Gems and Jewelry Market Size, Share, Trends & Growth | 2031

Report Description

The global gems and jewelry market size was USD 272.92 Billion in 2022 and is likely to reach USD 559.36 Billion by 2031, expanding at a CAGR of 8.3% during 2023–2031. The rising trend of wearing pieces of jewelry that matches the outfit, and fashion consciousness among youngsters is boosting the market.

Gems and Jewelry are ornamental pieces that are made of precious materials. Gems are jewelry made with rock, mineral, or petrified substance that is cut and polished to provide beautiful appearances. These gems and jewelry include rings, earrings, necklaces, pendants, and bracelets.

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Gems and jewelry help in enhancing beauty, and symbolize wealth, power, and status. Moreover, gems are also used as a part of spiritual practices, and rituals to restore energy fields, gain peace, and promote love, safety, and body healing. On the other hand, for some people, jewelry is a form of art for self and creative expression and is part of tradition and culture.

COVID-19 Impact on Gems and Jewelry Market

The market report finds that the COVID-19 pandemic affected the market growth. The disruptions in the supply chain and slowdown of demand in non-essential industries operations resulted in hindering the market growth.

Moreover, the celebration, marriages, and other activities where jewelry is highly demanded were either postponed or carried out in low-key manners, which again impacted the demand for the jewelry. However, the market has started recovering speedily, owing to ease in COVID-19 regulations and the slowdown of infection spread across the global regions.

Gems and Jewelry Market Dynamics

The research report presents a complete market overview by providing detailed information about the current market trends, existing drivers, growth opportunities and potentials, and emerging challenges. The global gems and jewelry market report has up-to-date insights about market scenarios that can shape the overall market performance and output during the forecast period, 2023 to 2031.

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What are the Trends in Gems and Jewelry Market?

The rising popularity of cross-culture gems and jewelry designs such as Indian, Egyptian, Italian, and European is boosting the growth gems and jewelry market. The exposure to different cultures around the world on the internet media and in real life is rising, which is boosting the demand for cross-cultural jewelry and gems among enthusiasts.

Cultural theme-based events, weddings, and festival celebrations are considered as best occasions for flaunting cross-cultural fashion attire and jewelry. Consumers are preferring jewelry items such as necklaces, rings, bracelets, pendants, and earrings that are designed according to the cultural specifications of regions across the world to use in celebrations or festive occasions.

What are the Drivers of Gems and Jewelry Market?

Changing consumer behavior related to fashion accessories, and increasing demand by consumers for single-stoned stud earrings, pendants, and rings for styling and status symbols is one of the major drivers fueling the global market growth. In almost every culture around the world, wearing gems and jewelry is considered the depiction of wealth and social status. Gems and jewelry are used for styling clothes, accessories, smartphones, luxury watches, and other items to style unique looks and also depict social status, wealth, relationships, and prosperity.  

Rising income levels in emerging regions around the world is another major driver anticipated to fuel the global gems and jewelry market in the coming years. Spending on buying jewelry, gems, and other ornaments in emerging economies such as India, Japan, and China is rising due to increasing disposable income. Factors such as industrialization, globalization, urbanization, and changing lifestyles are powering the rising demand for jewelry in emerging regions.

What are the Challenges of Gems and Jewelry Market?

The high cost associated with gems and jewelry production is likely to hamper the market during the projection period. The development of specially designed gems and jewelry requires highly specialized skills, attention to detail, and continuous efforts. In addition, the equipment and technology required for developing jewelry or gems add to the expenses required for production. This high cost involved in the production of jewelry and gems is anticipated to hamper the market.

The availability of domestic or local manufacturers with their different pricing strategies for gems and jewelry is another factor that can hinder market growth. In major regions, the manufacturing and purchasing of gems and jewelry are done locally, owing to this the pricing of jewelry and materials defers based on the strategies adopted by local manufacturers. The varied pricing strategies adopted by local manufacturers is likely to affect market growth in the coming years.

What are the Opportunities in Gems and Jewelry Market?

Increasing use of advanced technologies such as rapid prototyping (RP), and computer-aided design (CAD) for incorporating 3D printing in jewelry is creating opportunities for the market. Moreover, the growing focus on developing new and innovative designs for fulfilling the dynamic demand of consumers is creating opportunities for market growth.

Scope of Gems and Jewelry Market Report

The global gems and jewelry market research report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.

Gems and Jewelry Market Segment Insights

What are the Main Aspects for Boosting the Diamond Segment?

In terms of type, the gems and jewelry market is segmented into diamond in gold, gold, platinum, silver, gemstones, diamond, and others. The diamond segment is expected to hold a significant market share during the forecast period.

The growth of the diamond segment is attributed to increasing purchasing power and rising number of middle-income consumers in developing countries. The diamond demand is also increasing due to rising fashion trends, and growing demand for fine costume jewelry, colored gemstone, and forms of gems and jewelry which is expected to help the segment expand at a significant CAGR during the forecast period.

Gold segment is projected to witness rapid growth in the coming years. Gold rings, bracelets, necklaces, and other gold-made products are popular among every age group. The rising preference for gold material for displaying fashion and lifestyle is likely to drive the segment growth in the near future.

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What are the Major Reasons for High Revenue Generation in Rings Segment?

Based on product, the gems and jewelry market is fragmented into rings, necklaces, earrings, bracelets, chains and pendants, and others. Rings segment constituted a significant market share and is projected to expand at a rapid rate during the forecast period.

The growth of the rings segment is attributed to the growing demand for rings among the young population. Rings jewelry signifies a promise and symbolizes commitment, love, and devotion. Hence, highly used for weeding purposes. These factors are anticipated to promote segment growth in the coming years.

Necklaces segment is anticipated to hold the key share in the global market during the projection period. The trends such as wearing uniquely designed jewelry or gems, cross-cultural necklaces, and other ornaments as a necklace is growing in different age groups across the regions, which is expected to increase the demand for various necklace jewelry in the coming years.

Why is the Offline Segment More Prevalent than the Online Segment?

On the basis of distribution channel, the gems and jewelry market is segregated into online, and offline. The offline segment is further sub-segmented into jewelry stores, multi branded stores, and standalone. The offline segment is expected to hold a significant share of the market during the forecast period attributed to consumers’ preference to visit the stores when it comes to shopping for precious products such as gems and jewelry.

Moreover, the offline segment offers services of product customization as per the customer’s choice, and bargaining features to the customers. These factors are anticipated to promote the growth of the segment in the forecast period.

The online segment is also projected to draw considerable revenue growth in the global market during the forecast period. Prominent e-commerce companies as well as offline merchants are establishing their own presence on online platforms to reach additional customers, which is one of the major factors expected to aid the growth of the online segment during the forecast period.

How is the Wedding Segment Generating More Revenue Share in the Global Gems and Jewelry Market?

Based on application, the gems and jewelry market is segregated into collections, weddings, festive blessings, fashion, and others. The wedding segment is expected to hold a significant share of the market during the forecast period.

Gems and jewelry are majorly demanded for wedding purposes around the world. In addition, gifting gems and jewelry at the wedding to the bride and groom is a ritual in many countries, which is expected to support the growth of the segment during the forecast period.

Fashion segment is expected to hold the key share of the market during the forecast period. The trend of wearing jewelry as a fashion is rising across the age group, which is expected to drive the demand in the market. Moreover, the use of gems and jewelry in fashionable clothes and fashion accessories manufacturing is also projected to boost segment growth in the near future.

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Why is Asia Pacific Dominating Gems and Jewelry Market?

In terms of region, the global gems and jewelry market is split into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific constituted a significant share of the market in 2021, attributed to increasing per capita income, and rising consumer spending on gems and jewelry in countries such as India, where wearing jewelry is also considered a status symbol.

The increasing demand for new designs and varieties, and branded jewelry associated with the western lifestyle is boosting the demand for various jewelry and gems items in the region. Additionally, the growing demand for luxury jewelry is promoting the growth of the market in the Asia Pacific region.

Europe is projected to grow at a considerable pace in the coming years owing to the presence of a major fashion industry in the region. In addition, the growing trend of using diamond-made jewelry, gems, and other pieces of jewelry for parties, marriages, and other special occasions is expected to drive market growth in the region during the projection period.

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