Luxury Jewellery Market Size, Share, Growth Analysis, By Raw Material (Gold, Silver), By Product (Necklace, Ring), By Distribution Channel (Online, Offline), By End User, By Region - Industry Forecast 2024-2031

Global Luxury Jewellery Market size was valued at USD 67.8 billion in 2022 and is poised to grow from USD 72.8 billion in 2023 to USD 123.31 billion by 2031, growing at a CAGR of 6.81% during the forecast period (2024-2031).

The luxury jewelry market, encompassing items crafted from precious metals and stones, such as rings, bracelets, earrings, and watches, is experiencing significant growth. Key drivers include increased modernization, westernization, and rising disposable incomes, which have heightened consumer demand for opulent goods. Additionally, advancements in the jewelry industry and the popularity of fashion jewelry are contributing to this expansion. A notable trend is the growing consumer preference for branded jewelry, prompting manufacturers to enhance product availability. Long-term growth opportunities are bolstered by increased television marketing and the burgeoning use of luxury ornaments in ceremonies. Furthermore, a rising belief in astrology may also influence the luxury apparel segment, presenting additional avenues for market expansion.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Luxury Jewellery market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Luxury Jewellery Market Segmental Analysis

Global Luxury Jewellery Market is segmented by Raw Material, Product, Distribution Channel, End User and region. Based on Raw Material, the market is segmented into Gold, Silver, Platinum, Diamond, Precious Pearls, Gemstones, Others. Based on Product, the market is segmented into Necklace, Ring, Bracelet, Hair Ornaments, Earring, Leg, Feet Ornaments, Others. Based on Distribution Channel, the market is segmented into Online, Offline. Based on End User, the market is segmented into Men, Women, Children. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.

Driver of the Global Luxury Jewellery Market

The global luxury jewelry market is significantly driven by rising disposable income, which enhances purchasing power and fuels demand for high-end jewelry. As individuals experience increased financial flexibility, there is a notable uptick in luxury jewelry consumption, particularly in regions like India, where cultural and religious traditions heavily influence the demand for precious metals such as gold and silver. Additionally, globalization and the proliferation of digital media play crucial roles in market growth by spreading awareness of fashion trends. With consumers increasingly exposed to various fashion influences through online platforms, the popularity of trends, such as East Asian street fashion, is anticipated to reinforce the expansion of the luxury jewelry sector in the coming years.

Restraints in the Global Luxury Jewellery Market

The global luxury jewelry market faces several significant restraints that could hinder its growth. High tariffs and indirect taxes on the import and export of precious metals and jewelry lead to increased final product prices, making potential buyers hesitant to invest in luxury items. Moreover, the uneven availability of precious metals used in high-end jewelry exacerbates this issue, along with political tensions that disrupt the flow of luxury goods across borders. The COVID-19 pandemic severely impacted the market, halting mining operations and forcing a shift in consumer priorities from luxury to essential goods, further diminishing demand. Additionally, the suspension of distribution networks impeded the import and export of these items, constraining overall market potential.

Market Trends of the Global Luxury Jewellery Market

The Global Luxury Jewelry market is poised for significant growth, driven notably by the rising demand for men's jewelry. Traditionally dominated by female consumers, the luxury jewelry sector is witnessing a paradigm shift as men increasingly prioritize aesthetic appeal and self-grooming. This transformation has been accelerated by the influence of social media, which promotes contemporary fashion trends that resonate with male consumers. Consequently, items such as necklaces, bracelets, and rings designed specifically for men are gaining traction. As a result, manufacturers are strategically focusing their product lines on this emerging demographic to capitalize on new market opportunities, enhancing their competitive edge in this evolving landscape.