Luxury Jewelry Industry Overview
The global luxury jewelry market size is anticipated to reach USD 70.2 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.2% from 2021 to 2028. The growth of the market is predicted to be driven by increased demand for high-end fashion items and rising disposable income levels. Product demand is also projected to be boosted by rising customer desire for branded jewelry. Consumers are willing to spend more money on branded and high-end jewelry to express their personal style.
The growing demand for bespoke projects reflects the luxury industry's need for personalization, but it's also directly tied to upcycling. Louis Vuitton used to buy cut gems, but after observing a boom in demand for one-of-a-kind pieces, they began buying uncut stones and working directly with clients to select their final forms. Brands also seek to offer fresh takes on the diamonds themselves, in addition to innovative designs. LVMH patented two distinctive diamond cuts in the shapes of a flower and a star, as well as its monogram.
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:
Based on the Product Insights, the market is segmented into Necklaces, Ring, Earrings, Bracelets, and Others.
- The ring segment dominated the market for luxury jewelry and accounted for the largest revenue share of 32.2% in 2020.
- A diamond pendant or neckpiece comes second at 30.0%, followed by stud earrings at 22.0%. On the other hand, 27.0% of women purchasing diamond jewelry, prefer stud earrings.
Based on the Application Insights, the market is segmented into Men, Women, and Children.
- The women segment dominated the market for luxury jewelry and accounted for the largest revenue share of 69.2%in 2020.
- The men segment is expected to witness a CAGR of 8.8 % over the forecast period.
Based on the Raw Material Insights, the market is segmented into Gold, Platinum, Diamond, Precious Pearls, Gemstones, and Others.
- The gold segment dominated the market for luxury jewelry and accounted for the largest revenue share of 38.9% in 2020.
- Gold luxury jewelry accounts for half of all gold consumption, with investments accounting for 40% and industry accounting for 10.0%.
- Gold has remade itself to suit today's aesthetics, thanks to the emergence of lightweight jewelry
- The popularity of wearable gold jewelry has soared, and the precious metal is no longer limited to traditional heritage items.
Based on the Distribution Channel Insights, the market is segmented into Online, and Offline.
- The offline segment dominated the market for luxury jewelry and accounted for the largest revenue share of 81.9% in 2020.
- The online distribution channel segment is expected to grow well in the market for luxury jewelry over the forecast period.
Luxury Jewelry Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Even before the epidemic, millennials and Generation Z valued corporate social responsibility and it influenced their purchasing preferences. As a result, luxury brands including LVMH, Chopard, Kering, Richemont, and Swarovski, as well as mining businesses Gemfields and Muzo, formed the Gemstones and Jewellery Community Platform, where all associated brands support sustainable material procurement.
Through mergers, acquisitions, collaborations, and sponsorships, recent market advancements have mostly concentrated on rebranding, shop openings, and new product releases. For instance, Chopard, in collaboration with Attar United, has established a new boutique in Jeddah, Saudi Arabia, at Al Basateen Mall, whereas, Swarovski, crystal manufacturer, is expanding its new retail concept with a flagship opening in New York City, and Mikimoto launched its deluxe new flagship boutique in New York City.
Some of the prominent players in the 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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