Gems and Jewelry Market - North America, Europe, EMEA, APAC : US, Canada, China, Germany, UK - Forecast 2023-2027

Gems and Jewelry Market Forecast 2023-2027

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 market growth is driven by escalating demand for wedding jewelry, particularly in nations like India, where cultural significance is profound. Bridal collections, encompassing necklaces, wedding bands, and engagement rings, are coveted globally for their elegance and symbolism. India's burgeoning middle-class populace and heightened disposable income propel amplified investments in bridal assortments, establishing it as a pivotal market within the global gems and jewelry landscape. This market analysis and report also includes an in-depth analysis of drivers, trends, and challenges. 

What will be the Gems And Jewelry Market Size During the Forecast Period?

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The Global Gem and Jewellery Industry thrives at the intersection of fashion trends, cultural preferences, and consumer behavior. Spanning from single-stone stud earrings to intricate ornaments, the industry encompasses diverse accessories cherished for their aesthetic appeal and symbolic significance. With spending power on the rise, especially among the middle-class consumer segment, the market continues to flourish, driven by the allure of luxury goods and the tradition of gift exchange practices across different cultures.

Market Segmentation

This 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). In the distribution segment of the market, authenticity and purity remain paramount, ensuring customer trust and satisfaction. Luxury metals like gold, silver, and platinum continue to dominate, complemented by exquisite gemstones and diamonds. The gem and jewelry industry thrives on a blend of traditional craftsmanship and modern design, with skilled designers driving innovation. Technology plays a crucial role in enhancing distribution channels, and facilitating online retail and customization options. Ethical practices in sourcing and production are increasingly valued by consumers, influencing purchasing decisions. Export destinations remain significant, reflecting the global demand for high-quality gemstones and jewelry pieces.

By Distribution Channel

The 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 continued to grow by 2021. In this segment, companies 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.

Geographical Analysis

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 (especially those that are made of gold). Such factors will facilitate market growth during the forecast period.

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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, companies adopt several strategies, such as the expansion of the business to increase their market reach. Such initiatives taken by companies are expected to drive the growth of the market in APAC during the forecast period.

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Market Dynamics

The market sparkles with a blend of tradition, fashion trends, and consumer preferences, offering a dazzling array of ornaments and accessories. From single-stone stud earrings to intricate pendants and rings, the industry caters to diverse tastes and spending powers. Embracing luxury metals like gold, silver, and platinum, along with exquisite gemstones and diamonds, it reflects different cultures and gift exchange practices worldwide. With a focus on authenticity, purity, and ethical practices, consumers, including the middle-class group, seek customized pieces through online retail channels. Designers leverage technology to create timeless treasures, destined for export to luxury markets across the globe. Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Drivers

Wedding celebrations play a significant role in driving the demand for jewelry, which is primarily seen as an occasional product. Bridal jewelry, including necklaces, wedding bands, and engagement rings, holds a substantial share in the market. The market is further fueled by the growing expenditure on bridal collections. India stands out as a major market for wedding jewelry, with increasing budgets allocated to wedding functions. The expanding middle-class population and rising disposable income contribute to the growth of the market as individuals save more for their own weddings and those of their family members. This increased savings translate into higher spending power on wedding functions and related products, including bridal jewelry.

Significant Market Trends

The introduction of AR in the market is the primary trend driving the market growth. Augmented reality is driving demand in the global 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 market.

Major Market Challenges

The global market is facing a major challenge with the decline in demand for gold jewelry as an investment option. Gold jewelry has traditionally been popular not only for personal adornment but also as a favoured investment choice, particularly in countries like India. Its high resale value and significance in gifting during weddings have contributed to its appeal. However, the market has witnessed a shift towards alternative investment options and intricate fashion jewelry in recent years, resulting in a decreased demand for gold jewelry. To address this, the Indian government introduced gold bonds as a measure to reduce reliance on gold as an investment avenue.

This decline in demand for gold jewelry poses a significant challenge to the overall growth of the global gems and jewelry market, given that it is the largest segment. Companies operating in the online jewelry retailing sector have been particularly affected by this trend, impacting their revenue. Weak consumer demand and the upward trend in gold prices are expected to further impact the growth of the global market.

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Who are the Major Market Players?

Companies 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. One of the major vendor in the market include:

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 report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

• 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.
• The Swatch Group Ltd.

Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified. Furthermore, it is also quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Analyst Overview

In the dynamic world of fashion, the market stands as a beacon of sophistication and elegance. From classic single-stone stud earrings to ornate pendants, it caters to diverse tastes and occasions. With a focus on luxury goods, the industry bridges different cultures through exquisite ornaments and traditional gift exchange practices. Consumer preferences, especially among the middle-class group, drive demand, emphasizing the importance of authenticity and purity. Ethical practices are increasingly prioritized in sourcing and production, reflecting the values of both designers and consumers. Leveraging online retail platforms, the market expands its reach to export destinations, shaping the global landscape of precious metals and luxury gems.

The market epitomizes the ever-evolving landscape of luxury and style, influenced by prevailing fashion trends and driven by the middle-class group of consumers seeking both elegance and affordability. With a rich history, the industry encompasses both the gold and diamond sectors, offering a diverse array of luxury metals and gems including white gold and rose gold. Catering to modern lifestyles, especially among working women embracing a Western lifestyle, branded jewelers leverage computer-aided design (CAD) and rapid prototyping (RP) for innovative designs, while e-commerce platforms provide convenient access. Both offline retail stores and online retail stores play pivotal roles in this vibrant gem and jewelry industry, supported by initiatives like the Gold Monetization Scheme and Special Economic Zones (SEZs).

The market encompasses various sectors, including the gold industry and the diamond industry, each contributing to the rich tapestry of luxury adornments. Within the market, the real jewelry segment thrives, offering an array of exquisite pieces ranging from bracelets to chains & pendants crafted with meticulous attention to detail. Innovations like 3D printing have revolutionized manufacturing processes, allowing for intricate designs and customization. Additionally, the gem and jewelry industry benefits from infrastructure such as Common Facility Centers (CFCs), facilitating production and fostering collaboration. Together, these elements shape a dynamic market catering to diverse consumer preferences and demands.

Segment Overview

The market research and growth 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. 

• Distribution Channel Outlook 
  • Offline
  • Online
• Type Outlook 
  • Gold
  • Platinum
  • Silver
  • Diamond
  • Gemstones
• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Argentina
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

 

Market Scope
Report Coverage	Details
Page number	175
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 7.55%
Market growth 2023-2027	USD 137.48 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	5.41
Regional analysis	APAC, North America, Europe, Middle East and Africa, and South America
Performing market contribution	APAC at 61%
Key countries	US, China, India, UK, and France
Competitive landscape	Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks
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.
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
Customization purview	If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2023 and 2027
• Precise estimation of the market size and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Market growth analysis across APAC, North America, Europe, Middle East and Africa, and South America
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Detailed analysis of customer landscape covering Diver of price sensitivity, Adoption of the lifecycle, and key purchase criteria
• Vendor landscape comparing criticality of inputs and factors of differentiation
• Exclusive Matrix on vendor position and classification
• Market forecasting of factors that will challenge the growth of the keymarket companies

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