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The global jewelry market size was USD 330.0 billion in 2019 and is projected to reach USD 266.53 billion by 2027, exhibiting a CAGR of 3.7% during the forecast period.
Nowadays, there is a rising trend in the consumption of jewelry as more people are inclined towards luxurious products. The various positive attributes of the product include assisting to highlight certain features of the body, showcase fashion trends/style, help to enhance looks, and others. The growing popularity of the use of the product among high-income earners as a symbol of high status is helping to accelerate the consumption rate.
Shortage of Labor Force amid COVID-19 Hinders Market Growth
Nations around the world maintaining strict protocols during the pandemic on social distancing and lockdown is resulting in the drastic shift of migrant workers from urban to rural places. Thus, this is leading to a shortage of employees to manufacture ornament products. Furthermore, the outbreak leading to a decrease in the import and export rate of raw material from one country to another results in the rising cost and lack of material.
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Increasing Focus on Incorporating Technical Features in Jewelry to Surge Demand
The rising popularity of manufacturers incorporating technology with ornaments is helping to boost the consumption of the product. For instance, The Ringly Luxe Smart Ring comes with a 14k gold-plated base and large gemstone and has various technological features such as activity tracking like burned calories, distance, steps, and others. Furthermore, the implant of GPS for safety features in case of loss or robbery in many of the ornament products is expected to aid in increasing the demand for the product.
Increasing Disposable Income and Spending Power of Consumer to Favor Market Growth
The growing global economy owing to high disposable income and spending power of the population are propelling the demand for the increasing consumption of luxury goods such as ornaments. Additionally, different customs regarding the adoption of ornaments followed by people across the globe are expected to boost the purchase of the product significantly. For instance, according to the World Gold Council article, August 2020, is declaring that Chinese people have a tradition of giving gold ornaments as a gift to the younger members of the family at special events.
Increasing Adoption of Digital Media Platforms to Favor Growth
The advancement of digital media that promotes high fashion through reality shows, movies, music videos, and others has resulted in influencing the global population to be more inclined towards fashion goods, including ornament products. Moreover, the simplicity of sharing the goods bought to friends and family through calls, text messages, or by posting on social media has added impetus to the market. Furthermore, digital marketing campaigns such as SEO, pop-ups, email campaigns, and others to the right target audience have a vital contribution to boost consumption.
Strict Regulations on Import and Export of Jewelry Goods to Hamper Market Growth
The increasing number of countries around the world maintaining strict regulations on the import and export of ornament goods has resulted in the increasing tariff made on the products. Thus, this is leading to an increase in the final cost of the product and repels a large number of consumers. Additionally, the increasing political tension between countries has resulted in the ban on the import of various ornament products is anticipated to threaten market growth. For instance, the clash of soldiers in the Galwan Valley between India and China is likely to result in a diminishing trade of goods between the two countries.
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Ring Segment to Remain at the Forefront
On the basis of product, the market is fragmented into necklaces, earrings, rings, bracelets, and others.
The ring is projected to be the leading segment due to the rising popularity of the ring to signify or symbolize engaged and marital status. Thus, this assists to propel the increasing preference of the product over other types of segments. Additionally, the rising number of the male population possessing the desire to wear a ring is expected to fuel the demand.
Earrings, necklaces, bracelets, and others have shown a significant presence owing to the rising usage of these products for beautification and enhancement of looks, especially, among the female population.
Diamond Segment to Hold Highest Market Share
Based on material type, the market is segmented into gold, platinum, diamond, others.
The diamond segment is anticipated to be the lead market shareholder owing to its ability to sparkle and reflect light that makes it more attractive than other types of segments. Additionally, diamond ornaments being considered as a good investment and a backup in case of inflation, market collapse, bankruptcy, and others propels the consumption rate.
On the other hand, the gold segment is expected to showcase a robust growth as people are increasingly aware of the health benefits of wearing gold ornaments. Gold ornaments have health benefits such as regulating body temperature, speeding up the recovery process during injury, acting as a de-stressor, and others.
Women Segment is Anticipated to Hold the Largest Market Share
By end-users, the market is segmented as men and women.
The women segment is estimated to be the largest segment on account of manufacturers coming up with a wider variety of products that are designed specifically for women consumers. Similarly, the popularity of the product for enhancing looks among women aids to boost the adoption in this segment.
The men segment is anticipated to experience a positive growth owing to the increasing number of men possessing the desire to own the product as a symbol to showcase their high status, unique styles, and fashion sense.
Asia Pacific Jewelry Market Size, 2019 (USD Billion)
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Europe is anticipated to showcase a significant growth in the global jewelry market. This is attributable to different countries of the region possessing a high per capita income where a large number of people are willing to spend more on ornament products. For instance according to the Trading Economics data issued, in 2019 the per capita income of various countries of Europe is Luxembourg USD 114,482, Ireland USD 86,781, Germany USD 53,815, France USD 46,184, and Italy USD 42,413. The high employment rate of women further aids in boosting the consumption rate as women are more inclined towards ornament products. For instance, according to data by the United Kingdom Parliament, the female employment rate in the United Kingdom was estimated to be 72.4 percent in 2019.
Asia Pacific stood at USD 130.49 billion in 2019 and is the dominating region. The presence of a large number of global top key players such as Tanishq, Malabar Gold and Diamonds, Queelin, Wallace Chan, and others in the region has a significant contribution in propelling the consumption. For instance, according to the India Brand Equity Foundation data issued in July 2020, the Indian jewelry and gem sector is estimated to be one of the largest contributors to the global market and is projected to have 29 percent of the global consumption. Additionally, the popularity of wearing ornaments in traditional events such as Diwali, Chinese New Year, Shogatsu, and others is likely to propel the market growth during the forecast period.
North America is projected to exhibit a substantial growth owing to the presence of a large number of millionaires who are the prime contributors to the increasing purchase of luxurious products. For instance, according to the Global Wealth Report 2019, the United States is projected to have the most number of millionaires with 18.6 million or 40 percent of the world’s total millionaires. Furthermore, the rising number of ornaments trade shows such as Luxe Pack, The Love Expo, Luxury Bridal Expo, and others are expected to contribute to the growth of the market in the region.
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South America is anticipated to display considerable development owing to the increasing growth of tourism propelling people to spend more on various types of goods including ornaments, gemstones, and others. For instance, according to the data issued by VisitBritain.Org, is stating that Brazil is estimated to be at 19th place in International tourism expenditure with more than USD 18.3 billion spendings in 2018.
The Middle East & Africa region is expected to have a significant presence in the market. The developed countries of this region such as Qatar, Kuwait, Israel, the United Arab Emirates, and others increasingly adopting jewelry brands are expected to significantly contribute to the market growth.
Key Players are Directing Towards Innovative Looks and Designs
Key players in the industry are focusing on the enhancement of the looks and design of jewelry products to meet the ever-changing needs and desires of consumers and the same is projected to impact the market positively. For instance, according to the National Jeweler article published in July 2018, Tiffany & Co. declared the opening of its Jewelry Design and Innovation Workshop and is projected to modernize, streamline, and improve its design process.
An Infographic Representation of JEWELRY Market
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The jewelry market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, end-users, and leading product types. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the advanced market over recent years.
Value (USD Billion)
By Product, Material Type, End-user, and Geography
By Material Type
Fortune Business Insights says that the global market size was USD 330.0 billion in 2019 and is projected to reach USD 266.53 billion by 2027.
In 2019, the Asia Pacific market value stood at USD 130.49 billion.
Growing at a CAGR of 3.7%, the market will exhibit steady growth in the forecast period (2020-2027).
The ring segment is projected to be the leading segment in this market during the forecast period under product segmentation
The rising growth of the global economy is the major factor driving the growth of the market.
Harry Winston, Inc., Chow Tai Fook Jewellery Company Limited, LVMH Moët Hennessy, and others are some of the major players in the global market.
Asia Pacific dominated the market share in 2019.
The rising high fashion sense among the global population is expected to drive the adoption in the global market.
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