The global jewelry market size is expected to reach USD 459.43 billion by 2030, according to a new study by Polaris Market Research. The report “Jewelry Market Share, Size, Trends, Industry Analysis Report, By Product (Necklace, Ring, Earrings, Bracelet, Others); By Material Type (Silver, Gold, Platinum, Diamond, Others); By Category (Branded, Unbranded); By Distribution Channel (Offline, Online); By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Ornaments have gained traction in the emerging market due to lifestyle changes and a rise in the prices of precious metal ornaments, contributing to the growth of the industry size. Also, female consumers’ increased fashion consciousness and increased acceptance of pieces of ornaments such as necklaces, rings, and bracelets support the growth of the industry. Further, rising investment in jewelry development, rising partnerships, and geographical expansion by the major players drive industry growth.
For instance, Malbar Group would spend Rs. 750 crore (US$ 100 Billion) in a gold refining and jewelry business in Hyderabad in September 2021. Malabar Gold & Diamonds said in April 2021 that it would invest Rs. 1,600 crore (US$ 214 Billion) in FY22 to open 56 outlets, 40 of which would be in India and 16 in international markets.
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Moreover, Tanishq will launch antimicrobial jewelry in select areas as a trial project in June 2021. In addition to it, the World Gold Council and the Gem and Jewellery Export Promotion Council struck an agreement in June 2021 to produce gold ornaments in India. In March 2021, Joyalukkas partnered with IBM to design, build, and deploy a cloud-based e-commerce platform across 11 countries. However, obstacles impeding industry growth include rising raw material prices for ornaments, changes in ornaments packaging patterns, and the product’s short-term appeal. Thus, these factors are boosting the market growth during the forecast period.
Based on the product, the ring segment accounted for the leading share in the market in 2021. The increased customer interest in the exquisite designs and features of the rin30gs is the primary cause for this jewelry’s success. Rings are also thought to be fashionable and elegant. As a result, increased consumption of men’s signet rings is likely to drive the industry.
Rings come in a variety of sizes and forms. They are used not only during engagements and anniversaries but also regularly. Silver, for example, is believed to have healing powers and assist with heat production and circulation. As a result, many people are wearing silver rings. The accessibility of custom-made rings and increased awareness of the religious benefits of various metals are predicted to drive the ring product segment throughout the forecast period.
Market players such as Buccellati, Cartier, Chow Tai Fook Jewelry Company Limited, LVMH Group, Malabar Gold & Diamonds, Swarovski, Tata Sons Private Ltd, The Swatch Group AG, are some key players operating in the global market.
Polaris Market Research has segmented the jewelry market report based on product, material type, category, distribution channel, and region:
Jewelry, Product Outlook (Revenue – USD Billion, 2018 – 2030)
Jewelry, Material Type Outlook (Revenue – USD Billion, 2018 – 2030)
Jewelry, Category Outlook (Revenue – USD Billion, 2018 – 2030)
Jewelry, Distribution Channel Outlook (Revenue – USD Billion, 2018 – 2030)
Jewelry, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa