According to the research report titled ‘Global Luxury Jewelry Market (2022 Edition) - Analysis By Material (Diamond, Gold, Platinum, Others), Product Type, Distribution Channel, By Region, By Country: Market Insights and Forecast with Impact of Covid-19 (2022-2027)’, available with MarketStudyReport, global luxury jewelry market was valued at USD 46.52 billion in the year 2021 and is expected to accrue modest revenues during 2022-2027.

Uptick in the proportion of high-net-worth individuals, evolving consumer choices, and increasing disposable income are contributing to the expansion of global luxury jewelry market.

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Rising trend of bespoke and customized pieces, as well as the possibility of crafting one's own wedding & engagement rings are broadening the applicability of the product for shoppers and empowering designers to make innovative accessories using various metals and gemstones, resulting in fruitful arenas.

Besides, the usage of ornaments and jewels depending upon the diverse traditions and customs practiced by people, combined with mono-brand shops making inroads at the cost of mail-order players are fostering industry growth                .

Moreover, the greater liquidation value of gold and diamonds gives the jewelry owner more grounds to make a purchase, which is further impelling growth in the business sphere.

During the COVID-19 pandemic, worldwide luxury jewelry market witnessed a tremendous downturn as demand for high-value products fell precipitously. Because of the virus spread, there was a major decline in jewelry exports and revenues.

Based on product type, the market is segmented into earring, necklace, ring, and others. In terms of material type, the industry is categorized into platinum, diamond, gold, and others. With respect to distribution channels, the business sphere is split into online stores and offline stores.

From a geographical standpoint, North America (Canada, U.S.), Europe (France, UK, Germany, Italy), Asia Pacific (India, Japan, China), and Latin America & Middle East & Africa (UAE) are analyzed in the report to gain insights on the revenue potential of market for the review timeline.

The established names in global luxury jewelry industry are Compagnie Financière Richemont S.A., Le Petit-Fils de L.-U. Chopard & Cie S.A., LVMH Moët Hennessy Louis Vuitton, Buccellati Holding Italia S.p.A., Swarovski Ltd., Signet Jewelers Ltd., The Swatch Group Ltd., Kering S.A., Chanel, and Pandora among others.