[Report] Global jewelry market to grow by $107.9b from 2024-2028, driven by rising demand for jewelry as gifts

The global jewelry market size is estimated to grow by $107.9 billion from 2024-2028, according to a report published by Technavio. The market is estimated to grow at a CAGR of 5.45% during the forecast period. Increasing demand for jewelry as gifts is driving market growth, with a trend towards growing acceptance of jewelry among men. However, increasing availability of counterfeiting jewelry poses a challenge.

Market driver

The jewelry market is experiencing a notable increase in demand due to the growing acceptance of jewelry among men. Fashion trends and celebrity influence are significant factors driving this trend. Men's jewelry, including watches, ear piercings, cufflinks, rings, bracelets, and others, is becoming more popular for casual, professional, and formal occasions. High-profile figures and influencers showcase jewelry in their outfits, normalizing its use among men and encouraging experimentation. Vendors, such as De Beers Corp, are responding to this trend by expanding their product offerings for men. The introduction of demi-fine jewelry, which offers quality craftsmanship at affordable prices, is making jewelry more accessible to men. These factors are expected to fuel the growth of the global jewelry market in the forecast period.

The jewelry market is thriving with trends like earrings, brooches, and intricate designs in metalworking, stone setting, enameling, and filigree. Gold and silver remain popular choices for fine jewelry, while diamonds, rubies, emeralds, and sapphires add a touch of luxury. Self-expression and sentimentality drive the demand for personalized pieces. Wealth is reflected through platinum and gold wear, including rings, bracelets, anklets, and necklaces. Online platforms offer a wide range of fashion accessories, from crystal stones in plated alloys to intricate filigree designs. Weddings and functions call for special jewelry, such as gold chains and necklaces for men, and cufflinks, plain gold chains, and tie bars.

Market challenges

Counterfeit jewelry, made with cheap metal alloys containing harmful substances like lead, cadmium, and nickel, poses health risks for consumers. Unknowingly purchasing fake jewelry can result in skin irritation, allergic reactions, and long-term health issues. Moreover, consumers may experience financial loss. The proliferation of counterfeit jewelry negatively impacts established jewelry brands' image and trust. Easy access to unauthorized e-commerce platforms facilitates the sale of counterfeit goods, reaching a global audience. Lack of consumer awareness and weak regulations against counterfeiting contributes to the increasing availability of fake jewelry. These factors hamper the growth of the global jewelry market, potentially decreasing sales for legitimate jewelry manufacturers.

The jewelry market encompasses various products such as gold chains, necklaces, rings, bracelets, anklets, cufflinks, tie bars, cartography necklaces, signet rings, demifine jewelry, and more, catering to both men and women. Jewelry is used for various occasions like weddings and functions. Platinum and gold wear remain popular choices, with trends shifting towards contemporary jewels and fast fashion. High-end fine jewelry, known for its craftsmanship and individual aesthetics, contrasts with costume jewelry. Jewel consumption is driven by fashion trends and the desire to enhance looks. Luxurious products like jewelry appeal to high-income earners. Designers continuously introduce new designs and styles, keeping up with the ever-changing fashion landscape. Retail jewelry stores face challenges in managing the global supply chain, including factory closures and shipping delays, which impact customer footfall. Precious metals and gemstones are essential components, adding to the logistical challenges. Overall, jewelry is a significant sector in the fashion accessories industry, offering both personal adornment and investment opportunities.

Specialist retailers

The specialist retail segment in the global jewelry market is projected to expand substantially during the forecast period. This segment comprises of exclusive brand stores, multi-brand stores, and premium fashion retailers. Vendors are expanding their offline sales by broadening their store presence in various geographic locations. This strategy enables vendors to efficiently produce and sell products while catering to diverse consumer categories in extensive geographic areas. The proliferation of retail channels in numerous cities and regions will foster consumer acquaintance with diverse jewelry types. Social media platforms and celebrity endorsements significantly impact consumer preferences. Specialist retailers leverage these channels for marketing, thereby increasing brand visibility and piquing consumer interest in their offerings. Consumers prefer purchasing jewelry from specialist retailers due to their extensive product portfolios, knowledgeable support, and expert customer service personnel. Consequently, these factors are poised to fuel the growth of the specialist retail segment in the global jewelry market during the forecast period.

Research analysis

The jewelry market is a thriving industry that caters to the desire for personal adornment and luxury. Gold chains, necklaces, rings, bracelets, anklets, earrings, brooches, and other fashion accessories made of precious metals like gold and platinum, and gemstones, continue to be popular choices for various functions and weddings. Jewelry purchases are not just limited to special occasions but have become a regular part of fashion trends for men and women alike. High-income earners often invest in contemporary jewels designed by renowned designers to enhance their looks and add a touch of elegance to their wardrobe. Retail jewelry stores see a significant customer footfall due to the global supply chain ensuring a steady influx of new and innovative designs. Jewelry is more than just a decorative item; it is a form of personal expression and an investment in luxurious products.

Market research overview

Jewelry market encompasses a vast array of decorative items made from precious metals, gemstones, and other materials. Gold chains and necklaces are timeless favorites for both men and women, with plain gold chains and cufflinks being essential for formal occasions. Weddings and functions call for rings, bracelets, anklets, and other fine jewelry. Platinum and other luxurious products add a touch of elegance to one's look. Fashion accessories like tie bars, cartography necklaces, signet rings, and demifine jewelry cater to individual aesthetics and current fashion trends. Fast fashion and high-end fine jewelry coexist, with craftsmanship and intricate designs showcasing the artistry behind these pieces. Jewel consumption is driven by high-income earners seeking self-expression and sentimental tokens.

Contemporary jewels and designs in various styles, from plain to intricate, are available to enhance looks. The global jewelry supply chain faces logistical challenges, including factory closures and shipping delays, but the allure of these decorative items endures. Jewelry purchases can be made at retail stores or online platforms, with customer footfall and demand influencing the market. Precious metals like gold and silver, along with gemstones such as diamonds, rubies, emeralds, and sapphires, continue to be popular choices. Crystal stones and plated alloys offer more affordable options for those seeking fashion jewelry. Overall, jewelry is a personal adornment that adds value to one's wardrobe and expresses individuality.

Read the full report here.

www.technavio.com

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