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The Global Gems and Jewelry Market size is estimated to grow USD 137.48 billion between 2022 and 2027 accelerating at a CAGR of 7.55%. The growth of the market depends on several factors, including innovation in terms of design and manufacturing technology, the growing demand for wedding jewelry, and the increase in international tourist expenditure.
This gems and jewelry market research report extensively covers market segmentation by distribution channel (offline and online), type (gold, platinum, silver, diamond, and gemstones), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing demand for wedding jewelry is the key factor driving the global gems and jewellery market growth. Jewelry is mostly purchased for special occasions, especially weddings, which contribute significantly to the global gems and jewelry market. Bridal jewelry, such as necklaces, wedding bands, and engagement rings, is highly demanded worldwide. India is a major market for wedding jewelry, with increasing expenditure on bridal collections driven by the expanding middle-class population and their rising disposable income.
The cultural significance of gold jewelry in Indian weddings and its scientific benefits have further boosted the demand. With 38% to 48% of gold jewelry sales occurring during weddings globally, the growth of the gems and jewelry market is expected to accelerate during the forecast period due to the rising frequency of such events and increased spending on bridal jewelry.
The introduction of AR in gems and jewelry market is the primary trend driving the market growth. Augmented reality is driving demand in the global gems and jewelry market, particularly in the online segment. To enable customers to try on jewelry virtually before purchasing, e-commerce players are developing platforms based on augmented reality technology. Customers can use the camera on their device to see how different products look on them and choose the perfect match.
Riddles Jewelry, a US-based player, has already launched an application for Android and iOS platforms to provide this feature. The introduction of such features will not only support informed decision-making by customers but also drive growth in the online distribution channel and the global gems and jewelry market.
The decline in demand for gold jewelry as an investment option is a major challenge to the global gems and jewellery market growth. Gold jewelry is not only worn for personal adornment but is also considered a popular investment option, especially in countries like India. Gold has a high resale value and is often gifted during weddings. However, in recent years, there has been a shift towards other investment options and intricate fashion jewelry, which has resulted in a decline in the demand for gold jewelry. To combat this, the Indian government introduced gold bonds to reduce the demand for gold as an investment option.
The decreasing demand for gold jewelry is a significant challenge for the global gems and jewelry market, as it is the largest segment. This decline has affected the revenue of companies operating in the online jewelry retailing space. The weak consumer demand and the rise in gold prices are expected to further impact the growth of the global gems and jewelry market.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Gems and Jewelry Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Kalyanje Wellers.- The company offers gems and jewelry such as gemstone jewelry. The company designs manufactures, and sells various gold, studded, and other jewelry products.
The gems and jewelry market report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The gems and jewelry market share growth by the offline segment will be significant during the forecast period. The revenue of the offline distribution channel comes from the sales of products through speciality stores (including exclusive brand stores, multi-brand stores, and premium fashion stores); hypermarkets, supermarkets, and clubhouse stores; and department stores. Over the years, the revenue of the offline distribution channel has witnessed a gradual decline due to the shift in consumer preference toward online shopping. To fuel sales through offline channels, players are managing their sales through store expansions in the local and regional markets, which will increase the growth of the segment during the forecast period.
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The offline segment was valued at USD 217.74 billion in 2017 and continue to grow by 2021. In this segment, vendors are also accelerating their offline sales by widening their store operations at different geographic locations. This helped the company generate and sell products efficiently and cater to every consumer category in large geographic areas. This not only raises the sales of jewelry products but also fuels the sales of the market. The huge growth in retail channels in different cities and regions will drive customer familiarization with different types of gems and jewelry. It will also increase the value sales of the market during the forecast period. Although the offline distribution channel is losing its market and popularity to the online channel, extensive and innovative marketing will propel sales through the channel at a steady rate.
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APAC is estimated to contribute 61% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In 2022, the market in APAC was the largest segment of the market and is expected to grow at a significant rate as compared to other regions. The growth of the market in APAC is attributable to the rising economic growth, expanding middle-class population base, and a growing number of players operating in the region. The key leading countries in the region are China, India, and Japan. The huge contribution from China and India to the market was majorly due to the great demand for gems and jewelry (especially those that are made of gold). Such factors will facilitate market growth during the forecast period.
Countries such as India, China, Australia, Malaysia, and Japan were severely affected by the COVID-19 pandemic, especially in 2020. However, the lockdown restrictions were lifted in the second half of 2020 owing to large-scale vaccination drives across APAC. This has led to the reopening of jewelry malls and shops in the first half of 2021. Moreover, the growing trend of renting men's accessories for various social events and the increase in disposable incomes are expected to recover and stabilize the growth of the market in the region during the forecast period. Moreover, vendors adopt several strategies, such as the expansion of the business to increase their market reach. Such initiatives taken by vendors are expected to drive the growth of the market in APAC during the forecast period.
The gems and jewelry market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Distribution Channel (Offline and Online), Type (Gold, Platinum, Silver, Diamond, and Gemstones), and Geography (APAC, North America, Europe, Middle East and Africa, and South America).
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Gems And Jewelry Market Scope |
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Report Coverage |
Details |
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Page number |
175 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.55% |
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Market growth 2023-2027 |
USD 137.48 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.41 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 61% |
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Key countries |
US, China, India, UK, and France |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Aurum designer jewellers, CHANEL Ltd., Chow Tai Fook Jewellery Group Ltd., Compagnie Financiere Richemont SA, Emperor Watch and Jewelry Ltd, Graff Diamonds Ltd., Hstern Jewellery Ltd., Kalyan Jewellers India Ltd., Kering SA, LVMH Moet Hennessy Louis Vuitton SE, Malabar Gold and Diamonds, Pandora AS, PC Jeweller Ltd., Rajesh Exports Ltd., Riddles Group Inc., Signet Jewelers Ltd., Stuller Inc., Swarovski AG, Tata Sons Pvt. Ltd., and The Swatch Group Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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