July 21, 2024
Luxury jewellery

Luxury Jewellery Market Is Estimated To Witness High Growth Owing To Increasing Demand for Personalized and Customized Jewellery

The global luxury jewellery market is estimated to be valued at US$ 56.02 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Luxury jewellery refers to exquisite and high-quality jewellery items made of precious metals and gemstones, often adorned with diamonds and other precious stones. These jewellery pieces are known for their exclusivity, craftsmanship, and design aesthetics. Luxury jewellery is associated with wealth, status, and prestige, and is considered a symbol of luxury and elegance.

The need for luxury jewellery is driven by various factors, including increasing disposable income, changing consumer preferences towards luxury products, and rising demand for personalized and customized jewellery. Luxury jewellery is often purchased as a form of investment, as these pieces tend to appreciate in value over time.

Market Key Trends:

One key trend in the luxury jewellery market is the growing popularity of personalized and customized jewellery. Consumers are increasingly seeking unique and one-of-a-kind jewellery pieces that reflect their individuality and personal style. This trend is driven by the desire for self-expression and the need to own something exclusive.

Luxury jewellery brands are responding to this trend by offering customization options, allowing customers to choose the design, metal, gemstones, and other elements of their jewellery. This customization trend not only enhances the customer experience but also allows brands to differentiate themselves in the market and cater to the evolving consumer preferences.

Overall, the global luxury jewellery market is expected to witness significant growth in the coming years, driven by factors such as increasing disposable income, changing consumer preferences, and the growing trend of personalized and customized jewellery.

PEST Analysis:

  • Political: The political environment can have both positive and negative effects on the luxury jewellery market. Global political stability and favorable trade policies can encourage international trade and growth of the market. However, political instability, conflicts, and regulatory changes can disrupt supply chains and affect consumer confidence.
  • Economic: The luxury jewellery market is highly sensitive to economic conditions. During periods of economic growth, consumers have higher disposable incomes and are more likely to purchase luxury items. Conversely, during economic downturns, consumers may prioritize essential items over luxury purchases, which can impact the market negatively.
  • Social: Social factors play a significant role in shaping the demand for luxury jewellery. Changing consumer preferences, fashion trends, and cultural influences can impact the popularity of certain designs and materials. For example, a shift towards sustainability and ethical sourcing is influencing consumer choices in the luxury jewellery market.
  • Technological: Technological advancements can both disrupt and enhance the luxury jewellery market. E-commerce platforms have provided new ways for consumers to access luxury jewellery and increased market accessibility. Additionally, technological innovations in manufacturing processes and gemstone grading have improved product quality and reduced costs.

Key Takeaways:

The Luxury Jewellery Market Growth is expected to witness high, exhibiting a CAGR of 7.1% over the forecast period from 2023 to 2030. The market size for 2023 was US$ 56.02 Bn. This growth can be attributed to several factors, including increasing disposable incomes, expanding middle-class populations in emerging economies, and growing consumer preference for luxury goods.

In terms of regional analysis, Asia-Pacific is expected to be the fastest-growing and dominating region in the luxury jewellery market. The region’s strong economic growth, rising disposable incomes, and increasing urbanization are driving the demand for luxury jewellery. China and India, in particular, are significant contributors to the market’s growth in the Asia-Pacific region.

Key players operating in the luxury jewellery market include Gucciogucci S.P.A., Harry Winston, Inc., Societe Cartier, Tiffany & Co., Compagnie Financiere Richemont SA, Buccellati Holding Italia SpA, Graff Diamonds Corporation, Bulgari S.p.A, K. Mikimoto & Co., Ltd., and Chopard International SA. These key players have a significant market presence and play a crucial role in shaping the market dynamics. Their brand reputation, product quality, and marketing strategies contribute to their success in the luxury jewellery market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it