Global Luxury Jewelry Market by Product (Ring, Necklace, Earring), by Raw Material (Platinum, Diamond, Gold) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global luxury jewelry market was worth USD 37.4 Billion in 2020. It is projected to grow at an 8.2% compound annual growth rate (CAGR), between 2021 and 2028. The market for luxury jewelry is seeing a rise in demand and gender-fluid jewelry. Luxury jewelry has become a vehicle for self-expression. Many buyers are looking for rare and valuable pieces. Jewelry collections have included non-traditional shapes and materials. Customers love the uniqueness of customers' jewelry. This is because of their ability to appreciate the imperfections and asymmetry in gemstones as well as utilitarian items. The glowing endorsements of Kamala Harris (US Vice President), film and music stars, and members the British Royal Family at high profile public events were some of the reasons pearl jewelry became so popular.

The female self-purchase market for all product types exploded during the pandemic. According to PGI's Q4 2020 assessment, female self-purchase of precious jewels was strong in 2018. This trend will continue into 2021. According to the study 77% of women in India and China purchased non-bridal jewellery for themselves in 2020. Additionally, non-bridal jewelry is expected to be purchased by more than 80.0% of Indian and Chinese women and 67.0% American women.

As gender fluidity grows, jewelry trends are breaking down the boundaries of traditional boundaries. This includes watches, wedding rings, and other jewelry. There has been male jewelry for a long time, but more unisex jewelry is now. Gucci's jewelry line was designed for all genders, while Bugari's B.Zero 1 Rock designs were made for women.

Generation Z is particularly resistant to labeling and categorization. This allows marketers to target products to a broad range of people, connections and events. Shaun Leane, a London-based designer of gender-neutral jewelry, is a pioneer in this field. After working as a jeweler at Alexander McQueen in 1999, Shaun Leane started his own company. He has witnessed an increase in gay couples looking for unique engagement rings.

Raw Material Insights

In 2020, the luxury jewelry market was dominated by the gold segment. It accounted for 38.9% of the highest revenue share. In times of economic and political crisis, gold is a tempting investment. Half of all gold consumption is made up of luxury gold jewelry. Investments account for 40%, and the industry accounts for 10.0%.

Lightweight jewelry has allowed gold to refashion itself to fit today's aesthetics. Wearable gold jewelry is now very popular. This precious metal is not only used for traditional heritage items. Online shopping has made it easier for consumers to shop seamlessly, conveniently, and easily.

A survey of top metals in 2021 found that yellow gold is the most preferred gold. It has a preference rate of 45% in 2021 as compared to 37% for 2020. White gold preference has declined by 2% from 33% to 31% in 2020 and rose gold preference has dropped from 11% to 11% between 2020 and 2021.

Product Insights

In 2020, the ring segment was the most dominant in luxury jewelry markets and earned 32.2% of the total revenue. 65 percent are more likely than ever to give a meaningful gift to someone they love, compared to pre-pandemic. The percentage increases to 77% when people are in a relationship. More than half of the customers had gone out shopping or socializing since pre-COVID-19. De Beers Group's study found that the most sought-after piece of diamond jewelry customers are purchasing right now is a ring. This was 36 percent of all respondents. At 30.0%, a diamond neckpiece or pendant is second, followed at 22.0% by stud earrings. 27.0% of diamond jewelry-buying women prefer stud earrings.

Branding through social media platforms is one of the most important marketing strategies for companies. Celebrities endorsements are another. The messaging strategy that businesses use in their marketing campaigns has a major impact on the purchasing decisions of consumers.

Application Insights

Women dominated luxury jewelry market and held the largest share of revenue at 69.2% in 2020. Over the forecast period, the CAGR for men is 8.8%. According to the January 2021 Consumer Insights Report on Diamond Desirability (US), most people who purchase natural diamond jewelry own it. This has been especially true for female buyers, who account for 72% of those who have purchased at least one piece in the past 24 months, as opposed to 23% for male buyers.

Distribution Channel Insights

In 2020, the luxury jewelry market was dominated by the offline segment. It accounted for 81.9% of the total revenue. Many consumers prefer to purchase luxury jewelry in person than online. A survey conducted in 2021 found that while consumers could browse or select jewelry online, only 15-20% preferred to buy these products from physical stores. Graff and MIKIMOTO, luxury brands, have opened flagship stores in Hong Kong and New York in 2020 and 2021, respectively. Customers will have a more personal experience in the stores. Because of the many benefits that they offer customers, the major players generate maximum revenue from offline sales, including free demonstrations, physical examination of the product before purchasing, a wide range of options and assistance from sales executives to help choose the right product for each customer.

Over the forecast period, the online distribution channel segment for luxury jewelry is expected to expand. Thanks to digital user interfaces, augmented reality software and customized jewelry options, the gap between online and brick-and mortar stores has been narrowed. People trust and feel more confident in online shopping and e-wallets. Contactless payments have a growing market share and will likely continue to be important.

Regional Insights

Asia Pacific was the dominant market for luxury jewelry, accounting for 65.4% of the total revenue in 2020. China and India are two of the largest markets for luxury jewellery in the region. This market is driven by the demand for quality jewelry and the latest designs. Modern technologies like computer-aided design are also driving the market.

Online distribution is expected to increase in popularity in this region. Most luxury jewelry is bought for special occasions, such as weddings or engagements. Due to the continuous restrictions on international travel as well as the expansion of domestic duty free zones in China, younger customers and those who shop domestically are expected to increase their demand.

Market Share Insights & Key Companies

Generation Z and millennials valued corporate social responsibility even before the epidemic. This influenced their buying preferences. Consequently, luxury brands such as Chopard and Kering, Richemont and Richemont as well as the mining companies Gemfields and Muzo created the Gemstones and Jewellery Community Platform. All associated brands support sustainable material procurement.

Recent market developments have mainly focused on rebranding and shop openings. Chopard has opened a new store in Jeddah with Attar United. Swarovski is opening a flagship in New York City. Mikimoto also opened a brand new flagship shop in New York City. The following are some of the most prominent players in luxury jewelry:

• Guccio Gucci S.p.A.

• The Swatch Group Ltd.

• Richemont

• Tiffany & Co.

• GRAFF

• Louis Vuitton SE

• Signet Jewelers Limited

• Chopard International SA

• MIKIMOTO

• Pandora Jewelry, LLC

Up Market Research published a new report titled “Luxury Jewelry Market research report which is segmented by Product (Ring, Necklace, Earring), by Raw Material (Platinum, Diamond, Gold), By Players/Companies Louis Vuitton SE, Chopard International SA, The Swatch Group Ltd, GRAFF, Signet Jewelers Limited, MIKIMOTO, Guccio Gucci SpA, Tiffany & Co, Richemont, Pandora Jewelry LLC”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Luxury Jewelry Market Report Segments:

The market is segmented by Product (Ring, Necklace, Earring), by Raw Material (Platinum, Diamond, Gold).

Luxury Jewelry Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Luxury Jewelry Market

Overview of the regional outlook of the Luxury Jewelry Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Luxury Jewelry Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Luxury Jewelry Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Ring

                2. Necklace

                3. Earring

                1. Platinum

                2. Diamond

                3. Gold

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Luxury Jewelry Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Luxury Jewelry Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.