According to recent market research by the CMI Team, there will be a 4.8% CAGR in the size of the global jewelry market from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 371 Billion. By 2033, the valuation is anticipated to reach USD 565 Billion.
Jewelry Market: Overview
According to industry experts at CMI, jewelry refers to decorative objects typically worn as personal adornment. The jewelry market is being driven by several factors, including the increasing popularity of jewelry as a fashion trend, rising disposable income of the globe, growing marriage rate, increasing product launches along with innovative technology, rising social media influence, and increasing celebrity endorsement. However, the fluctuation in the price of raw materials is a major impeding factor for the jewelry industry expansion.
Jewelry Market: Growth Factors and Dynamics
Increasing collaboration
The rising partnership among the key players drives the market expansion. In August 2024, Tanishq and De Beers partnered to promote natural diamond jewelry in India. They seek to profit from India’s recent rise in the diamond industry, surpassing China. The United States is the world’s largest market, accounting for half of the market. India comes in second with 11% of the total demand for diamonds, followed by China at 10%. Tanishq hopes that the alliance will boost diamond jewelry sales.
Increasing jewelry acceptance among men
Men’s growing acceptance of jewelry is also driving the market. Plain gold chains, cufflinks, tie bars, map necklaces and signet rings are men’s accessories. For instance, Demi-fine jewelry serves as a link between rapid fashion and high-end fine jewelry. It provides higher quality and craftsmanship than costume jewelry which is less expensive than traditional pieces. Demi-fine jewelry caters to consumers with a broader selection of designs and styles than traditional fine jewelry.
Intense competition from imitation and costume jewelry
The increasing competition from imitation and costume jewelry poses a significant challenge. Imitation and costume jewelry are generally developed from cheap materials, making them cost effective compared to fine jewelry. These advantages in the cost attract budget-conscious consumers, particularly younger shoppers.
Report Scope
| Feature of the Report | Details |
| Market Size in 2024 | USD 371 Billion |
| Projected Market Size in 2033 | USD 565 Billion |
| Market Size in 2023 | USD 354 Billion |
| CAGR Growth Rate | 4.8% CAGR |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Key Segment | By Product, Material, Distribution Channel, End User and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your research requirements. |
Jewelry Market: New Launches and Acquisitions
- In July 2023, Tanishq announced they moved their inventory to Oracle Cloud Infrastructure (OCI).
List of the prominent players in the Jewelry Market:
- Tiffany & Co
- Pandora
- Chow Tai Fook
- Louis Vuitton SE
- Richemont
- GRAFF
- Signet Jewelers Limited
- Stern
- Malabar Gold & Diamonds
- Swarovski AG
- Others
The Jewelry Market is segmented as follows:
By Product
- Necklace
- Ring
- Earring
- Bracelet
- Others
By Material
- Platinum
- Gold
- Diamond
- Others
By Distribution Channel
- Offline Retail Stores
- Online Retail Stores
By End User
- Men
- Women
- Children
Regional Coverage:
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Russia
- Italy
- Spain
- Netherlands
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Taiwan
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America