Luxury Jewelry Industry Overview
The global luxury jewelry market size was valued at USD 37.4 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.2% from 2021 to 2028. The rise in demand for sustainable jewelry and the rise in demand for gender-fluid jewelry are factors boosting the growth of the market for luxury jewelry. Luxury Jewelry has also grown into vehicles for self-expression, with many buyers looking for unique and important pieces. Non-traditional forms, shapes, and materials have found their way into jewelry collections. Asymmetrical cuts, imperfections in gemstones, utilitarian items, and opaque gems added a dimension of personality that appealed to customers' sense of individuality. Pearl jewelry gained popularity as a result of glowing endorsements from US Vice President Kamala Harris, film and music superstars, and members of the British Royal Family at high-profile public events.
During the pandemic, the female self-purchase market exploded across all product categories. Female self-purchase of precious jewelry was strong last year, according to PGI's Q4 2020 evaluation, and will continue to grow in 2021. According to the study, 77% of female respondents in India and China and 59.0% of female consumers in America, purchased non-bridal jewelry for themselves in 2020. In addition, over 80.0% of women in India and China and 67.0% of American women are expected to purchase non-bridal jewelry this year.
Gather more insights about the market drivers, restraints, and growth of the Global Luxury Jewelry market
Boundaries are being breached in jewelry trends, from watches to wedding rings and beyond, as gender fluidity becomes increasingly widespread. While male jewelry has always existed, more unisex pieces are emerging. For example, Gucci's jewelry collection was aimed at all genders and Bugari's B.Zero 1 Rock designs are contemporary, stylish, and unisex.
Generation Z is especially resistant to categorization and labeling. This allows marketers to target items to a wide range of people, connections, and events. London-based Shaun Leane is a pioneer in the field of gender-neutral jewelry. The designer, who began his company in 1999 after working as a jeweler for Alexander McQueen, has seen an increase in gay couples seeking unique engagement rings.
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Jewelry Market - The global jewelry market size was valued at USD 249.02 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.5% from 2022 to 2030.
Beaded Jewelry Market - The global beaded jewelry market size was valued at USD 5.4 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.9% from 2022 to 2030.
Luxury Jewelry Market Segmentation
Grand View Research has segmented the global luxury jewelry market on the basis of raw material, product, application, distribution channel, and region:
Luxury Jewelry Raw Material Outlook (Revenue, USD Million, 2016 - 2028)
- Gold
- Platinum
- Diamond
- Precious Pearls
- Gemstones
- Others
Luxury Jewelry Product Outlook (Revenue, USD Million, 2016 - 2028)
- Necklaces
- Ring
- Earrings
- Bracelets
- Others
Luxury Jewelry Application Outlook (Revenue, USD Million, 2016 - 2028)
- Men
- Women
- Children
Luxury Jewelry Distribution Outlook (Revenue, USD Million, 2016 - 2028)
- Online
- Offline
Luxury Jewelry Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies profiled:
Some prominent players in the global Luxury Jewelry market include
- Guccio Gucci S.p.A.
- The Swatch Group Ltd.
- Richemont
- Tiffany & Co.
- GRAFF
- Louis Vuitton SE
- Signet Jewelers Limited
- Chopard International SA
- MIKIMOTO
- Pandora Jewelry, LLC
Order a free sample PDF of the Luxury Jewelry Market Intelligence Study, published by Grand View Research.
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