Luxury Jewelry Market Size, Industry Share | Forecast 2028

According to Precision Business Insights (PBI) latest report, the luxury jewelry market is expected to be worth USD 81,641.8 million in 2022, growing at a 3.4% CAGR from 2022 to 2028. The Global Luxury Jewelry Market has grown steadily over the years, owing to a significant increase in consumer disposable income worldwide. Increasing disposable income levels, changing consumer preferences, and the growing population of high-net-worth individuals are all critical drivers driving sales of Luxury Jewelry products. Furthermore, various practices followed by people worldwide surrounding the adoption of ornaments and jewels are expected to increase product purchases significantly. The great demand for diamonds and gold ensures that jewelry retains its value and is easy to liquidate when needed, propelling the market forward.

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Gold Segment to Dominate the Luxury Jewelry Market:
The gold segment is expected to account for a larger revenue share in the global luxury jewelry market, with a value share of xx% worldwide. It is projected to grow at a 4.5% CAGR between 2022 and 2028. During times of economic crisis, gold is an attractive investment. Luxury gold jewelry accounts for half of total gold consumption, with investments accounting for 40% and industry contributing 10%. Due to the introduction of lightweight jewelry designs, gold has rebuilt itself to suit today's aesthetics. Wearable gold jewelry has grown in popularity, and the precious metal is no longer limited to classic heritage pieces. With the introduction of online purchases, the new-age customer prefers a seamless, convenient, and easy retail experience.

Asia Pacific Luxury Jewelry Market:
The Asia Pacific market is expected to hold a significant market share in the global luxury jewelry market over the forecast period. It is projected to grow at a CAGR of 5.1% in the coming years. In the Asia Pacific region, China and India are the two major markets for luxury jewelry. The need for high-quality jewelry among top clients and the current designs are two significant drivers of the luxury jewelry business in this region. New technology innovation, such as computer-aided design in jewelry manufacturing, is also driving the industry in the Asia Pacific region. The popularity of internet distribution is likely to grow throughout the region. Weddings and engagements account for the majority of luxury jewelry purchases. Furthermore, due to ongoing restrictions on international travel and the establishment of domestic duty-free zones in China, demand from younger customers and domestic shoppers is likely to rise.

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Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global luxury jewelry market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In May 2021, Tiffany & Co., a US-based leading jewelry brand announced its plan of releasing its first men's engagement rings. The purpose is to expand their consumer base and tap the emerging market due to the increasing same-sex marriages and gender-fluid fashion trends.

The luxury jewelry market is segmented based on product, raw material, application, distribution channel, and geography:
Based on the product, the market is segmented into the following:
• Gold
• Platinum
• Diamond
• Precious Pearls
• Gemstones
• Others

Based on the raw material, the market is segmented into the following:
• Necklaces
• Ring
• Earrings
• Bracelets
• Others

Based on the application, the market is segmented into the following:
• Women
• Men
• Children

Based on the distribution channel, the market is segmented into the following:
• Online
• Offline

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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Key players' profiles in the luxury Jewelry market report are Guccio Gucci S.p.A., The Swatch Group Ltd., Richemont, Tiffany & Co., GRAFF, Louis Vuitton SE, Signet Jewelers Limited, Chopard International SA, MIKIMOTO, and Pandora Jewelry, LLC.

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