Luxury Jewelry focus on Latest Trends and Market Challenges in 2021

Luxury jewelry is highly demanded and highly-priced in different countries throughout the world. Its demand is increasing on a daily basis in most parts of the world due to its varied features and attractive features. It has become one of the major industries in different countries of the world and major export industry for many. A jeweler requires a high level of skill and equipment to create original pieces made of precious metals and precious gemstones. Fine jewelry is often delicate and smaller in design and style, owing to the cost of producing it. Tiffany & Co., Van Cleef & Arpels, Cartier, Piaget, and Harry Winston are some of the established luxurious jewelry brands.

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Key companies covered as a part of this study include Gucciogucci S.P.A., Harry Winston, Inc., Societe Cartier, Tiffany & Co, Compagnie Financiere Richemont SA, Buccellati Holding Italia SpA, Graff Diamonds Corporation, and Bulgari S.p.A among others

Rapid growth of the jewelry and gems sector is expected to drive growth of the global luxury jewelry market during the forecast period. The sector for jewelry and gems has expanded over the years in both developed and emerging economies. According to the India Brand Equity Foundation (IBEF), India’s gem and jewelry market size is expected to grow by US$ 103.06 billion during 2019-2023. According to the same source, the gold demand in India reached 690.4 tons in 2019. The rapid growth of the jewelry sector has increased demand for luxury jewelry. Hence, these factors are expected to drive growth of the global jewelry market during the forecast period. Furthermore, increasing purchasing power in urban populations is expected to propel the global luxury jewelry market growth over the forecast period. According to the World Bank, adjusted net national income per capita increased from US$ 7,180 to US$ US$ 9,290 in 2018. Thus, such factors are expected to boost the global luxury jewelry market in the near future.

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.

However, currency fluctuations and fewer brand outlets in emerging regions are expected to hinder the global luxury jewelry market in the near future. Furthermore, rising presence of legacy brands in e-commerce influencing the younger population can present lucrative growth opportunities in the global luxury jewelry market. Among regions, Asia Pacific is expected to be the fastest-growing region in the global luxury jewelry market over the forecast period. This is owing to increasing demand generated by emerging economies such as China, India, and Bangladesh. Besides, premium jewelry has witnessed significant demand in Europe and North America in the recent past.

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