Jewelry Market Will Reach Nearly USD 517.17 Billion, Expanding at a CAGR of 8.2% by 2030 | Reports and Data

The jewelry market size was USD 255.73 Billion in 2021 and is expected to register a revenue CAGR of 8.2% over the forecast period, according to a latest report by Reports and Data. Jewelry is mirroring mindset shift of customers and bridal jewelry plays a crucial influence in driving revenue growth of the market. Consumers in some countries spend a high amount in buying wedding jewelry such as necklaces, engagement rings, earrings, bracelets, and other types of ornaments. According to research, American consumers spend about USD 72 billion annually on weddings. Major jewelry brands are targeting consumer sentiment-based product advertisements, which is further generating demand for jewelry products.

Moreover, leading industry players of jewelry makers such as Bulgari, Tiffany & Co, Swarovski, and other makers are expanding their e-commerce chains. Online shopping sites offers a great deal on jewelry with a wide range of design and materials and consumer convenience is playing a significant role in driving revenue growth of the market. A large number of consumers are preferring to buy jewelry from direct-to-consumer (DTC) companies. These factors give freedom to select a particular piece of jewelry from an e-commerce store with better price and return policy, which is practically not possible in offline stores. Additionally, increasing consumer attention toward authenticity and future market value of precious metals and stones such as gold, platinum, diamond, sapphire, ruby, and emerald used in these jewelry pieces are further fueling revenue growth of the market.

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Some Key Highlights From the Report

• • The ring segment accounted for a larger revenue share in 2021. Ring sales is mainly driven by several attributes such as increasing demand for wedding and engagement, along with as a fashion accessory and as a mark of status. Some consumer prefers to wear ring for tradition of wearing commitment rings, engagement rings, or promise rings. Also, necklace, earrings and bracelets are increasingly used as bridal ornaments, fashion accessories and gifts. Gifting a necklace represents protection, hope for safety, consideration, caring, and devotion and such factors are driving revenue growth of the segment.
  • The gold segment accounted for a larger revenue share in 2021. Gold is one of the most ideal commodity in making a wide variety of jewelry. Leading jewelry manufacturers such as Bulgari, Tiffany & Co, Harry Winston, as well as established regional jewelry manufacturers import gold for making wide variety of fine and designer jewelry. Whereas platinum and diamond are used in making luxurious jewelry. These types of materials are highly malleable and ductile and it can be transformed into any shape or design. Moreover, several leading jewelry manufacturing companies are shifting toward sustainability and focusing toward gold and silver recycling, which is further propelling revenue growth of the segment.
  • Asia Pacific accounted for a larger revenue share in the jewelry market in 2021. Rising demand for jewelry for wedding and increasing final consumption expenditure are driving the growth in this region. India is one of the leading markets in the region for high expenditure on wedding ceremonies and celebrations, which is positively generating demand in the region. The increasing consumption power of second and third tier cities in the region are rapidly triggering demand of jewelry. According to the World Bank U.S., final consumption expenditure in the Asia Pacific region was valued at 16.92 trillion in 2020. Countries in this region such as India and China are providing financial benefits to establish export oriented units for promoting global export are fueling revenue growth in the region. The Asia Pacific region is becoming one of leading hubs for jewelry export. According to the Hong Kong Trade Development Council (HKTDC), total exports of fine jewelry accounted for 15% in 2021. These factors are creating several opportunities for jewelry makers as well as driving revenue growth in the region.
  • Companies profiled in the market report are Tiffany & Co., Bulgari, Harry Winston, Inc., De Beers Forevermark, Pandora Jewelry, LLC., CARTIER, Signet Jewelers, Chopard USA Ltd, Swarovski AG, Pomellato S.p.A., HStern, Graff, and Louis Vuitton Malletier

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Market Segmentation:

The report is written with the aid of industry analysts, market segmentation, and data collection in order to assist readers in making profitable business decisions. The report includes a comprehensive database of technical and product advances. It also provides information on growth rates and market value, as well as a thorough examination of niche market segments. The report provides strategic advice to newcomers and existing businesses about how to make profitable and well-informed business decisions.

Product Type Outlook (Revenue, USD Billion; 2019-2030)

• Necklace
• Ring
• Earrings
• Bracelets
• Others

Material Type Outlook (Revenue, USD Billion; 2019-2030)

• Gold
• Platinum
• Diamond
• Silver
• Others

End-use Outlook (Revenue, USD Billion; 2019-2030)

• Women
• Men

Distribution Channel Outlook (Revenue, USD Billion; 2019-2030)

• Online
• Offline

To read more about the report: https://www.reportsanddata.com/report-detail/jewelry-market 

Regional Outlook:

• North America (U.S.A., Canada, Mexico)
• Europe (Italy, U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Some key Questions of the Jewelry Market include:

• What factors are expected to drive revenue growth of the Jewelry market?
• What factors are expected to hinder revenue growth of the Jewelry market?
• Which was the leading segment in the global Jewelry market on the basis of Type?
• Which was the leading segment in the global Jewelry market on the basis of application?
• Which market is expected to account for largest market share in the Jewelry market?

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