Luxury Jewelry Market Size

The global luxury jewelry market size was valued at $65.90 billion in 2024 and is projected to reach $104.58 billion by 2030, growing at a CAGR of 8.0% during the forecast period.

Luxury Jewelry Market Overview

Luxury jewelry represents the pinnacle of opulence and refinement in the realm of personal adornment. Crafted from the finest materials, including rare gemstones and precious metals such as gold and platinum, luxury jewelry transcends the realm of mere embellishment to become an embodiment of refined taste and affluence. Beyond their material value, luxury jewelry serves as a symbol of status and an intimate reflection of individual style. Whether gracing the necks, wrists, or fingers of those attending grand events or becoming treasured family heirlooms, luxury jewelry stands as a timeless testament to the enduring allure of beauty and prestige.

Luxury Jewelry Market Dynamics

• The luxury jewelry market is expected to witness significant growth in the future due to the rise in demand for sustainable jewelry, increasing disposable income levels, and growing penetration of e-commerce.

• Additionally, the adoption of computer aided system (CAD), unisex luxury jewelry, rising focus on sustainability, and increasing focus on incorporating technical features in jewelry are the prominent factors driving the growth of the Luxury Jewelry market.

• However, the declining rough-diamond mine supply and issues in trading of luxury jewelry are restraining the market growth.

• On the contrary, the increase in Gen Z income, rapid urbanization, globalization, and rising female population are creating opportunities for the market growth.

Impact of COVID-19 on the Luxury Jewelry Market

The COVID-19 pandemic significantly impacted the luxury jewelry market, introducing a range of challenges and shifts in consumer behavior. The economic uncertainties, lockdowns, and disruptions in global supply chains played a role in shaping the industry's trajectory. Economic downturns and uncertainties led to a decline in consumer spending on non-essential items, including luxury jewelry. Many individuals postponed or canceled high-end purchases due to financial concerns and shifting priorities.The pandemic prompted a shift in consumer preferences towards more meaningful and sustainable purchases. Brands that aligned with these values and communicated a sense of social responsibility were perceived more favorably.

By Raw Material, the Gold Segment is projected to be the Largest Segment in the Luxury Jewelry Market

The Gold segment is projected to be the largest segment in the Luxury Jewelry market during the forecast period. Gold stands as a captivating investment choice, particularly in periods marked by political and economic uncertainties. Within the realm of gold consumption, luxury jewelry holds a significant share, encompassing 50% of overall gold usage. Investments make up 40% of this usage, while the remaining 10% caters to industrial applications. The evolution of gold's role has been pronounced in contemporary aesthetics, notably with the rise of lightweight jewelry designs. The appeal of wearable gold jewelry has surged, breaking free from traditional heritage constraints. Modern consumers increasingly favor a seamless, convenient, and online retail experience, signaling a shift in the way gold is purchased in today's market.

By Geography, Asia Pacific Region Holds the Dominant Position in the Market Revenue

Asia Pacific region holds the dominant position in the market revenue due to the adoption of modern technologies like computer-aided design in jewelry manufacturing. China and India emerge as the largest markets for luxury jewelry in this region. Key drivers include the constant evolution of styles and a growing demand for high-quality jewelry among discerning customers. Notably, a significant portion of luxury jewelry is acquired for special occasions such as weddings and engagements. The region is poised to witness a surge in the popularity of online distribution. Additionally, factors such as ongoing restrictions on international travel and the expansion of domestic duty-free zones in China are expected to contribute to increased demand, particularly among younger customers and those opting for domestic shopping experiences.

Key Target Audience:

• Marketing and Advertising Agencies

• Technology Providers

• Regulatory Bodies

• Precious Metal Suppliers

• Manufacturers and Retailers

List of the Key Players Profiled in the Report Includes:

• Louis Vuitton SE

• Bulgari S.P.A

• Richemont

• Tiffany & Co

• Pandora Jewelry, LLC

• Guccio Gucci S.p.A

• Chopard International SA

• GRAFF

• Harry Winston, Inc

• Buccellati Holding Italia SPA.

• MIKIMOTO

• Signet Jewelers Limited

Recent Developments:

• In October 2023, Tiffany & Co. has unveiled its newest jewelry collection, Tiffany Forge, crafted from sterling silver, marking a celebration of each individual's distinct journey. The design features open and unrestricted links, representing a symbolic embrace of life's unpredictable twists and turns. This collection pays homage to Tiffany's rich heritage of crafting sterling silver masterpieces, underscoring the enduring significance of this metal within the House's legacy. Tiffany Forge captures the essence of openness and resilience, inviting wearers to embrace the unique paths they navigate in life.

Market Segmentation:

The research report includes in-depth coverage of the industry analysis with size, share, and forecast for the below segments:

Market by, Product:

• Necklaces

• Rings

• Earrings

• Bracelets

• Hair Ornaments

• Leg & Feet Ornaments

Market by, Raw Material:

• Gold

• Platinum

• Diamond

• Precious Pearls

• Gemstones

Market by, Distribution Channel:

• Online

• Offline

Market by, Application:

• Men

• Women

• Children

Market by, Geography:

The luxury jewelry report also analyzes the major geographic regions and countries of the market. The regions and countries covered in the study include:

• North America (The United States, Canada, Mexico), Market Estimates, Forecast & Opportunity Analysis

• Europe (Germany, France, UK, Italy, Spain, Rest of Europe), Market Estimates, Forecast & Opportunity Analysis

• Asia Pacific (China, Japan, India, South Korea, Australia, New Zealand, Rest of Asia Pacific), Market Estimates, Forecast & Opportunity Analysis

• South America (Brazil, Argentina, Chile, Rest of South America), Market Estimates, Forecast & Opportunity Analysis

• Middle East & Africa (UAE, Saudi Arabia, Qatar, Iran, South Africa, Rest of Middle East & Africa), Market Estimates, Forecast & Opportunity Analysis

What can be explored with this research report:

• Understand the key trends that will drive the market and the challenges it faces in the current market scenario.

• Identify growth opportunities.

• Porter's five force analysis.

• In-depth analysis of market segments, and regions/countries predicted to observe promising growth.

• Historical and forecast size of the market in terms of revenue (USD Million).

• Company profiling with key products and solution offerings, key financial information, SWOT analysis, and business strategies adopted.