Why the Luxury Jewelry Market is set to explode? Top Companies: Gucciogucci S.P.A., Harry Winston, Inc., Societe Cartier, Tiffany & Co., Compagnie Financiere Richemont SA, Buccellati Holding Italia SpA, Among others

Global luxury jewelry industry is as dynamic as it is fast growing. Global luxury jewelry market is highly fragmented and mostly driven by consumer behavior and fashion trends. Therefore, jewelry manufacturers need to be focused on changing trends and developments to compete in global and local market. Integration of new technologies such as Computer Aided System (CAD) in the manufacturing of jewelry is expected to aid in growth of the market. 

High cost of luxury jewelry is a major restraining factor for growth of the market. Demand for luxury jewelry is limited to specific consumers due to high cost. According to Coherent Market Insights, in general, the cost of luxury jewelry falls between US$ 1,500 to US$ 10,000, whereas affordable jewelry costs less than US$ 1,500. 

Increasing demand for men’s jewelry represents potential opportunity for growth of the market over the forecast period. Conventionally, women are more inclined than men towards purchasing luxury jewelry. However, this trend is changing, owing to increasing focus of men on self-grooming and on aesthetic appeal. Moreover, increasing influence of social media has led to high adoption of latest fashion trends in men. Such factors are contributing to increasing demand for men luxury jewelry products such as bracelets, rings, necklaces, and others. Therefore, manufacturers could focus on these products to gain an edge in the market.
According to a study by Coherent Market Insights, the global luxury jewelry market was valued at US$ 53.56 billion in 2017 and is expected to witness a CAGR of 7.3%, in terms of revenue, during the forecast period from 2018 to 2026, to reach US$ 94.72 billion by 2026.

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Among material, diamond segment held the highest market share in 2017 in the global luxury jewelry market. Growing demand for diamonds in rings is major factor boosting growth of the diamond segment. To cater to this demand, key players are introducing diamond engagement ring collections.
Among distribution channel, mono-brand segment accounted for largest market share of 31.0% in global luxury jewelry market in 2017. Mono-brand stores offer products of a particular brand only. The advantage of mono-brand store is that it develops a brand identity and can increase the number of clients that are loyal to the brand and its products. Furthermore, to retain its customers such stores provide offers and discounts specifically designed for its loyal customers.

Major Players in the Global Luxury Jewelry Market -
Some of the major players operating in the global luxury jewelry market include Gucciogucci S.P.A., Harry Winston, Inc., Societe Cartier, Tiffany & Co., Compagnie Financiere Richemont SA, Buccellati Holding Italia SpA, Graff Diamonds Corporation, Bulgari S.p.A, K. Mikimoto & Co., Ltd., and Chopard International SA among others.

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About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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