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Diamond Jewelry is fastest growing segment fueling the growth of the global luxury jewelry market

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naufan003
Diamond Jewelry is fastest growing segment fueling the growth of the global luxury jewelry market

The global luxury jewelry market is estimated to be valued at US$ 68.82 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Luxury jewelry products including necklaces, rings and bracelets are made from precious metals and gems. They signify prestige, wealth and are used as fashion accessories. The rising disposable incomes and luxury consumption in emerging economies is driving the demand for luxury jewelry products.

Market key trends:

One of the key trends driving the luxury jewelry market is the rising preference for diamond jewelry over other gemstones. Diamonds being the hardest natural material impart strength and durability to jewelry items. They retain their shine and sparkle for years together. The enduring symbolism of love associated with diamonds makes them a preferred choice for engagement and wedding rings. Moreover, changing fashion trends where diamond accessories are incorporated into daily outfits is also fueling the sales of diamond jewelry worldwide.

Segment Analysis

The global luxury jewelry market is dominated by the fine jewelry segment. Fine jewelry consists of precious metals such as gold, silver, and platinum along with gemstones such as diamonds, sapphires, emeralds, and rubies. Fine jewelry accounts for more than 60% of the overall luxury jewelry market due to rising per capita disposable income and increasing consumer spending on luxury and premium products globally.

Key Takeaways

The Global Luxury Jewelry Market Size is expected to witness high growth, exhibiting a CAGR of 7.1% over the forecast period, due to increasing spending power and rising demand for luxury products from upper-middle-class consumers in developing countries.

Regional analysis: The Asia Pacific region dominates the global luxury jewelry market with over 35% share, led by China, India and other Southeast Asian countries. Rising incomes and growth of affluent middle-class consumers in Asia Pacific economies are driving the demand for luxury jewelry in the region. North America is another major regional market for luxury jewelry.

Key players: Key players operating in the luxury jewelry market are Gucciogucci S.P.A., Harry Winston, Inc., Societe Cartier, Tiffany & Co., Compagnie Financiere Richemont SA, Buccellati Holding Italia SpA, Graff Diamonds Corporation, Bulgari S.p.A, K. Mikimoto & Co., Ltd., and Chopard International SA. These players are focusing on product innovation and expansion in growing regional markets to increase their market share.


Read more: https://www.marketwebjournal.com/luxury-jewelry-market-insights-trends/

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