Luxury jewelry refers to high-end jewelry made of precious metals and gemstones. It includes necklaces, rings, earrings, bracelets, and other body ornaments made of gold, silver, platinum and adorned with diamonds and other precious gems. Luxury jewelry provides aesthetics, represents taste, status and are considered investment assets. The end-use sectors of luxury jewelry include personal and commercial. Rising affinity towards personality statement fashion accessories and growing consumer expenditure on high-end goods are fueling the demand for luxury jewelry.
The global luxury jewelry market is estimated to be valued at US$ 68.82 billion in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
One of the key opportunities for the luxury jewelry market is growing consumer spending on high-end goods. Rising disposable income coupled with changing lifestyles are enabling consumers to spend more on luxury products. Rapid urbanization, increasing millennial population and growing marketing of premium brands on social media are some of the factors propelling consumer spending on luxury items including jewelry. Furthermore, luxury jewelry is considered a symbol of social status and are often gifted on weddings and other ceremonies, which is another driver augmenting the market growth. Adoption of omni-channel strategies by luxury brands offering online shopping convenience to customers along with physical retail stores has made luxury jewelry more accessible further aiding the market expansion over the forecast period.
The luxury jewelry market can be segmented into precious metal, diamonds, gemstones, and others. The precious metal segment dominates the market due to the preference for gold and silver jewelry among customers. Gold jewelry is an important art form and holds cultural value in many parts of the world.
Political: The Luxury Jewelry Market Growth is affected by stringent regulations and policies regarding mining, import duties, and taxation of luxurious items. Economic: Rise in disposable income and spending power fuels the demand for luxury goods including high-end jewelry. Social: Jewelry is considered a status symbol and is prominently used in weddings and festivities across regions. Technological: Advancements in mining techniques help lower production costs, while innovations in design and craftsmanship aid premiumization.
The global luxury jewelry market is expected to witness high growth over the forecast period supported by economic prosperity and increasing spending on luxury lifestyle products across the world.
The Asia Pacific region dominates the luxury jewelry market owing to the large wealthy population in countries like China and India where gold jewelry holds cultural significance.
Key players operating in the luxury jewelry market are Pfizer Inc.,Merck & Co., Inc.,GlaxoSmithKline plc,Novartis AG,Sanofi S.A.,Johnson & Johnson,Abbott Laboratories,Eli Lilly and Company,AstraZeneca plc,Bayer AG,Bristol-Myers Squibb Company,Roche Holding AG,Teva Pharmaceutical Industries Ltd.,Mylan N.V.,Allergan plc.
1. Source: Coherent Market Insights, Public sources, Desk research
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