Press release
Jewelry And Silverware Market Estimated Growth Curve And Demand Analysis 2024-2033
Jewelry And Silverware Market
The jewelry and silverware market size is expected to see strong growth in the next few years. It will grow to $325.68 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to sustainability practices, influence of social media, shift in consumer demographics, smart jewelry integration, global luxury markets, popularity of vintage and antique styles. Major trends in the forecast period include artisanal and handcrafted jewelr, innovations in jewelry design, smart jewelry and wearables, mixed materials and textures in jewelry, online and direct-to-consumer sales.
Market Overview -
Jewelry and silverware refer to goods that include ornamental items worn for personal decoration, whereas silverware is a class of products that includes everything made of silver in a home, particularly the cutlery and dishes. Jewelry and silverware is used to produce engrave, chase or etch jewelry, novelties or precious metal flatware, stamp coins, cut, slab, tumble, carve, engrave, polish or facet or recut, repolish or reset precious or semiprecious stones.
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Rising Wedding Trends Fueling Growth In The Jewelry And Silverware Market
The increasing number of weddings is expected to drive the jewelry and silverware market. Bridal jewelry: high expenditures on wedding ceremonies and celebrations generate demand for gold, silver, diamonds, and other jewelry. For example, according to data from a Netherlands-based statistical institution, Statistics Netherlands (CBS), in the first seven months of 2022, in the Netherlands, nearly 40.5 thousand couples got married, which was an increase of nearly 38% from 29.3 thousand in 2021 during the same period. In addition, it was estimated that there were nearly 2.5 million weddings in 2022, which was the highest in the US since 1984, with people spending an average of approximately $24,500 on each wedding. Hence, the increasing number of marriages globally is expected to drive the jewelry and silverware market.
Competitive Landscape -
Major companies operating in the jewelry and silverware market report are Berkshire Hathaway Inc., Tiffany & Co., Christian Dior SE, Compagnie Financiere Richemont SA, Kering SA, Pandora A/S, Rajesh Exports, James Avery Craftsman Inc., The Swatch Group, Crysobel, Titan Ring Designs LLC, Silvesto India Private Limited, Reed & Barton, Wheeler Manufacturing Co. Inc., Lunt Silversmiths, Rockleigh Industries Inc., DM Jewelry Design Studio, Mangla International, Gorham Company, International Silver Company, Custom Fashion Jewels, Navika USA Inc., Kole Design, Lavie Jewels, Towle Manufacturing Company, Lee's Manufacturing Co. Inc., Derewala Industries Limited, Steel Threads, Frank Smith Silver Company, Kirk-Steiff Company, Akrati Jewels Inc, Dwarka Jewel, Kanhai Jewels, Gayatri Gems And Jewels Private Limited, Tokan Inc, Sun Diamonds Pvt. Ltd., Tuttle Silver Company, Wallace Silversmiths
Innovations In Non-Bridal Fashion Jewelry Enhances Competitiveness In The Jewelry And Silverware Market
Major companies operating in the jewelry and silverware market are innovating products such as non-bridal fashion jewelry to enhance product offerings and gain a competitive advantage in the market. Non-bridal fashion jewelry encompasses a variety of accessories such as necklaces, earrings, bracelets, and rings designed for everyday wear and fashion expression, distinct from jewelry intended for wedding or bridal occasions. For instance, in May 2023, Verragio Ltd., a US-based bridal jewelry manufacturer, introduced a line of non-bridal jewelry consisting of three distinct collections. Verragio's fashion jewelry range seamlessly integrates key design elements from its renowned bridal collections, including engagement ring halos and the distinctive beading style. The Veritage collection features essential jewelry pieces such as diamond pendants and hoops inspired by Verragio's rich design heritage, including elements such as the company crest, signature beading style, and settings borrowed from their acclaimed bridal collections.
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Key Segments -
The jewelry and silverware market covered in this report is segmented -
1) By Type: Jewelry, Silverware
2) By Distribution Channel: Online Stores, Speciality Stores, Hypermarkets, Other Distribution Channels
3) By End-User Sex: Men, Women
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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