Global Gems and jewellery Market Overview
Gems and jewellery Market Size was estimated at 395.58 (USD Billion) in 2022. The gems and jewellery market industry is expected to grow from 409.35(USD Billion) in 2023 to 556.7 (USD Billion) by 2032. The Gems and jewellery Market CAGR (growth rate) is expected to be around 3.48% during the forecast period (2024 - 2032).
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Key Gems and jewellery Market Trends Highlighted
Essential fashion accessories, gems, and jewelry have a considerable market that is constantly evolving. One significant trend is the increasing demand for sustainable practices, with consumers opting for ethically sourced and eco-friendly jewelry.
Growth in the luxury segment remains strong, driven by rising disposable income and the desire for exclusive pieces. Technological advancements such as 3D printing and computer-aided design enable unique and intricate designs, further enhancing the appeal of jewelry. The rise of e-commerce has expanded accessibility and convenience for consumers, leading to increased online jewelry sales.
Notably, personalization has become a key market driver, with customers seeking customized pieces that reflect their individuality. This has led to a surge in bespoke jewelry and the creation of unique, one-of-a-kind designs.
Gems and jewellery Market Drivers
Rising Disposable Income and Growing Affluence
The gems and jewellery market is primarily driven by rising disposable income and affluence of consumers across the globe. People are getting wealthier and are spending more on luxury items, and jewelry is one of these items. This is particularly noticeable in the emerging economies, such as China and India, where the growing middle class is increasing demand for gems and jewellery. Additionally, the increasing popularity of online shopping is further driving the growth of the gems and jewellery market.In the near future, the rising disposable income and affluence of consumers across the world, as well as the increasing popularity of online shopping, are expected to remain two of the key factors driving the growth of the gems and jewellery market. The growing disposable income and greater wealth of people across the world are expected to increase spending on luxury items, including jewelry. This will be particularly noticeable in some of the emerging economies, such as China and India, where the growing middle class will drive demand for greater amount of gems and jewellery.The increasing popularity of online shopping is an additional factor that is most likely to increase growth of demand in the gems and jewellery market in at least the next few years. As more consumers get comfortable shopping for jewelry online, it will allow them to find the perfect piece of jewelry for them. This will be especially important for those consumers living in remote areas or lack the access to a large number of jewelry shops.
Growing Demand for Bridal Jewelry
The growing demand for bridal jewelry is another major driver of growth for the gems and jewellery market. Weddings are a significant cultural event in many parts of the world, and jewelry plays an important role in these celebrations. Brides and grooms often spend a significant amount of money on their wedding jewelry, and this is driving growth in the gems and jewellery market.The growing demand for bridal jewelry is particularly evident in emerging economies, such as China and India, where traditional weddings are still very popular.In these countries, brides and grooms often receive a significant amount of gold jewelry as wedding gifts. This is driving growth in the demand for gold jewelry in these markets.The growing demand for bridal jewelry is expected to continue to be a major driver of growth for the gems and jewellery market in the coming years. As more people get married, there will be a continued demand for bridal jewelry. This trend is particularly evident in emerging economies, where the number of marriages is expected to increase in the coming years.Overall, the growing demand for bridal jewelry is expected to continue to drive the growth of the gems and jewellery market in the coming years.
Increasing Popularity of Fashion Jewelry
The increasing popularity of fashion jewelry is another crucial driver that contributes to the growth of the gems and jewellery market. In general, the fashion jewelry is less expensive compared to the traditional type and, often, more popular. As a result, the fashion jewelry becomes more attractive to a wider variety of consumers, including the young ones and those shopping on a budget. The increasing popularity of fashion jewelry is most evident in the online marketplaces, with such websites as Amazon and Etsy being the examples.They make it quite easy for the consumers to quickly locate the piece of fashion jewelry that satisfies their needs and purchase it for the reasonable price. It leads to the growing of the gems and jewellery market, as fashion jewelry, no doubt, falls into this category. The tendency for the fashion jewelry to become increasingly popular and make its way into the market is expected to remain one of the major drivers for the overall growth of the market in the future.
Gems and jewellery Market Segment Insights
Gems and jewellery Market Product Type Insights
The Gems and jewellery Market is segmented by product type into Diamond Jewelry, Gold Jewelry, Silver Jewelry, Gemstone Jewelry, Beaded Jewelry, and Pearl Jewelry. Diamond Jewelry Diamond jewelry is the most popular and expensive type of jewelry, accounting for over 50% of the Gems and jewellery Market revenue in 2023. Diamonds are highly valued for their beauty, durability, and rarity, and are often used in engagement rings, wedding bands, and other special occasion jewelry. Gold Jewelry Gold jewelry is another popular type of jewelry, particularly in regions such as India and China.Gold is a precious metal that is valued for its beauty, malleability, and durability. Gold jewelry can be made in a variety of styles, from simple chains to elaborate necklaces and earrings. Silver Jewelry Silver jewelry is a more affordable option than gold jewelry, and is often used in everyday jewelry pieces such as earrings, necklaces, and bracelets. Silver is a versatile metal that can be easily worked into a variety of shapes and designs. Gemstone Jewelry Gemstone jewelry is made with precious and semi-precious gemstones, such as rubies, sapphires, emeralds, and topaz.Gemstone jewelry is often used in special occasion jewelry, such as engagement rings, necklaces, and earrings. Beaded Jewelry Beaded jewelry is made with beads of various materials, such as glass, wood, metal, and gemstones. Beaded jewelry is often used in casual and bohemian jewelry pieces, such as necklaces, bracelets, and earrings. Pearl Jewelry Pearl jewelry is made with pearls, which are hard, lustrous objects that are produced by certain mollusks. This growth is being driven by factors such as rising disposable income, increasing urbanization, and changing consumer preferences.The Asia-Pacific region is expected to be the largest market for gems and jewellery, followed by North America and Europe.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Gems and jewellery Market Jewelry Type Insights
Jewelry Type is one of the most powerful segments of the Gems and jewellery Market that takes up a large part of the entire market’s revenue. Necklaces, rings, earrings, bracelets, brooches, and pendants are the main sub-segments, and each of them holds a significant part of the market’s revenue. Necklaces are the leaders of the segment since they hold the dominating part of the market’s revenue due to the timelessness and the cultural importance of the jewelry type. Rings, especially engagement and wedding ones, follow the leading position driven by the increasing disposable income of the population and by the changes in the fashion world.Bracelets and brooches, in their turn, represent niche position but take the third and the fourth places in the segment due to the ability to cater specific tastes and to offer unique jewelry. Pendants tend to attract customers and create the dominating group along with necklaces but also remain rather popular as stand-alone goods that can be worn with necklaces and bracelets. The segmentation of the Gems and jewellery Market provides important data and information about the performance of the sub-segments enabling various stakeholders to make proper choices and engage in growth.
Gems and jewellery Market Target Market Insights
The target market for the gems and jewellery market is vast and diverse, encompassing various demographic groups with distinct preferences and needs. Women are a key consumer segment, accounting for a significant portion of the market's revenue. They are drawn to jewelry as a form of self-expression, adornment, and investment. Men are another important target group, with growing demand for jewelry that reflects their style and individuality. Children and couples also represent notable market segments, with jewelry serving as cherished keepsakes and symbols of love and commitment.Bridal jewelry is a specialized category that caters to the needs of brides seeking exquisite pieces for their special day. Corporate gifting is another emerging segment, with businesses and organizations using jewelry as a means of recognition, appreciation, and strengthening relationships. The gems and jewellery market segmentation provides valuable insights into the preferences and characteristics of each target group, enabling businesses to tailor their products and marketing strategies accordingly.
Gems and jewellery Market Distribution Channel Insights
Distribution channels play a crucial role in the Gems and jewellery Market, shaping the accessibility and availability of these products to end consumers. Various distribution channels coexist within the industry, each with its unique characteristics and target audience Retail Stores Physical stores, often located in high-traffic areas, offer a tangible shopping experience where customers can examine and try on jewelry. This channel accounted for a significant share of the Gems and jewellery Market revenue in 2023 and is projected to maintain steady growth in the coming years. Online Marketplaces E-commerce platforms have gained immense popularity, providing convenience and a wide selection to shoppers. Online marketplaces are expected to witness substantial growth in the Gems and jewellery Market, driven by increasing internet penetration and consumer preference for online shopping. Wholesalers Wholesalers act as intermediaries between manufacturers and retailers, distributing large quantities of jewelry to various retail outlets. They play a vital role in ensuring the steady supply of jewelry to meet market demand. Jewelry Designers Independent jewelry designers create and sell unique, handcrafted pieces, often through their own boutiques or online platforms. This channel offers exclusivity and customization, catering to consumers seeking distinctive and personalized jewelry. Pawn Shops Pawn shops provide short-term loans against jewelry as collateral. They offer an alternative source of financing for consumers and an opportunity for individuals to sell pre-owned jewelry. Auction Houses Auction houses facilitate the sale of high-value and rare gems and jewellery, attracting collectors, investors, and enthusiasts.They provide a platform for buyers to acquire unique and exceptional pieces, often at competitive prices. .
Gems and jewellery Market Price Range Insights
The Gems and jewellery Market is segmented by price range into low-priced, mid-priced, high-priced, luxury, fine, and antique jewelry. In 2023, the mid-priced jewelry segment held the largest share of the market, accounting for 38.4%. The high-priced jewelry segment is projected to grow at the highest CAGR of 4.4% during the forecast period, driven by increasing demand for exclusive and high-quality jewelry items. Luxury jewelry, which includes pieces crafted with precious metals and gemstones, is expected to account for a significant portion of the market growth due to the rising disposable income and affluent consumer base.Fine jewelry, which is often associated with sentimental value and craftsmanship, is also anticipated to witness steady growth in demand. Antique jewelry, on the other hand, is expected to remain a niche segment, attracting collectors and enthusiasts.
Gems and jewellery Market Regional Insights
The regional segmentation of the Gems and jewellery Market provides valuable insights into the market's geographical distribution and growth dynamics. North America is expected to hold a significant market share due to the presence of major jewelry and luxury goods consumers, as well as a strong retail infrastructure. Europe is another key region, with a rich history of jewelry craftsmanship and a large consumer base. The Asia-Pacific (APAC) region is projected to witness robust growth, driven by rising disposable incomes, an expanding middle class, and increasing demand for luxury goods in countries like China and India.South America and the Middle East and Africa (MEA) regions are also expected to contribute to the overall market growth, albeit at a slower pace.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Gems and jewellery Market Key Players And Competitive Insights
Major players in Gems and jewellery Market are facing intense competition, with both established and emerging players vying for market share. Leading Gems and jewellery Market players are investing heavily in research and development to create innovative products and enhance their competitive advantage. The Gems and jewellery Market development is driven by factors such as rising disposable incomes, increasing demand for luxury goods, and growing popularity of online jewelry sales.One of the leading players in the Gems and jewellery Market is Tiffany & Co., an American luxury jewelry and specialty retailer. The company has a strong brand presence and a wide range of products, including jewelry, watches, and home accessories. Tiffany & Co. is known for its high-quality products and its commitment to customer service. The company has a presence with stores in over 30 countries.A notable competitor in the Gems and jewellery Market is Cartier, a French luxury goods conglomerate. The company is known for its high-end jewelry, watches, and accessories. Cartier has a strong brand heritage and a loyal customer base. The company has a presence with stores in over 100 countries.
Key Companies in the Gems and jewellery Market Include
- Chopard
- Mikimoto
- Graff Diamonds
- Van Cleef Arpels
- Piaget
- Bulgari
- Harry Winston
- Tiffany
- Rolex
- Chow Tai Fook Jewellery
- Cartier
- Audemars Piguet
- Patek Philippe
- Breguet
- Boucheron
Gems and jewellery Market Developments
The Gems and jewellery market is projected to reach USD 556.7 billion by 2032, exhibiting a CAGR of 3.48% during the forecast period. Rising disposable income, growing urbanization, and increasing demand for luxury goods are the key factors driving the market growth. The market is segmented into various categories, including gemstones, jewelry, and watches. The jewelry segment accounted for the largest market share in 2023 and is expected to maintain its dominance throughout the forecast period.Recent news developments include the launch of new collections by major jewelry brands and the increasing popularity of online jewelry sales. For instance, in 2023, Tiffany Co. launched its "Knot" collection, featuring necklaces, bracelets, and earrings inspired by the brand's iconic knot motif. Additionally, the growing adoption of e-commerce platforms has made it easier for consumers to purchase jewelry online, leading to increased market penetration.
Gems and jewellery Market Segmentation Insights
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Gems and jewellery Market Product Type Outlook
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Diamond Jewelry
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Gold Jewelry
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Silver Jewelry
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Gemstone Jewelry
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Beaded Jewelry
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Pearl Jewelry
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Gems and jewellery Market Jewelry Type Outlook
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Necklaces
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Rings
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Earrings
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Bracelets
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Brooches
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Pendants
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Gems and jewellery Market Target Market Outlook
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Women
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Men
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Children
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Couples
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Bridal
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Corporate
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Gems and jewellery Market Distribution Channel Outlook
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Retail Stores
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Online Marketplaces
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Wholesalers
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Jewelry Designers
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Pawn Shops
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Auction Houses
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Gems and jewellery Market Price Range Outlook
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Low-Priced Jewelry
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Mid-Priced Jewelry
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High-Priced Jewelry
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Luxury Jewelry
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Fine Jewelry
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Antique Jewelry
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Gems and jewellery Market Regional Outlook
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North America
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Europe
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South America
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Asia Pacific
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Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
395.58(USD Billion) |
| Market Size 2023 |
409.35(USD Billion) |
| Market Size 2032 |
556.7(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
3.48% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Chopard ,Mikimoto ,Graff Diamonds ,Van Cleef Arpels ,Piaget ,Bulgari ,Harry Winston ,Tiffany Co. ,Rolex ,Chow Tai Fook Jewellery ,Cartier ,Audemars Piguet ,Patek Philippe ,Breguet ,Boucheron |
| Segments Covered |
Product Type ,Jewelry Type ,Target Market ,Distribution Channel ,Price Range ,Regional |
| Key Market Opportunities |
Bridal Jewelry Labgrown Diamonds Smart Jewelry Vintage Jewelry Jewelry Rental |
| Key Market Dynamics |
Growing demand for personalized and unique jewelry Increasing disposable income in emerging markets Technological advancements in jewelry making Rising popularity of labgrown diamonds Growing demand for sustainable jewelry |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Gems and jewellery Market is projected to reach a valuation of 409.35 billion USD in 2023.
The Gems and jewellery Market is expected to grow at a CAGR of 3.48% from 2023 to 2032.
The Asia-Pacific region is expected to hold the largest market share in the Gems and jewellery Market in 2023.
The key factors driving the growth of the Gems and jewellery Market include rising disposable income, increasing urbanization, and growing demand for luxury goods.
Some of the key competitors in the Gems and jewellery Market include Cartier, Tiffany Co., and Harry Winston.
The major applications of gems and jewellery include personal adornment, investment, and gifting.
The different types of gems used in jewelry include diamonds, rubies, sapphires, and emeralds.
The different types of jewelry designs include necklaces, bracelets, earrings, and rings.
The factors influencing the price of gems and jewellery include the quality of the gem, the size of the gem, the design of the jewelry, and the brand of the jewelry.
The emerging trends in the Gems and jewellery Market include the growing popularity of online jewelry sales, the increasing demand for sustainable jewelry, and the growing popularity of personalized jewelry.
