Jewelry Market Analysis, Share, Industry, Opportunities 2031

Report Description

The jewelry market size was valued at USD 248.09 billion in 2021 and is projected to reach USD 517.90 billion by 2030, expanding at a CAGR of around 8.4% during the forecast period, 2022 – 2030. The growth of the market is attributed to rising disposable income and new jewelry designs offered by manufacturers.
 

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Any exquisite material used to decorate the human body is considered as jewelry. COVID-19 had a beneficial impact on jewelry market, with around 28% of customers stating they purchased more jewelry during COVID-19, according to a study from Plumb club recent poll. Growing popularity of jewelry among men is projected to boost the market during the forecast period. Men's jewelry includes signet rings, cartography necklaces, tie bars, basic gold chains, and cufflinks.

High spending on wedding rituals and celebrations in nations like India is projected to boost market growth. Major players are focusing on leveraging their websites to advertise new sales, launches, and other essential information.

The Covid-19 pandemic affected the demand and supply of gems and jewelry. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.

Market Trends, Drivers, Restraints, and Opportunities

• Changing lifestyles and attitudes about jewelry as a status symbol is estimated to drive the market.
• Growing popularity of jewelry among men is projected to boost the market during the forecast period.
• Bridal jewelry contributes significantly to the market growth.
• Increasing disposable income of the people is anticipated to boost the market during forecast period.
• High cost of the jewelry including diamond, gold, or silver is anticipated to hinder the market growth.
• The availability of customized products is expected to drive the market during the projected period.
• Growing knowledge of the authenticity of the stones and metals in jewelry is estimated to propel the market during forecast period.
• Stringent import and export restrictions on jewelry goods are estimated to hinder the market growth.
• Consumers are attracted to new designs and changing fashion trends, which is creating growth opportunities for the market players.

Scope of the Report

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

Market Segment Insights

The gold segment held major market share in 2021

Based on materials, the market is segregated into diamond, platinum, gold, and others. The gold segment held around 40% of the total market share in 2021 and is projected to maintain its dominance during the forecast period as it is the most often utilized metal in the creation of all types of jewelry globally. Furthermore, gold is expected to fuel the demand because it is seen as a symbol of wealth and is used in a variety of occasions and ceremonies.

For example, yellow gold is made up of zinc, silver, and copper alloys. White gold is a mix of one or more white metals, most commonly silver, nickel, or palladium and gold. Green gold is a blend of gold and silver with residues of copper and other metals, while rose gold is a combination of gold, silver, and copper.

The ring segment held around 25% of the total market share in 2021

On the basis of products, the market is fragmented into bracelet, earring, ring, necklace, and others. The ring segment held major market share of around 25% of the total market share in 2021. The increased demand for wedding bands, along with the growing trend for professional clothing, is driving the ring segment. The increased sale of rings among male consumers has become a prominent trend in recent years.

This is due to advancements in men's jewelry design and increase in global fashion awareness among men. Consumer perceptions of rings have also shifted. Younger generations who have a less traditional view of marriage are expected to create a strong link between love and rings, be it promise rings, engagement rings, or commitment rings. Owing to their increased preference for rings, jewelers are expected to target young consumers more in the future.

The bracelet segment is anticipated to expand at a high CAGR during the forecast period. One of the major factors driving the segment is rising trend of cross-cultural designs in bracelets globally. In this regard, Egyptian, European, and Italian-inspired jewelry is projected to gain popularity in the next few years.

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The women segment accounts for a major market share

Based on end-users, the market is bifurcated into men and women. The women segment accounts for a major market share owing to manufacturers developing a broad range of products customized exclusively for female consumers. Moreover, the product's popularity among women for enhancing their appearances is expected to propel the market. The men segment is projected to expand at a significant rate owing to increasing number of men desiring to buy the goods as a statement of their fashion sense, unique style, and high status.

Asia Pacific accounted for around 60% of the global share in 2021

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific accounted for around 60% of the global share in 2021 owing to increasing demand for jewelry from populated nations such as China and India, where gold is widely used. China was the market leader because of its growing population and rapidly developing economy. Growth of the region is attributed to presence of major players such as Wallace Chan, Queelin, Tanishq, and Malabar Golds and Diamonds.
 

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