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2025-2034 Jewelry And Silverware Market Evolution: Disruptions, Innovations, and Untapped Opportunities
Jewelry And Silverware Market
What Is the Expected CAGR for the Jewelry And Silverware Market Through 2025?
The jewelry and silverware market has expanded considerably in recent years. Its size will grow from $215.54 billion in 2024 to $227.65 billion in 2025, with a CAGR of 5.6%. Growth has been linked to cultural importance, rising wealth, celebrations, craftsmanship, precious metal pricing, globalization, and branding.
What's the Projected Size of the Global Jewelry And Silverware Market by 2029?
In the following years, the market for jewelry and silverware is projected to witness solid expansion, with an estimated worth of $289.64 billion by 2029, attributing to a compound annual growth rate (CAGR) of 6.2%. This anticipated increase during the forecast period would likely be due to factors such as sustainable practices, social media impact, altering consumer demographics, integration of smart jewelry, globally expanding luxury markets, as well as the rising demand for vintage and antique styles. Foreseen trends for the said period include, but are not limited to, handcrafted and artisanal jewelry, breakthroughs in jewelry design, smart jewelry and wearables, an interplay of different materials and textures in jewelry manufacture, and increased online and direct-to-consumer sales.
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Top Growth Drivers in the Jewelry And Silverware Industry: What's Accelerating the Market?
The jewelry and silverware market is anticipated to be propelled by the growing quantity of weddings. Bridal jewelry, due to more prominent spending on wedding festivities and ceremonies, boosts the demand for gold, silver, diamonds, among other jewelry pieces. For example, a report from the Centers for Disease Control and Prevention (CDC), a US federal agency, specified that there were 2,065,905 registered weddings in the United States in March 2024. This resulted in a wedding rate of 6.2 per 1,000 individuals, given a population of 333,287,557. In contrast, there were 1,985,072 recorded marriages with a rate of 6.0 per 1,000 for a populace of 331,893,745 back in 2021. Consequently, the global rise in the number of weddings is likely to fuel the jewelry and silverware market.
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What Trends Will Shape the Jewelry And Silverware Market Through 2029 and Beyond?
Manufacturers of jewelry and silverware have embraced the use of CAD software for its superior precision measurement capabilities. CAD, an acronym for computer-aided design software, is a tool commonly utilized by engineers and architects to produce detailed designs of objects. The application of CAD in the production of jewelry has allowed manufacturers to meet unique customer needs with an incredible degree of accuracy. It aids in reducing production costs by generating a digital model that can be duplicated throughout the manufacturing process.
What Are the Main Segments in the Jewelry And Silverware Market?
The jewelry and silverware market covered in this report is segmented -
1) By Type: Jewelry, Silverware
2) By Distribution Channel: Online Stores, Specialty Stores, Hypermarkets, Other Distribution Channels
3) By End-User Sex: Men, Women
Subsegments:
1) By Jewelry: Fine Jewelry, Fashion Jewelry, Handmade Jewelry, Personalized And Custom Jewelry
2) By Silverware: Tableware, Decorative Items, Collectible Silverware, Functional Silverware
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Which Top Companies are Driving Growth in the Jewelry And Silverware Market?
Major companies operating in the jewelry and silverware market include Berkshire Hathaway Inc., Tiffany & Co., Christian Dior SE, Compagnie Financiere Richemont SA, Kering SA, Pandora A/S, James Avery Craftsman Inc., The Swatch Group, 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, Derewala Industries Limited, Frank Smith Silver 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
Which Regions Will Dominate the Jewelry And Silverware Market Through 2029?
Asia-Pacific was the largest region in the jewelry and silverware market in 2024. Western Europe was the second largest region accounting in The jewelry and silverware market. The regions covered in the jewelry and silverware market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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