The rising demand for exclusive designs has catalyzed growth in the luxury jewelry market. Luxury jewelry products including necklaces, rings, bracelets, and earrings feature intricate carvings and embellishments with premium metals and rare gemstones. They offer status symbol reflecting beauty, taste, and wealth. For customers belonging to high-income demography, luxury jewelry symbolizes prestige, success and are considered a lifetime investment.
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 7.1% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Demand for unique designs is one of the major factors spurring growth of the luxury jewelry market. Leading brands are focusing on developing exclusive product lines decorated with rare gemstones and intricate carvings. For instance, Tiffany & Co. revealed a collection of exceptional pink diamond pieces showcasing expertise in precious gem setting. Similarly, Buccellati unveiled a bespoke jewelry line featuring colored gemstones encased in 18K gold. The rising trend of customized luxury pieces crafted to suit individual tastes and preferences is expected to remain a key growth driver. Social media marketing campaigns by prominent brands have also boosted visibility of exclusive product lines, fueling demand.
Segment Analysis
The global luxury jewelry market is dominated by the women's jewelry segment. This segment accounts for over 55% share of the overall market owing to increasing fashion consciousness and rising disposable incomes among women. The demand for bracelets, necklaces and earrings has been witnessing high growth in Asian and European countries.
Key Takeaways
The Global Luxury Jewelry Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 119.66 Bn by 2030, expanding at a CAGR of 7.1% during the forecast period.
Regional analysis
The Asia Pacific region currently dominates the global luxury jewelry market with over 35% share and is expected to witness the fastest growth over the coming years. Counties like China, Japan and India are major demand generators. Rising affluence, influence of western culture and traditions like weddings are driving the demand in the region. Europe is also a significant market for luxury jewelry attributed to high per capita spends on luxury products.
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. Gucciogucci S.P.A. and Tiffany & Co. have the largest market share in the global luxury jewelry space.
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