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Jewelry Market Size, Share & Industry Analysis, By Product (Necklace, Earrings, Ring, Bracelet, and Others), By Material Type (Gold, Platinum, Diamond, and Others), By End-user (Men and Women), and Regional Forecast, 2024-2032

Last Updated: July 01, 2024 | Format: PDF | Report ID: FBI102107



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The global jewelry market size was valued at USD 224.39 billion in 2023 and is projected to grow from USD 232.94 billion in 2024 to USD 343.90 billion by 2032, exhibiting a CAGR of 4.99% during the forecast period. Asia Pacific dominated the jewelry market with a market share of 39.33% in 2023.

There is a rising trend in jewel consumption as more people are inclined toward luxurious products. Various positive attributes of the product include assisting in highlighting specific features of the body, showcasing fashion trends/style, helping to enhance looks, and others. The product's growing popularity among high-income earners as a symbol of high status is helping to accelerate the consumption rate. Rising demand for contemporary jewels and an increasing number of designers entering the market continue contributing to market growth.

The COVID-19 pandemic influenced consumer preferences regarding jewelry purchases. With lockdowns and social distancing measures in place, retail jewelry stores experienced a decline in their customer footfall. Moreover, the jewelry industry faced disruptions in its global supply chain due to factory closures, shipping delays, and logistical challenges caused by the pandemic. This resulted in interruptions in the production and distribution of raw materials, gemstones, and finished jewelry products. However, there was a noticeable shift toward online sales channels as consumers turned to e-commerce platforms to purchase jewelry from the safety and comfort of their homes.

Jewelry Market Trends

Focus on Incorporating Technical Features to Surge Product Demand

Technology has advanced significantly, especially post-COVID-19, which has positively influenced the ornaments industry, most notably in the design techniques & manufacturing space. 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 has a 14k gold-plated base and large gemstone. It has various technological features such as activity tracking, calories burned, distance, and steps. Furthermore, implanting GPS for safety features in case of loss or robbery in many ornament products is expected to increase the demand for these products.

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Jewelry Market Growth Factors

Increasing Disposable Income and Spending Power of Consumers to Favor Market Growth

The growing global economy, owing to the population's high disposable income and spending power, is propelling the demand for the increasing consumption of luxury goods such as ornaments. Additionally, different customs regarding the adoption of jewel pieces followed by people worldwide are expected to significantly boost the product demand. For instance, the World Gold Council article, August 2020, declared that Chinese people have a tradition of giving gold pieces as a gift to the family's younger members at special events. Moreover, the increasing working population of women and rising awareness regarding modern and premium-class gems will further fuel the market growth. Increasing female labor force participation has been one of the most remarkable economic developments. According to the International Labor Organization, the working women population was 46.3% in 2021, up by almost 1% from 2020.

Increasing Adoption of Digital Media Platforms and Opening of New Stores Favor Market Growth

The advancement of digital media that promotes high fashion through reality shows, movies, music videos, and others has influenced the global population to be more inclined toward fashion goods, including ornament products. Moreover, many companies are extending their distribution network and opening new stores worldwide. In February 2024, Aditya Birla Group, an Indian international corporation, launched its new jewelry business under the brand name ‘Novel Jewels Ltd.’


Strict Regulations on Import & Export and Implementation of Value-added Tax Are Restraining Market Growth

The increasing number of countries worldwide maintaining strict regulations on importing and exporting ornament goods has increased product tariffs. Thus, this leads to an increase in the product's final cost and repels many consumers. Additionally, introducing VAT has hurt consumers' purchasing power, especially the tripling of the VAT rate from July 1, 2020. Therefore, many retailers absorbed the tax to keep attracting sales, creating pressure on margins. A triple Value-Added Tax (VAT), coupled with a surge in gold prices, has created discomfort for individuals. The wholesale sector, which relies on selling its products by weight, has been adversely affected by rising gold prices and higher VAT rates, which put increased pressure on the company's business or profit in the short term.

Jewelry Market Segmentation Analysis

By Product Analysis

Growing Consumer Preference for Personalization in Rings to Lead to Market Growth  

Based on product, the market is fragmented into necklace, earrings, ring, bracelet, and others.

The ring segment is projected to be the leading segment due to the rising popularity of the ring to signify or symbolize engagement and marital status. The growing customer preference for personalized items has encouraged vendors in the ring market to provide various customization options. Rings can be customized based on material type, design, shape, and gemstone type. Tiffany & Co, for instance, offers customers customization options regarding ring design and gemstone type through its website. The company also provides its customers with guides on metals and diamonds to brief them about cuts, colors, carats, and sizes.

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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.

By Material Type Analysis

Diamond Segment to Hold Highest Market Share Owing to Rising Celebrities' & Influencers’ Preference for Diamond Jewels

Based on material type, the market is segmented into gold, platinum, diamond, and others.

The diamond segment is anticipated to be the lead market shareholder as it can sparkle and reflect light, which makes it more attractive than other segments. The 2019 Met Gala event showcased celebrities' strong preference for platinum & diamond jewels. Celebrities, such as Jennifer Lopez, Lady Gaga, Gal Gadot, Rosie Huntington, Celine Dion, Naomi Campbell, Demi Moore, Nina Dobrev, Kylie Jenner, and Gigi Hadid, were seen sporting colorful diamond & platinum jewelry at the event. On the other hand, the gold segment is expected to showcase robust growth as people are increasingly aware of the health benefits of wearing gold ornaments. Gold ornaments are also considered a good investment and a backup in case of inflation, market collapse, bankruptcy, and others propel the consumption rate.

By End-user Analysis

Women's Segment Holds the Largest Market Share as they are More Passionate about Jewels

By end-user, the market is segmented into 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 designed specifically for women consumers. Women are more passionate than men about charms as it symbolizes femininity and even social status. It makes women feel more beautiful and confident.


Asia Pacific Jewelry Market Size, 2023 (USD Billion)

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The Asia Pacific market stood at USD 88.26 billion in 2023 and is dominating the global jewelry market share. Many global top vital regional major players such as Tanishq, Malabar Gold and Diamonds, Qeelin, Wallace Chan, and others significantly propel consumption. India exports gems and jewels, including various items such as cut and polished diamonds, gold and silver jewels, medals and coins, gemstones, pearls, and rough diamonds. However, high-end machine-made jewelry is imported from the Middle East or South East Asia.

Europe is anticipated to showcase significant growth in the global market. This is attributable to different countries of the region possessing a high per capita income where many 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 toward ornament products. For instance, according to data from the U.K. Parliament, the female employment rate in the U.K. was estimated to be 72.4% in 2019.

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North America is projected to exhibit substantial growth owing to the presence of many 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 millionaires, with 18.6 million or 40% of the global millionaires. Furthermore, rising ornaments trade shows, such as Luxe Pack, the Love Expo, Luxury Bridal Expo, and others, are expected to contribute to the market growth in the region.

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, and gemstones. Tourism is a growing industry in Brazil. In 2022, according to BRIC GROUP, Brazil recorded a 60% increase in international tourists, with around 962,000 tourists between January and April.

The Middle East & Africa regionis expected to have a significant presence in the market. The developed countries of this region, such as Qatar, Kuwait, Israel, the UAE, and others, increasingly adopting jewelry brands, are expected to contribute significantly to market growth.

  • In March 2021, L’azurde, a jewelry brand headquartered in Saudi Arabia, launched its new jewel collection made with high-quality gold and encrusted with diamonds, pearls, and precious stones for women.

List of Key Companies in Jewelry Market

Key Players are Focusing on Manufacturing Innovative Jewelry Designs

Key players in the market are focusing on enhancing the look and design of jewelry products to meet consumers' ever-changing needs and desires. Besides, innovative jewelry designs attract consumers who are looking for something fresh and exciting. Therefore, by incorporating new materials, techniques, or concepts, jewelry brands can capture the interest of fashion-forward consumers who are willing to stay ahead of trends and express their individuality through their accessories. Also, new jewelry designs have the potential to capture a broader range of customers, including younger demographics and those with diverse tastes and preferences. Hence, by offering a variety of innovative styles, such as imitation pieces, artificial jewelries, and others, brands can attract new customers who may not have been previously interested in traditional or conventional jewelry designs. For instance, according to United Nations Comtrade database, the U.S. import value of imitation jewelry from India stood at USD 47.54 million in 2022.



  • January 2023 – Tanishq, a Titan Ltd-owned jewelry brand, entered the U.S. market by opening its first store in New Jersey. The store houses over 6,500 jewels designs in 18 and 22-karat gold and diamond.

  • September 2022 – Chaulaz Heritage Jewellery, an Indian designer ornament brand, strengthened its bridal portfolio by launching the ‘Basra’ collection — the hand-crafted heritage range includes nose pins, earrings, necklaces, and pendants. The brand also customizes and sells antique ornaments online through its website and social media platforms.

  • August 2022 – Pandora, a jewel maker, announced that the company would move ahead with its lab-made diamonds and stop selling mined diamonds. Lab-created diamonds are available to more people and also reduce carbon emissions. It launched a collection using unmined gems in North America to attract young consumers with cheaper and sustainable stones.

  • January 2022 – Malabar Gold & Diamonds, an India-based jewelry retailer, inaugurated six showrooms across the UAE - three in the new Dubai Gold Souq extension and one in City Centre Al Zahia, Lulu Muweilah, Sharjah, and Crown Mall, Jebel Ali.

  • June 2021 – RJ Scanlan & Co. expanded its fine jewelry offering, introducing the range of Lux Collection to the Australia market. The Lux Collection is crafted with gold, diamonds, color gemstones, and pearls, each piece made-to-order and essential to environmental sustainability.


An Infographic Representation of JEWELRY Market

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The market research report provides a detailed market analysis and focuses on key aspects such as leading companies, end-users, and leading product types. Besides this, the analysis report offers insights into the jewelry market trends and highlights key industry developments. In addition to the above mentioned factors, the report encompasses several factors that have contributed to market growth in recent years.

Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period



Value (USD Billion)

Growth Rate

CAGR of 4.99% from 2024 to 2032


By Product

  • Necklace

  • Earrings

  • Ring

  • Bracelet

  • Others

By Material Type

  • Gold

  • Platinum

  • Diamond

  • Others

By End-user

  • Men

  • Women

By Geography

  • North America (By Product, Material Type, End-user, and Country)

    • U.S. (By Product)

    • Canada (By Product)

    • Mexico (By Product)

  • Europe (By Product, Material Type, End-user, and Country)

    • Germany (By Product)

    • France (By Product)

    • Italy (By Product)

    • Spain (By Product)

    • U.K. (By Product)

    • Rest of Europe (By Product)

  • Asia Pacific (By Product, Material Type, End-user, and Country)

    • China (By Product)

    • India (By Product)

    • Japan (By Product)

    • Australia (By Product)

    • Rest of Asia Pacific (By Product)

  • South America (By Product, Material Type, End-user, and Country)

    • Brazil (By Product)

    • Argentina (By Product)

    • Rest of South America (By Product)

  • Middle East & Africa (By Product, Material Type, End-user, and Country)

    • South Africa (By Product)

    • UAE (By Product)

    • Rest of the Middle East & Africa (By Product)

Frequently Asked Questions

Fortune Business Insights says that the global market size was valued at USD 224.39 billion in 2023 and is projected to reach USD 343.90 billion by 2032.

In 2023, the Asia Pacific market value stood at USD 88.26 billion.

Recording a CAGR of 4.99%, the market will exhibit steady growth during the forecast period of 2024-2032.

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 primary factor driving the market growth.

Harry Winston, Inc., Chow Tai Fook Jewellery Company Limited, LVMH Moët Hennessy, and others are some of the major players.

Asia Pacific dominated the market share in 2023.

The rising high fashion sense among the global population is expected to drive product adoption.

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