Luxury Jewelry Market Expected to Reach $40.19 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Luxury Jewelry Market," The Luxury Jewelry Market Size was valued at $21.75 billion in 2021, and is estimated to reach $40.19 billion by 2031, growing at a CAGR of 6.4% from 2022 to 2031.

The global luxury jewelry market gained momentum due to rise in disposable income and improvement in living standards. Apart from the developed regions where fashion apparels and accessories have strong foothold, novel products such as luxury jewelry and luxurious products are gaining importance in developed as well as developing regions.

The standard of living among people is increasing, owing to higher disposable incomes, improvement in lifestyle, and increase in corporate culture. Increased proliferation of corporate entities in developing nations has popularized the “carrying expensive & luxurious products” culture among consumers. Based on the analysis and prevailing trend, consumers in developing countries are expected to gradually gain understanding of personal appearance. In addition, the impact of this driver is anticipated to continue during the forecast period.

Online sales is the new trend in the global market especially for luxury goods. Increase in the number of online portals as well as their rising popularity fueled the Luxury Jewelry Market Growth. Growth in the number of working professionals and busy lifestyle supplemented with technological awareness are the key factors responsible for boosting online sales. In addition, online sales offer direct-to-home delivery service, which is one of the key driving factors among urban as well as semi-urban consumers.Online sales trend was limited to developed nations, but has recently gained prominence in the developing nations.

Moreover, the rise in interest in luxury jewelry among both female and male consumers as a result of celebrity endorsement has paved the way for luxury jewelry. Furthermore, rising disposable income and living standards in emerging markets such as India, as well as a growing consumer preference for fashion accessories, are the Luxury Jewelry Market Trends. However, the availability of low-quality and counterfeit products, as well as price fluctuations in the raw materials used to make these jewelries, limit market growth.

Over the Luxury Jewelry Market Forecast period, market demand will be driven by fluctuating gold prices and a surge in the prices of diamonds and other precious metals. Increased awareness of new fashion trends and acceptance of new and changing lifestyles, as well as an increase in people's per capita income, will drive business growth in the coming years. Furthermore, the market will benefit from easy access to colored stone jewelry at lower costs and with some less maintenance fees in the near future.

COVID-19 disease began to spread around the world in early 2021, infecting millions of people, and major countries worldwide enacted foot prohibitions and work stoppage orders. So apart from medical supplies and life support products, most industries have been severely impacted, including the luxury jewelry industry. The luxury jewelry market has declined significantly as economic growth has slowed, but it had been growing at a relatively optimistic rate in the four years preceding COVID-19.

Based on the Luxury Jewelry Market Analysis, the market is segmented into product type, application and distribution channel. On the basis of product type, the market is categorized as necklaces, earrings, rings, bracelets, and others. As per application, it is divided into men, women and children. Based on distribution channel, the luxury jewelry market is segmented as online and offline.

Based on the product type, Earrings segment witness a Luxury Jewelry Market Opportunities in the market. The reason for this is that the availability of lightweight earrings in a various designs and colors that can be worn with a variety of outfits creates market growth opportunities.

By application, the women segment held the largest market share due to increase in spending power, aided by the working female population. The women segment is expected to reach $24,104.6 million by 2031.

Depending on the distribution channel, the offline segment led the market, because retail sales channels provide value-added services such as customer care such as customer care. Moreover, online segment witnesses a significant growth rate of 6.9% during the forecast period.

Product launches, mergers & acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the market. The key players in the luxury jewelry market include Avon Products Inc., Chopard International SA, Giorgio Armani S.p.A, GRAFF, Guccio Gucci S.p.A., LVMH, MIKIMOTO, Pandora Jewelry, LLC, Prada S.p.A, Signet Jewelers Limited, Sukkhi Fashion Jewelry, Swarovski Group, Tanishq, Tribe Amrapali, and Youbella.

Key findings of study

• By type, necklaces was the major segment of the market in 2021, and is anticipated to grow at a significant CAGR of 5.9% during the forecast period.
• Depending on application, the men segment is expected to grow at a CAGR of 6.9%, in terms of value, during the forecast period.
• As per distribution channel, the online sales channel is anticipated to grow at a CAGR of 6.9% during the forecast period.
• Region wise, Asia-Pacific was the dominant region in 2021, occupying 34.6% Luxury Jewelry market share.