Shine On: Luxury Jewelry Market Poised to Reach $85,887.5 Million by 2032

With an estimated value of USD 45,700.0 million by 2022, the global luxury jewelry market is poised for significant growth, which is expected to grow at a compound annual growth rate (CAGR) of 6.5% from 2022 to 2032. By 2032, total sales within the luxury jewelry industry are expected to reach approximately $85,887.5 million, reflecting the continued demand for high-end jewelry. This growth trajectory underlines the enduring appeal of luxury jewelry among consumers worldwide, driven by factors such as evolving fashion trends, rising disposable incomes and the desire for timeless and sophisticated adornments.

The market growth is largely based on the changes in consumer habits and demand for the jewelry used. Additionally, the jewelry companies tend to focus more on social media and celebrity collaborations.

The period of closure, while used jewelry prices rose, especially in the fine vintage niche, demonstrating ethical buying and the amount of savings. The fascination with dead jewelry and archival fashion has increased recently due to the impact of online shopping, the rejection of unlimited new seasonal products and the desire for more meaningful luxury items.

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Fashion enthusiasts work hard to acquire rare collectibles, fine couture and statement jewelry that can be customized and made even more distinctive as an investment purchase. An increase in auction concepts is fueled by the appeal of vintage goods and archive-based materials and experiences. These concepts are inextricably linked to the thrill of telling a story through objects and searching for treasure, something that is missing in the accessibility of objects in today’s world.

Never before has social media been so crucial for all brands, across all industries. One of the best methods to increase brand recognition and reach new audiences is to design campaigns with a focus on social media.

Companies are employing many tactics to expand their customer base and transform the jewelry industry. For example, in 2015, Missoma, a demi-fine jewelry company aimed at women in their 20s and 30s, switched from a wholesale brand to a 95% online brand. According to the brand’s founder, Marisa Hordern, this helped the company identify and understand its target market.

The company took a strong influencer approach and gave gifts to women who were well-vetted and matched the brand’s look and ideals. Moreover, they were among the first brands to go a step further and create a unique collection in collaboration with an influencer.

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Key points from the luxury jewelry market research

• In terms of raw materials, the gold segment currently dominates the global luxury jewelry market and is expected to grow at 8.2% v CAGR between 2022 and 2032.
• Based on product type, the ring segment will continue to lead the global market over the assessment period.
• By sales channel, the individual jewelry store segment has a large market share and is expected to grow further at a CAGR of 5% during the forecast period.
• North America and Europe together have the largest share of approx 5% in the global luxury fine jewelry market.
• The US luxury jewelry market is expected to grow at a CAGR of 4.3% through 2033.
• Demand for high-end luxury jewelry across China is expected to rise at a robust pace over the next decade.

“Major luxury jewelry companies are making their brands known through social media platforms and celebrity endorsements to expand their global reach. They also offer customized products to increase their customer base,” said an FMI analyst.

Who wins?

Leading luxury jewelry manufacturers are focusing on new product launches, aggressive promotional strategies and advertising to gain a competitive advantage in the global market

Leading players operating in the global luxury fine jewelry market are

• Guccio Gucci SpA
• The Swatch Group Ltd.
• Richemont
• Tiffany & co.
• GRAF
• Louis Vuitton SE
• Signet Jewelers Limited
• Chopard International SA
• MIKIMOTO
• Pandora Jewelry, LLC
• Chopard International SA
• Others

Get more valuable insights

Future Market Insights, in its new offering, provides an unbiased analysis of the global luxury jewelry market, presenting historical demand data (2017-2021) and forecast statistics for the period 2022-2032. The research reveals compelling insights into the luxury jewelry market based on raw material (gold, platinum, diamond, precious pearls, gemstones, others), product type (necklaces, rings, earrings, bracelets, pendants, anklets, brooches, others), consumer orientation (men, women, children) and sales channel (individual jewelry stores, specialty stores, online retailers, other sales channels) in seven major regions.

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Global Luxury Jewelry Industry by Category

By raw material:

• Gold
• Platinum
• Diamond
• Precious pearls
• Gemstones
• Others

By product type:

• Chains
• Ring
• Earrings
• Bracelets
• Pendants
• Anklets
• Brooches
• Others

According to consumer orientation:

By sales channel:

• Individual jewelry stores
• Specialty stores
• Online retailers
• Different sales channel

Per region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• MEA

Author

Sneha Varghese (Senior Consultant, Consumer Products & Goods) has over six years of experience in the market research and consulting industry. She has worked on more than 200 research assignments related to consumer retail goods.

Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business activities, technology projects and driving successful implementations. She has helped create insightful, relevant analysis of food and beverage market reports and research, incorporating the research perspective of the consumer market, retailers and manufacturers. She has also been involved in several bulletins in food magazines and newspapers.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR Certified, Stevie Award Recipient and Member of the Greater New York Chamber of Commerce) provides deep insights into the driving factors driving demand in the market. FMI is the leading global provider of market information, advisory services, consultancy and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial and Chemical markets. With a vast team of approximately 400 analysts worldwide, FMI offers global, regional and local expertise on diverse domains and industry trends in more than 110 countries.

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