Luxury Jewelry Market Size was valued at USD 56.5 billion in 2022. The luxury jewelry market industry is projected to grow from USD 60.9 Billion in 2024 to USD 95.8 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.85% during the forecast period (2024 - 2030). Increasing modernization, westernization, and rising personal disposable income are the key market drivers fostering market growth.
Source: MRFR Database, Secondary Research, Primary Research, and Analyst Review
Increasing tendency towards luxurious goods, growth and enlargements of the jewelry industry, and rise in fashion jewelry are some of the determinants in the luxury jewelry market. Rising consumer preference for branded jewelry has further set the producers to encourage large-scale accessibility to different ranges of luxury jewelry in the market. The increase in television marketing and the increasing usage of ornaments will also create significant and profitable luxury jewelry market growth opportunities in the long run. Moreover, a quick rise in consumer belief in astrology will further carve the way for the luxury apparel market growth.
Further, the rising demand for men's jewelry acts as a potential growth opportunity for the market over the study period. Generally, women are more willing than men to purchase luxury jewelry. However, this fact is changing due to the rising focus of men on self-grooming and on artistic appeal. Besides, the rising social media influence has led to the great use of the latest fashion trends in men. Such factors are playing a huge role in increasing demand for men’s luxury jewelry products such as rings, necklaces, bracelets, and others. Therefore, this market is expected to grow during the forecast period.
Additionally, in a few nations, strict government regulations towards trading of Luxury Jewelry, imports, and commodities of valuable metals and ornaments are liable to high levies and peculiar duties, as various potential clients are beginning to re-consider their choices of buying expensive products, but as the resident’s discretionary cash flow rises, so do their purchasing power, brings about interest and utilization for luxury gems. Such factors have helped to enhance the luxury jewelry market CAGR and luxury jewelry market revenue globally in the forthcoming years.
The luxury jewelry market segmentation, based on type, includes necklaces, rings, bracelets, earrings, and others. The rings segment held the majority share in 2022 with respect to the luxury jewelry market revenue due to rising customer preference for different luxury ring types. There has been a rise in couples looking for unique engagement rings in the last few years. In the same way, rings have become a gift that people prefer on many occasions like weddings, engagements, birthdays, etc. thus, increasing occasions will boost this segment over the forecast period.
However, the necklaces segment is also expected to boost due to its versatile nature, including choker necklaces, collar, or chain necklaces, amongst others. Further, pendants of definite stones and metals such as platinum, gold, ruby, emerald, black opal, or diamond, among others, are popular. The availability of a wide range of luxury necklaces is driving the growth of the luxury jewelry market.
In 2021: Tiffany, in collaboration with streetwear brand Supreme released a new collection called Return to Tiffany. The collection features several genders-neutral designs.
The luxury jewelry market segmentation, based on material, includes gold, silver, platinum, and others. The gold segment dominated the market in 2022 and is expected to be the fastest-growing segment, according to the luxury jewelry market data during the forecast period 2022-2030. This is because of the rising customer preference for gold over any other material since gold is considered to be the most wearable and durable material in the case of jewelry. It has ascended drastically, and people are inclined towards gold-based jewels to add to their aesthetic appearance. Thus, these factors will enhance the luxury jewelry market's growth.
On the flip side, the platinum segment is expected to show a significant rise in the forecast period due to high resistance to withstand and stress both extreme cold and heat, which means platinum jewelry will retain its looks better than other metal jewels.
In 2022, Tata CLiQ Luxury launched De Beers Forevermark to offer the best luxury brands and experiences to its customers. This approval has further broadened the growth opportunity for the Luxury Jewelry industry.
Based on end users, the luxury jewelry industry has been segmented into men and women. Women held the largest segment share in 2022 due to an increase in the focus of women towards lightweight jewelry from diamond jewelry and high-end gold, and an increase in spending capacity supported by the working women population generates the demand for luxury jewelry. Superior quality, comfort, and varieties in designs offered by these jewelry makers attract customers to purchase luxury fashion accessories and jewelry, thereby augmenting the growth of the Luxury Jewelry Industry.
However, the men's segment is expected to show significant growth during the forecast period since male jewels have always existed, and more unisex pieces are also emerging. For instance, Gucci's jewelry collection is aimed at all genders, and Bugari's B.Zero 1 Rock designs are unisex.
Figure 1: Luxury Jewelry Market by End-User, 2022 & 2030 (USD Billion)
Source: MRFR Database, Secondary Research, Primary Research, and Analyst Review
By region, the study provides market insights into North America, Asia-Pacific, Europe, and the Rest of the World. The European luxury jewelry market accounted for USD 56.5 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. This is because of the well-established market of luxury jewelry products, with key trends such as customization, increasing popularity of pop-up stores, and fusion of costume jewelry with trending fashion boosting the growth of the market in Europe.
Further, the main countries studied in the market report are The U.S., Canada, Germany, the UK, Italy, France, Spain, China, India, Japan, Australia, South Korea, and Brazil.
Figure 2: LUXURY JEWELRY MARKET SHARE BY REGION 2022 (%)
Source: MRFR Database, Secondary Research, Primary Research, and Analyst Review
North American Luxury Jewelry market accounts for the second-largest market share due to the rising inclination towards luxury goods owing to increased purchasing power parity will also create lucrative and remunerative market growth opportunities. Further, the U.S. Luxury Jewelry market held the largest market share, and the Canada Luxury Jewelry market was the fastest-growing market in the European region.
The Asia-Pacific luxury jewelry Market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to rising personal disposable income, modernization, globalization, and ever-rising population, availability of premium jewelry will also boost the growth of the market in this region. Moreover, the China luxury jewelry market held the largest market share, and the Indian luxury jewelry market was the fastest-growing market in the Asia-Pacific region.
Major market players are expending a lot of money on research and development activities to grow their businesses, which will help the luxury jewelry market to rise even more. Participants in the market are also taking a variety of strategic measures to leave their footprint worldwide, with key market developments such as new product launching, contract-based agreements, mergers and acquisitions, increasing investments, and collaboration with other organizations. Competitors in the luxury jewelry industry must provide low-cost items to enlarge and pull through an increasingly competitive market environment.
One of the initial business strategies used by manufacturers in the luxury jewelry industry to satisfy clients and enlarge the market sector is to produce narrowly to lower operating costs. In recent years, the luxury jewelry industry has provided the market with some of the most significant benefits. The luxury jewelry market's major players, such as Harry Winston Inc., Guccio Gucci S.P.A., Tiffany & Co., Chanel, and others, are working on expanding the market demand by investing in research and development activities.
In 1837 Charles Lewis Tiffany and John F. Young opened Tiffany & Young with $1,000 in backing from Tiffany's father. Located on Broadway opposite Manhattan's City Hall Park, this store sold stationery and a variety of "fancy goods," including costume jewelry. The company has long been renowned for its luxury goods, especially jewelry, and has sought to market itself as an arbiter of taste and style. Tiffany designs, manufacture, and sells jewelry, watches, and crystal glassware.
Guccio Gucci S.p.a. is a Joint-Stock Company that operates within the Manufacture of other travel goods, handbags and the like, leather goods, and saddlery industry. It was incorporated in 1921, and its headquarters are located at Via Dei Tornabuoni 73/R Firenze Toscana 50123. Gucci's holding company Guccio Gucci S.p.A. is based in Florence, Italy, and is a subsidiary of the French luxury group Kering.
Key Companies in the Luxury Jewelry market include
Luxury Jewelry Industry Developments
May 2021: Future Jewelry, a US-based driving luxury adornments brand, dispatched the primary without mercury-gold gems assortment. Understanding the natural outcomes of gold mining, the item dispatch is pointed toward decreasing the danger of mercury emanations on the earth.
May 2021: Tiffany and Co., a US-based driving gems brand, reported its arrangement of delivering its first men's wedding bands. The design extends their purchaser base and taps the developing business sector because of the expanding same-sex relationships and sexual orientation liquid style.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 56.5 billion |
| Market Size 2023 | USD 60.9 billion |
| Market Size 2030 | USD 95.8 billion |
| Compound Annual Growth Rate (CAGR) | 7.85% (2024-2030) |
| Base Year | 2022 |
| Market Forecast Period | 2024-2030 |
| Historical Data | 2019 – 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Material, and End-Users |
| Geographies Covered | North America, Asia Pacific, Europe, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Harry Winston Inc., Guccio Gucci S.P.A., Tiffany & Co., Chanel, Buccellati Holding Italia SPA., Chopard International SA, Mikimoto& Co. Ltd., Bulgari S.P.A. |
| Key Market Opportunities | Expanding interest in men's adornments, Expanding the impact of online media |
| Key Market Dynamics | Raising discretionary cash flow levels, Expanded interest for very good quality style things |
Luxury Jewelry Market Highlights:
Frequently Asked Questions (FAQ) :
The luxury jewelry market size was valued at USD 56.5 Billion in 2022.
The market is expected to grow at a CAGR of 7.85% during the forecast period, 2024-2030.
Europe had the largest share of the market.
The key players in the market are Harry Winston Inc., Guccio Gucci S.P.A., Tiffany & Co., Chanel, Buccellati Holding Italia SPA., Chopard International SA, and B. Braun Melsungen AG (Germany).
The rings category dominated the market in 2022.
Gold has held the largest share of the market.
Women have held the largest share of the market.
Senior Research Analyst I have a bachelor's degree in mechanical engineering and an mba. i have more than two years of expertise in the retail, food, and beverage, chemical, and material industries, and hence have developed a sound cross-domain expertise. a firm believer in lifelong learning and sharing of knowledge. having a proclivity for hatching ideas and trying to absorb as much information as possible in a short amount of time. introducing corporates to the data and insight, which enables them to move from probability to possibility, has been my key areas of interest.
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