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Luxury Jewelry Market | Gucciogucci S.P.A., Harry Winston, Inc., Societe Cartier, Tiffany & Co.

07-20-2021 08:18 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Coherent market insights

Luxury Jewelry Market

Luxury Jewelry Market

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. CAD technology makes complex designs possible and allows manufacturers to create new jewelry designs, which is otherwise challenging to design manually.

Several companies that manufacture luxury jewelry are adopting various organic and inorganic growth strategies, in order to sustain their market position. Mergers, acquisitions, expansions in various geographies, and new product launches are some of key strategies followed by major players in the market. For instance, in September 2018, Fosun Group, a China-based investment and operating conglomerate, acquired 80% of the International Gemological Institute (IGI). Since 1975, IGI offers gemmological training, diamond grading, and gem and jewelry certification through 23 laboratories and schools worldwide.

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Detailed Segmentation:

Global Luxury Jewelry Market, By Material:
Gold
Silver
Diamond
Platinum
Others

Global Luxury Jewelry Market, By Product Type:
Necklace
Ring
Bracelet
Hair ornaments
Earring
Leg & Feet ornaments
Others

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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.

Europe is the well-established market for luxury jewelry products. Key trends such as jewelry customization, increasing popularity of pop-up stores, and fusion of costume jewelry with trending fashion are boosting growth of the market in Europe. Moreover, rapid adoption of online luxury jewelry marketing is playing crucial role in boosting sales of luxury jewelry. Leading luxury jewelry brands such as David Yurman, Tiffany & Co., and Swarovski are combining online and offline activities to increase product visibility. These brands are continuously active on social media and markets their products through Instagram and Facebook.

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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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