Jewelry Market Size, Share, Key Drivers, Trends, 2032

Market Overview

According to Fortune Business Insights, the Global Jewelry Market was valued at USD 216.48 billion in 2022 and is projected to reach USD 224.38 billion in 2023. The market is anticipated to grow to USD 308.36 billion by 2030, exhibiting a CAGR of 4.6% during the forecast period. This growth is primarily driven by a rising consumer inclination toward luxury products, leading to increased demand for jewelry. Additionally, the integration of technology into jewelry design and production is further fueling market expansion. Higher disposable incomes are also contributing to greater consumer spending on premium and ornamental items.

List of Key Players Profiled in the Report

• Harry Winston, Inc. (U.S.)

• Chopard (Switzerland)

• Pandora Jewelry, LLC. (U.S.)

• Chow Tai Fook Jewellery Company Limited (Hong Kong)

• Tiffany & Co (U.S.)

• Rajesh Exports Ltd (India)

• Cartier International SNC (France)

• Signet Jewelers Limited (Bermuda)

• Chanel (France)

• LVMH Moët Hennessy (France)

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Segmentation Insights

Ring Segment to Dominate Due to Its Symbolic Value By product type, the market is segmented into rings, necklaces, earrings, bracelets, and others. Among these, the ring segment is expected to lead the market, primarily due to its strong cultural association with engagements and marital status. Increasing consumer interest in personalized jewelry is encouraging brands to offer a wide range of customization options. Meanwhile, other segments such as earrings, necklaces, and bracelets are also gaining traction, driven by their appeal for aesthetic enhancement and fashion purposes.

Diamond Segment to Lead Owing to Its Distinctive Appeal In terms of material, the market is divided into gold, platinum, diamond, and others. The diamond segment is projected to dominate, attributed to its brilliance, elegance, and enduring popularity. Celebrity endorsements and high-profile appearances, such as those at the 2019 Met Gala by stars like Jennifer Lopez, Lady Gaga, Gal Gadot, and others, have significantly boosted demand for diamond and platinum jewelry.

Women Segment to Hold the Largest Share Due to Higher Usage Based on end-user, the market is bifurcated into men and women. The women segment accounts for the largest share, as jewelry has traditionally been associated with femininity and is widely used for self-expression and style. However, the men’s segment is expected to witness steady growth, driven by a rising interest in fashion-forward accessories that reflect status, identity, and personal style.

Regional Outlook Geographically, the market is analyzed across North America, Europe, Asia Pacific, South America, and the Middle East & Africa. Each region contributes uniquely to the market's growth, influenced by cultural preferences, economic conditions, and evolving consumer lifestyles.

Drivers and Restraints

Increasing Levels of Disposable Income and Spending of Consumers to Augment Market Growth

Increasing levels of disposable income and rising spending of consumers are anticipated to drive the jewelry market growth. The demand for increasing consumption of luxury goods such as ornaments is propelling the market growth. Additionally, different customs regarding the adoption of ornaments followed by people across the globe are expected to significantly boost the purchase of the product. Increasing number of working populace of women and awareness about modern jewels and premium-class gems will further fuel the market growth.

However, strict regulations on importing and exporting ornament are expected to hamper the market growth.

Regional Insights

Asia Pacific to Govern Owing to the Presence of Major Market Players in the Region

Asia Pacific is expected to have the largest jewelry market share owing to the presence of major players in the region. Tanishq, Malabar Gold and Diamonds, Queelin, Wallace Chan, and others mark their presence in Asia Pacific owing to increasing consumption.

Europe is anticipated to have a substantial growth in the forecast period due to high per capita income in European countries. People have been spending high on ornaments due to high income levels. 

North America has moderate growth due to the presence of many millionaires who are the prime contributors to the increasing purchase of luxurious products.

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Competitive Landscape

RJ Scanlan & Co. Expanded its Fine Jewelry Offering by Introducing a Range of Lux Collection

Key market players have been focusing on looks and design of jewels to meet consumers' ever-changing needs and desires. In June 2021, RJ Scanlan & Co. expanded its fine jewelry offering by introducing a range of the Lux Collection in the Australia market. The collection is crafted with gold, diamonds, color gemstones, and pearls. Every piece is customized to order and essential to environmental sustainability.

Key Industry Development

• January 2023- Tanishq entered the U.S. market by opening its first store in New Jersey. The store has about 6,500 jewelry designs in 18 and 22-karat gold and diamond.