Jewellery Market Size To Grow At A CAGR Of 5.1% During 2023-2028
The ‘Global Jewellery Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global jewellery market, assessing the market on the basis of its segments like product, material type, category, type, end-user, distribution channel, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Jewellery Market Size, Share, Trends, Industry, Key Player, Major Segments, Report and Forecast
The key highlights of the report include:
Market Overview 2018-2028
• Forecast CAGR (2023-2028): 5.1%
Jewellery holds a significant value in traditional beliefs which is further influencing consumer demand and driving the jewellery market. The surging trend in the consumption of jewellery as it denotes wealth, status, and power and enhances one’s beauty along with the increasing inclination of consumers toward luxurious products are expected to fuel the market growth of jewellery globally. The growing demand for luxurious and premium products is highly promoting the demand for modern jewellery like diamond and gold.
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Going further, the rising focus of manufacturers on creating innovative jewellery designs along with increasing disposable incomes among consumers is likely to bolster the market growth over the coming years. With the changing perspectives and lifestyles of consumers regarding jewellery as a status symbol and aggressive advertising and branding implemented by major players, the jewellery market growth is anticipated to bolster worldwide. Moreover, jewellery is also consumed as a great investment and security fund like gold or diamond and is also expected to hold its value indefinitely.
Based on end-user, the women segment is holding a significant growth in the jewellery market share as jewellery has an undeniable ability to carry out the best in any woman’s personality and features. When a precise piece is worn to the right occasion by the right individual, and it also makes them feel confident, special, stylish, and good about themselves. Meanwhile, the men segment is expected to register growth in the market for jewellery due to the rising adoption of jewellery amongst men. Jewellery like plain gold chains, cufflinks, tie bars, signet rings, and cartography necklaces, are some of the commonly used jewelleries among men.
Jewellery Market Segmentation
Jewellery refers to decorative items or ornamental pieces made up by refining and shaping jewels or precious metals. It is a universal form of ornamentation which is employed as personal ornaments, which include bracelets, rings, and necklaces among others. The cost of any type of jewellery fluctuates depending upon the type of jewels or metal being employed.
Also, jewellery is a form of art for creativity and self-expression. Modern jewellery is often made of silver, platinum, or gold, typically with precious or semiprecious stones. Jewellery designs have evolved significantly from other forms of body decoration that were used in prehistoric times that typically utilised materials such as animal bones or teeth, and various shells.
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By product, the market is segmented into:
• Charms and Bracelets
Based on material type, the market categorised into:
On the basis of category, the jewellery market is bifurcated into:
By type, the market is divided into:
Based on the end-users, the market is segregated into:
On the basis of the distribution channel, the market is segmented into:
By region, the market is divided into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Jewellery Market Trends
The emerging fashion trends along with the surging introduction of new designs are gaining more traction among consumers as well as manufacturers and are influencing frequent changes in the fashion industry to create unique products. This is further expected to boost the demand for the jewellery market as attracting more consumers makes it feasible for manufacturers to earn greater profits and cater to a large market.
The increasing adoption of jewellery among consumers across the world is also supporting the growth of the economy. The gems and jewellery sector hold a huge significance in economic developments including inflation, foreign flows, and industrial production, among others. Based on region, the Asia Pacific is expected to register growth in the jewellery market share due to an increase in the demand for jewellery from highly populated economies across the region like China and India.
Key Market Players
The major players in the jewellery market report are:
• Tiffany & Co
• Cartier SA
• CHRIST Jewellers and Watchmakers Since 1983 GmbH Company
• Chow Tai Fook Jewellery Company Limited
• Graff Diamonds Limited
• Gitanjali Group
• Tanishq Ltd
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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