Jewelry Market Size, Share, Industry Growth, Trends, Business Opportunities, Challenges, Growth Insights to 2026
The global jewelry industry size is expected to showcase considerable growth by reaching USD 266.53 billion while exhibiting a CAGR of 3.7% between 2020 and 2027. This is attributable to the increasing adoption of technology and the remarkable emergence of digital media platforms that propel the demand for luxury jewelry globally. Fortune Business Insights, published this information in its latest report, titled, “Jewelry Market Size, Share & COVID-19 Impact Analysis, By Product (Necklace, Earrings, Ring, Bracelet, and Others), Material Type (Gold, Platinum, Diamond, and Others), End-user (Men and Women), and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD 330.0 billion in 2019 and is projected to gain momentum in the forthcoming years.
The emergence of Digital Media Platforms to Promote Growth
The growing influence through reality shows, music videos, and movies enable digital media platforms to play a pivotal role in propelling the sales of luxurious jewelry products globally. In addition to this, the adoption of technology in the manufacturing of the ornaments is anticipated to bode well for the global jewelry market growth during the forecast period. For instance, the products such as Luxe Smart Ring by The Ringly are equipped with several technological features such as health and fitness monitoring and GPS, along with being equipped with large gemstones.
List of the Leading Companies Profiled in the Global Jewelry Market are:
- Harry Winston, Inc., (New York, USA)
- Chopard (Meyrin - Geneva, Switzerland)
- Pandora Jewelry, LLC. (Oakland, California, USA)
- Chow Tai Fook Jewellery Company Limited (Central & Western, Hong Kong)
- Tiffany & Co (New York, USA)
- Rajesh Exports Ltd (Bengaluru, Karnataka, India)
- Cartier International SNC (Paris, France)
- Signet Jewelers Limited (Hamilton, Bermuda)
- Chanel (Paris, France)
- LVMH Moët Hennessy (Paris, France)
Browse Complete Research Report Summary: https://www.fortunebusinessinsights.com/jewelry-market-102107
Major Companies Focus on Expansion Strategies to Leverage Market Opportunities
The global jewelry market is experiencing stiff competition owing to the presence of several major companies that are focusing on expanding their facilities to cater to the increasing demand for luxury jewelry products globally. In addition to this, key players are adopting strategies such as merger and acquisition, partnership, and collaboration to maintain a market stronghold in the forthcoming years.
October 2020 – Blue Nile, the largest online retailer of diamonds, announced its massive expansion plan in 2020. The company is expected to open three brick-and-mortar showrooms in Q4 of 2020, and further plans to open over 50 showrooms in the top 50 market over the three years.
Necklace Segment Held a 22.70% Market Share
The necklace segment, based on the product, held a market share of about 22.70% in 2019 and is likely to showcase considerable growth during the forecast period. This is ascribable to factors such as the increasing adoption of jewelry products by women consumers across the globe.
Presence of Established Manufacturers in Asia-Pacific to Favor Growth
Among all the regions, Asia-Pacific is expected to remain dominant and hold the highest position in the global jewelry market during the forecast period. This dominance is attributable to the presence of established manufacturers such as Tanishq, Queelin, and others in countries such as India and China in the region. Asia-Pacific generated USD 130.49 in terms of revenue in 2019.
The market in North America is expected to experience significant growth owing to the presence of several millionaires in countries such as the U.S. that propels the sales of exotic and premium jewelry in the region. For instance, as per the Global Wealth Report 2019, 40% of the total millionaires globally are present in the United States.
Asia-Pacific to Remain Dominant; Increasing Consumption of Gold to Boost Demand
Among the regions, Asia-Pacific will witness surge for the market in the forthcoming years. This is ascribable to factors such as increasing consumption for gold from countries such as India, and China. In addition to this, factors such as rising income per capita, changes in lifestyle is anticipated to lead to market growth for Asia-Pacific during the projected horizon. On the other hand, the market in North America will witness a slow growth because of less inclination towards jewelry. Europe, too, will witness a slow growth during the forecast period. However, rising preference for diamond owing to high disposable income in Europe, as well as North America, will contribute to the growth of the market during the projected horizon.