PUBLISHER: 360iResearch | PRODUCT CODE: 1500438
PUBLISHER: 360iResearch | PRODUCT CODE: 1500438
[194 Pages Report] The Gems & Jewelry Market size was estimated at USD 476.54 billion in 2023 and expected to reach USD 501.94 billion in 2024, at a CAGR 5.42% to reach USD 689.81 billion by 2030.
The gems & jewelry encompass the production, distribution, and sale of precious and semi-precious gemstones and jewelry crafted from precious metals such as gold, silver, and platinum. This market includes various products such as rings, necklaces, bracelets, earrings, and other adornments. Additionally, the market covers both natural and synthetic gemstones. The primary users seeking personal adornment drive a significant portion of the market, influenced by fashion trends, cultural significance, and personal tastes. Additionally, precious gemstones and metals serve as investment assets, providing a store of value and a hedge against inflation for collectors and investors. In addition, rising disposable incomes in emerging markets boost luxury goods such as gems & jewelry. However, the elevated cost of gemstones and fine jewelry represents a significant barrier for many consumers. High-quality gems and precious metals such as gold, platinum, and diamonds come at substantial prices, limiting their accessibility to affluent segments of the population. Moreover, increased investment in R&D is driving innovation in the gems and jewelry sector. Research into new materials, sustainable practices, and enhanced gemstones ensures ongoing product improvements and helps companies stay ahead of market trends and consumer demands.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 476.54 billion |
Estimated Year [2024] | USD 501.94 billion |
Forecast Year [2030] | USD 689.81 billion |
CAGR (%) | 5.42% |
Regional Insights
In the Americas, the United States stands as the significant market for gems and jewelry. The growing popularity of lab-grown diamonds highlights an increasing consumer awareness and preference for sustainable and ethical products. There is also a rising trend in customization, wherein consumers seek personalized, unique designs to suit their tastes. At the same time, Canadian consumers generally prefer classic and elegant designs. Gold and diamond jewelry see steady demand, particularly during life milestones such as weddings and anniversaries. Latin American countries, including Brazil and Mexico, are notable markets driven by a rising middle class and increasing disposable incomes. Consumers in Latin America appreciate colorful gemstones and intricate, bold designs influenced by local culture and heritage. EMEA showcases varied preferences. In Europe, countries including the UK, Germany, and France have significant demand for quality and brand heritage, with a shift towards sustainable and ethical jewelry. The Middle East, including the UAE and Saudi Arabia, shows high demand for opulent gold jewelry, especially during weddings and Eid. Africa, a key supplier of raw materials such as diamonds and gold, has a growing consumer market in South Africa and appreciates locally crafted designs reflecting African heritage. Moreover, economic powerhouses such as China, India, and Japan are significant in the Asia Pacific region's market. In China, a burgeoning middle class with increasing disposable income drives demand for gold, jade, and diamonds, particularly during weddings and festivals. India's rich jewelry-making heritage demand for gold and diamond pieces with intricate designs that are preferred during festivals. Japan's mature market favors minimalist and sophisticated designs, emphasizing quality and craftsmanship, with platinum, pearls, and diamonds being popular choices.
Market Insights
The market dynamics represent an ever-changing landscape of the Gems & Jewelry Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
FPNV Positioning Matrix
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Gems & Jewelry Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Gems & Jewelry Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments
Aditya Birla Group Announces INR 5,000 Crore Investment in Innovative Jewelry Venture
Aditya Birla Group plans to unveil an innovative jewelry line named Novel Jewels as part of a significant expansion in the gems and jewelry industry. The group has invested INR 5,000 crore towards this new venture, reflecting their confidence in the sector's growth potential. This strategic move aims to capitalize on the evolving consumer preferences for unique and high-quality jewelry products, strengthening Aditya Birla Group's foothold in the market. [Published On: 2024-03-04]
Tanishq Expands Global Footprint with First US Store Launch in New Jersey
Tanishq, a jewelry brand under the Tata Group, inaugurated its first retail outlet in New Jersey, United States. This move marks a significant milestone in the brand's global expansion strategy. The New Jersey store aims to attract a diverse customer base by offering an extensive collection of high-quality jewelry with unique designs and craftsmanship synonymous with Tanishq. This strategic entry into the US market reflects the brand's ambition to cater to international consumers while continuing to leverage its heritage and expertise in fine jewelry. [Published On: 2023-09-15]
Michael Hill Introduces Exclusive High-End Diamond Jewelry Brand
Michael Hill, a renowned name in the jewelry industry, is set to unveil a new elite diamond jewelry brand. This strategic move aims to elevate the company's market position by catering to a more discerning clientele seeking premium, high-quality diamond pieces. The launch will feature meticulously crafted collections, showcasing unparalleled craftsmanship and luxurious designs. [Published On: 2023-08-28]
Strategy Analysis & Recommendation
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Gems & Jewelry Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Gems & Jewelry Market, highlighting leading vendors and their innovative profiles. These include Blue Nile Inc., Bulgari S.p.a., Chow Sang Sang Holdings International Limited, Chow Tai Fook Jewelry Company Limited, De Beers Jewellers Ltd., Graff Diamonds Limited, K. Mikimoto & Co., Ltd., Lao Feng Xiang Jewelry, Le Petit-Fils de L.-U. Chopard & Cie S.A., Luk Fook Holdings Limited, LVMH Group, Malabar Gold and Diamonds, Pandora Jewelry, LLC, Richemont SA, Signet Jewelers, Stuller, Inc., Swarovski AG, Swarovski Crystal Online AG, Tata Sons Private Ltd., The Swatch Group Ltd., The Zale Corporation, and Tiffany & Co..
Market Segmentation & Coverage