Luxury Jewelry Market Size Worth $70.2 Billion By 2028

 Luxury Jewelry Industry Overview

The global luxury jewelry market size is anticipated to reach USD 70.2 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.2% from 2021 to 2028. The growth of the market is predicted to be driven by increased demand for high-end fashion items and rising disposable income levels. Product demand is also projected to be boosted by rising customer desire for branded jewelry. Consumers are willing to spend more money on branded and high-end jewelry to express their personal style.

 

The growing demand for bespoke projects reflects the luxury industry's need for personalization, but it's also directly tied to upcycling. Louis Vuitton used to buy cut gems, but after observing a boom in demand for one-of-a-kind pieces, they began buying uncut stones and working directly with clients to select their final forms. Brands also seek to offer fresh takes on the diamonds themselves, in addition to innovative designs. LVMH patented two distinctive diamond cuts in the shapes of a flower and a star, as well as its monogram.

Many contemporary jewelers have been employing recycled gold for years, while others, such as Lilian Von Trapp and Vieri, work entirely with it. Kering reported 88% traceability for key raw materials during the annual ChangeNow summit in January, a crucial metric for businesses to utilize to check their environmental impacts and sustainability claims. Kering is investing in technology and innovation to assist its sustainability goals, and has built a materials innovation lab for jewelry and watches innovation that is both sustainable and innovative.

Retailers are depending less on purchases made for "special occasions.” The share of online jewelry sales in the United States and Western Europe doubled in 2019. Subscription businesses such as Switch, MintGoose, and Pura Vida Jewelry Club allow buyers to borrow high-end jewelry for a fraction of the price of buying it outright.

 

Luxury Jewelry Market Segmentation

Grand View Research has segmented the global luxury jewelry market on the basis of raw material, product, application, distribution channel, and region:

Based on the Raw Material Insights, the market is segmented into Gold, Platinum, Diamond, Precious Pearls, Gemstones, and Others.

  • The gold segment dominated the market for luxury jewelry and accounted for the largest revenue share of 38.9% in 2020. Gold is an alluring investment during times of political and economic crisis. Gold luxury jewelry accounts for half of all gold consumption, with investments accounting for 40% and industry accounting for 10.0%.

 

  • Gold has remade itself to suit today's aesthetics, thanks to the emergence of lightweight jewelry The popularity of wearable gold jewelry has soared, and the precious metal is no longer limited to traditional heritage items. The new-age consumer prefers a seamless, convenient, and easy retail experience, especially with the advent of online purchasing.

 

  • Based on the Product Insights, the market is segmented into Necklaces, Ring, Earrings, Bracelets, and Others.
  • The ring segment dominated the market for luxury jewelry and accounted for the largest revenue share of 32.2% in 2020. In comparison to the pre-pandemic period, 65 percent of Americans are now more likely to offer a significant gift to someone they care about.

 

  • A diamond pendant or neckpiece comes second at 30.0%, followed by stud earrings at 22.0%. On the other hand, 27.0% of women purchasing diamond jewelry, prefer stud earrings.

 

Based on the Application Insights, the market is segmented into Men, Women, and Children.

The women segment dominated the market for luxury jewelry and accounted for the largest revenue share of 69.2%in 2020. The men segment is expected to witness a CAGR of 8.8 % over the forecast period.

 

Based on the Distribution Channel Insights, the market is segmented into Online, and Offline.

  • The offline segment dominated the market for luxury jewelry and accounted for the largest revenue share of 81.9% in 2020. Several consumers prefer purchasing luxury jewelry from offline stores as opposed to online platforms. According to a survey in 2021, even though consumers browsed or selected products online, only 15-20% of them bought jewelry online, and the remainder preferred to purchase these items from physical stores.

 

  • The online distribution channel segment is expected to grow well in the market for luxury jewelry over the forecast period. The gap between online sales platforms and brick-and-mortar stores has narrowed thanks to augmented reality software, customized jewelry alternatives, and digital user interfaces.

 

Luxury Jewelry Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

Even before the epidemic, millennials and Generation Z valued corporate social responsibility and it influenced their purchasing preferences. As a result, luxury brands including LVMH, Chopard, Kering, Richemont, and Swarovski, as well as mining businesses Gemfields and Muzo, formed the Gemstones and Jewellery Community Platform, where all associated brands support sustainable material procurement.

Through mergers, acquisitions, collaborations, and sponsorships, recent market advancements have mostly concentrated on rebranding, shop openings, and new product releases. For instance, Chopard, in collaboration with Attar United, has established a new boutique in Jeddah, Saudi Arabia, at Al Basateen Mall, whereas, Swarovski, crystal manufacturer, is expanding its new retail concept with a flagship opening in New York City, and Mikimoto launched its deluxe new flagship boutique in New York City. Some of the prominent players in the luxury jewelry market include:

  • Guccio Gucci S.p.A.
  • The Swatch Group Ltd.
  • Richemont
  • Tiffany & Co.
  • GRAFF
  • Louis Vuitton SE
  • Signet Jewelers Limited
  • Chopard International SA
  • MIKIMOTO
  • Pandora Jewelry, LLC

 

Order a free sample PDF of the Luxury Jewelry Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

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