low or negligible.
Platinum is one of the most valuable and highly expensive materials used for jewelry creation and is currently accessible only to certain segments of the world population. Other factors like growth in disposable income, rising use of advanced technologies to design and create unique jewelry like the use of 3-dimensional printing techniques, increasing collaboration, and high potential of the unexplored market could further drive the global market growth.
Additional contributing factors could be the growing awareness rate amongst the population regarding product authenticity, the presence of financial assistance, and the collaboration of jewelry brands with e-commerce businesses could lead to more revenue generation.
Restraints
- High cost to restrict market expansion
The growing number of people switching to artificial or imitation jewelry may act as a threat to global market growth as these products are cheaper as compared to fine jewelry. They also lead to the encouragement of consumerism which can greatly impact sustainable growth in the coming years.
The changing political dynamic amongst major players, ongoing social stress across multiple countries, war-torn areas, and the general greed of large corporations that cause the exploitation of people living in areas with huge gold or diamond reserves could lead to growth limitations.
Opportunities & Challenges
The increasing investments may provide growth opportunities while understanding changes in consumer behavior could act as a major challenge.
Jewelry Market: Segmentation Analysis
The global jewelry market is segmented based on material, distribution channel, product, type, the region
Based on distribution channels, the global market divisions are online and offline with the latter dominating the global market growth in 2021. Although various brands have started making use of online channels to sell products and reach a consumer database, people tend to have more trust in buying expensive jewelry items using offline mode which means physically visiting the stores. This allows consumers to see the product first hand and it also guarantees the authenticity of the product.
In stores, consumers have the option to custom-make the products or get the same design as they would from an online portal. In the fiscal year 2022, the jewelry segment of Titan Company Limited amassed revenue of USD 3.04 billion, a jump of 36% from the sales in the previous year.
Based on type, the global market is divided into real and imitation with the former leading the global market growth. Although there is a significant consumer database that prefers to spend on imitation jewelry, the prices of fine jewelry are multiple times higher than the cost of imitation jewelry making the segment revenue more valuable. The Chanel Coco Crush range of rings by Chanel with up to 18 karats of yellow gold costs around USD 3,400.
Browse the full “Jewelry Market Size, Share, Growth Analysis Report By Material (Diamond, Platinum, Gold, and Others), By Distribution Channel (Online and Offline), By Product (Ring, Necklace, Bracelet, Earring, and Others), By Type (Real and Imitation), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030” Report at https://www.fnfresearch.com/jewelry-market
Regional Analysis:
- Asia-Pacific to lead with the highest growth
Asia Pacific is anticipated to lead the global jewelry market with China and India emerging as the dominant regions. China currently has the largest diamond reserve in Asia whereas India is the world’s largest exporter of a diamond. India does not really produce diamonds in large quantities but it has the biggest market for polishing diamonds.
The regional population generally tends to spend on fine jewelry as a means of investment which is further propelled by the growing pattern of materialism in the local regions. A 2013 survey claimed that the Chinese tend to identify success depending on the materialistic things owned by the people. Growth In North America is expected to be dominated by the US which is one of the largest consumers of fine jewelry.
Competitive Players:
The report contains qualitative and quantitative research on the global jewelry market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global jewelry market include;
- Pandora
- Tiffany & Co.
- Swarovski AG
- GRAFF
- Malabar Gold & Diamonds
- Louis Vuitton SE
- Chow Tai Fook
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Recent Industry Developments:
- In September 2022, an Indian multi-brand e-commerce company called D2C Ecommerce acquired Mumbai-based jewelry firm AccessHer. This move is expected to help D2C expand its business profile by foraying into the jewelry segment
- In June 2022, Natural Diamond Council, a non-profit organization working for the improvement of the diamond sector, announced its entry into the United Aram Emirates (UAE) market by collaborating with 3 leading jewelry brands
The global jewelry market is segmented as follows:
By Material
- Diamond
- Platinum
- Gold
- Others
By Distribution Channel
- Online
- Offline
By Product
- Ring
- Necklace
- Bracelet
- Earring
- Others
By Type
- Real
- Imitation
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key Offerings:
- Market Size, Trends, & Forecast by Revenue | 2022−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Material, Distribution Channel, Product, Type, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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