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Jewelry And Silverware Market Opportunities, Leading Players, Size And Forecast To 2033
Jewelry And Silverware Market Opportunities
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According to The Business Research Company's, The jewelry and silverware market size has grown strongly in recent years. It will grow from $231.43 billion in 2023 to $248.49 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to cultural significance, economic prosperity, celebratory occasions, craftsmanship and artistry, precious metal prices, globalization of markets, marketing and branding.
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.
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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
Jewelry And Silverware Market 2024 Key Insights:
• 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%.
• Rising Wedding Trends Fueling Growth In The Jewelry And Silverware Market
• Innovations In Non-Bridal Fashion Jewelry Enhances Competitiveness In The Jewelry And Silverware Market
• Asia-Pacific was the largest region in the jewelry and silverware market in 2023
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