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The global jewelry market size was valued at USD 216.48 billion in 2022 and is projected to grow from USD 224.38 billion in 2023 to USD 308.36 billion by 2030, exhibiting a CAGR of 4.6% during the forecast period.
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.
Shortage of Labor Force amid COVID-19 Hindered the Market Growth
Nations worldwide 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. The outbreak led to decreased raw material imports and exports from one country to another, resulting in rising costs and a lack of materials. With the unprecedented impact of COVID-19, the governments restricted all events, shows, exhibitions, and weddings for a few months, negatively impacting the jewelry market growth.
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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.
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 2019, Kalyan Jewellers, a gold and diamond retailer based in India, opened two Abu Dhabi and Sharjah showrooms. The growth of online jewels is driven by increasing internet penetration rates and the availability of costume jewels online at low prices.
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.
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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.
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 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.
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.
The men segment is anticipated to experience favorable growth owing to the increasing number of men wanting to own the product as a symbol to showcase their high status, unique styles, and fashion sense. Men are mostly seen wearing bracelets, necklaces, and rings.
Asia Pacific Jewelry Market Size, 2022 (USD Billion)
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The Asia Pacific market stood at USD 85.26 billion in 2022 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.
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.
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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 UAE, and others, increasingly adopting jewelry brands, are expected to contribute significantly to market growth.
Key Players are Focusing on Manufacturing Innovative Jewelry Designs
Key players in the market focus on enhancing the looks and design of jewelry products to meet consumers' ever-changing needs and desires. 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 ‘Jewellery 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 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.
Value (USD Billion)
CAGR of 4.6% from 2023 to 2030
By Material Type
Fortune Business Insights says that the global market size was USD 216.48 billion in 2022 and is projected to reach USD 308.36 billion by 2029.
In 2022, the Asia Pacific market value stood at USD 85.26 billion.
Growing at a CAGR of 4.6%, the market will exhibit steady growth in the forecast period (2023-2030).
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 2022.
The rising high fashion sense among the global population is expected to drive product adoption.
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