"Assisting You in Establishing Data Driven Brands"
Jewelry comprises of small decorative objects that are worn for personal adornment, which includes bracelets, brooches, necklaces, rings, and others. The increasing demand for various Jewelry brands from different regions is likely to propel the growth of the market. Most of the population across the globe purchase Jewelry for the investment purpose and is considered as the object with great security in a time of financial crisis owing to its good value. Moreover, India is considered to be one of the largest consumers of gold across the globe. Mostly the Jewelry demand is on a surge at the time of the wedding and festive seasons, and they are of greater importance. For instance, it has been observed that on average around 10 million weddings take place in India per year. Therefore, increasing wedding and receptions ceremonies is leading to the growth of the global Jewelry market during the forecast period 2019-2026.
Additionally, rising incomes of individuals and rapid urbanization are somewhat responsible for the growth of the global Jewelry market. The innovative and customized designs of Jewelry offered by the manufacturers are showing a positive graph towards the market growth.
Several major players in the Jewelry market such as Tiffany and Company, Harry Winston, Pandora Jewellers, Chanel, and Cartier are striving hard to beat the rising competition and to meet the customer's demand. These players are majorly focusing on the recent fashion trends, new designs that may immediately attract the customers. Therefore, these factors will increase the sale of Jewelry, which in turn give rise to the growth of the market.
Key Market Driver -
Increasing number of weddings is resulting in the growth of the global jewellery market
Key Market Restraint -
Fluctuating prices of raw materials is expected to hamper the growth of the global jewellery market
Jewelry is considered as the perception of the status symbol, therefore this assumption is simultaneously increasing the demand for the jewelry which is likely to drive the growth of the market. The shifting lifestyle, increasing the standard of living and disposable income of the population are some of the major factors propelling the growth of the market. The trend for bridal jewelry is emerging at a high pace in a country like India owing to having lots of rituals and functions. Women’s are mostly focusing on the fashion trends and innovative design patterns of hairpins, necklaces, and bangles. Therefore, the market is expected to grow in the future due to women empowerment, favorable demographics, and rising practice of self-purchase among women.
Additionally, the rising demand for jewelry by men’s especially huge influence coming from an entertainment industry is driving the market growth. The products such as cufflinks, gold chains, tie bar, and others are mostly preferred by men. Therefore, rising acceptance of gold and diamonds from men population is fostering the market growth during the forecasted period. Furthermore, most of the online retailing sites such as Myntra, Flipkart, Amazon, and others have started selling workwear jewelry online by offering special discounts to increase the customer base. For instance, in May 2016, Myntra partnered with the Tata Group’s jewelry brand Tanishq.
However, the fluctuating prices of gold, diamond, and platinum is expected to hamper the growth of the market during the forecasted period. For instance, in December 2018, around 6% of prices were raised for gold in the last one year which simultaneously affected the consumption pattern.
The major players covered in the global jewelry market include Chow Tai Fook, Tiffany & Co., Signet Jewels, Swarovski, Malabar Gold & Diamonds, Kering SA, Damas International, Claire's Stores, Inc., and others.
The global jewelry market is segmented into by product, by material type, by end-user, and by region.
Based on the product, the market is fragmented into a necklace, rings, earrings, bracelets, and others. Ring product is expected to hold the major share owing to increasing consumers' interest in the sophisticated designs and details of the rings. The ring is considered as a stylish and elegant ornament, which thereby increases the demand for the men’s signet rings projected to drive the segment growth.
On the basis of material type, the market is segmented into gold, platinum, diamond, and others. Gold is the most popular material used for making jewelry and therefore is anticipated to hold the major share in the market. Increasing demand for gold jewelry especially from countries such as China and India is expected to drive the segment growth. According to the China Gold Association, the consumption of gold in China is growing at a rapid pace owing to the strong domestic demand. Additionally, the consumption of gold raised 5.08% from the previous year to 849.7 tonnes. However, diamond material is expected to be the fastest-growing segment during the forecasted period owing to the increasing consumption of diamonds in the American and European countries.
Depending on the end-user, the global jewelry market is bifurcated into men and women. The women are projected to witness a strong growth rate. Women are the major consumers of jewellery across the globe. The spending power of women on jewelry is much higher as compared to men.
Geographically, the jewellery market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
The Asia Pacific is expected to be the largest jewelry market, this is mainly due to higher consumption of gold in countries such as China and India. Gold Jewelry is popular in India owing to a large number of wedding ceremonies, receptions, and festivals. For instance, in August 2019, the consumption of gold in India raised to 13% that is to 213.2 tons. Moreover, rising income levels, changing lifestyle is showing positive growth in the jewelry market in this region.
North America and Europe are anticipated to have sluggish growth owing to the less inclination towards jewelry. However, diamond is becoming more popular owing to the increasing disposable income of the population.
To gain extensive insights into the market, Request for Customization
The Middle East & Africa is projected to have a significant growth owing to the presence of gold mines in countries such as the UAE and Saudi Arabia. The designs of jewellery are world-famous and unique in UAE and Saudi Arabia which is likely to drive the market growth in this region.
By Material Type
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry