Luxury Jewelry Industry Overview
The global luxury jewelry market size was valued at USD 37.4 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.2% from 2021 to 2028.
The rise in demand for sustainable jewelry and the rise in demand for gender-fluid jewelry are factors boosting the growth of the market for luxury jewelry. Luxury Jewelry has also grown into vehicles for self-expression, with many buyers looking for unique and important pieces. Non-traditional forms, shapes, and materials have found their way into jewelry collections. Asymmetrical cuts, imperfections in gemstones, utilitarian items, and opaque gems added a dimension of personality that appealed to customers’ sense of individuality. Pearl jewelry gained popularity as a result of glowing endorsements from US Vice President Kamala Harris, film and music superstars, and members of the British Royal Family at high-profile public events.
Gather more insights about the market drivers, restrains and growth of the Global Luxury Jewelry market
During the pandemic, the female self-purchase market exploded across all product categories. Female self-purchase of precious jewelry was strong last year, according to PGI’s Q4 2020 evaluation, and will continue to grow in 2021. According to the study, 77% of female respondents in India and China and 59.0% of female consumers in America, purchased non-bridal jewelry for themselves in 2020. In addition, over 80.0% of women in India and China and 67.0% of American women are expected to purchase non-bridal jewelry this year.
Boundaries are being breached in jewelry trends, from watches to wedding rings and beyond, as gender fluidity becomes increasingly widespread. While male jewelry has always existed, more unisex pieces are emerging. For example, Gucci’s jewelry collection was aimed at all genders and Bugari’s B.Zero 1 Rock designs are contemporary, stylish, and unisex.
Generation Z is especially resistant to categorization and labeling. This allows marketers to target items to a wide range of people, connections, and events. London-based Shaun Leane is a pioneer in the field of gender-neutral jewelry. The designer, who began his company in 1999 after working as a jeweler for Alexander McQueen, has seen an increase in gay couples seeking unique engagement rings.
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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:
- Luxury Jewelry Raw Material Outlook (Revenue, USD Million, 2016 – 2028)
- Precious Pearls
- Luxury Jewelry Product Outlook (Revenue, USD Million, 2016 – 2028)
- Luxury Jewelry Application Outlook (Revenue, USD Million, 2016 – 2028)
- Luxury Jewelry Distribution Outlook (Revenue, USD Million, 2016 – 2028)
- Luxury Jewelry Regional Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies profiled:
Some prominent players in the global Luxury Jewelry market include
- Guccio Gucci S.p.A.
- The Swatch Group Ltd.
- Tiffany & Co.
- Louis Vuitton SE
- Signet Jewelers Limited
- Chopard International SA
- Pandora Jewelry, LLC
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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