Luxury Jewelry Market Growth Accelerated by Evolving Consumer Preferences

Luxury Jewelry Market


Luxury jewelry includes fine pieces crafted from precious metals such as gold, silver, and platinum along with gemstones. Luxury jewelry not only enhances aesthetic appeal but also acts as a status symbol. The rising disposable income and changing lifestyle led to higher demand for luxury jewelry pieces. The global luxury jewelry market is estimated to be valued at US$ 68.82 Bn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Consumers today are more inclined towards accessorizing based on their personal style and evolving fashion trends rather than conforming to traditional norms alone. Younger demographics especially consider jewelry as a means of creative self-expression. They are keen on experimenting with modern and unique designs incorporating lesser-used materials that align with their personality. Luxury jewelry brands are innovating with their product offerings to cater to such emerging consumer preferences for distinctive yet contemporary pieces. They introduce limited edition collections more often featuring a fusion of different cultures and design elements aimed at appealing to cosmopolitan tastes. This shift towards unconventional and customized designs helps drive the demand and growth of the luxury jewelry market.

Segment Analysis
The global luxury jewelry market is dominated by the wedding segment. Wedding jewelry purchasing has been a tradition across various cultures. Engagement and wedding rings are the top purchases contributing over 30% of the overall luxury jewelry sales. Despite challenges faced by the wedding industry due to pandemic, online booking of virtual weddings helped wedding jewelry segment to remain resilient during crisis.

Key Takeaways
Global Luxury Jewelry Market Demand is expected to witness high growth over the forecast period of 2023 to 2030.

Regional analysis: North America dominates the global luxury jewelry market with over 35% share in 2023 mainly driven by USA. Changing lifestyle, increasing buying power and presence of affluent population drives the demand in the region.

Key players operating in the Luxury Jewelry are Tiffany & Co., Harry Winston, Cartier, Van cleef & Arpels, Buccellati, Graff Diamonds Corp., Mikimoto, Chanel, Bvlgari, David Yurman. Tiffany & Co. leads the global luxury jewelry market with around 15% market share in 2023 owing to strong branding and expanded retail network globally. Other major players are focusing on expanding in emerging Asia Pacific region to tap higher growth opportunities. Companies are also investing in development of lighter and affordable jewelry designs to appeal millennial population worldwide.

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