How Much Revenue Jewelry Market Will Generate Globally Till 2030? |Grand View Research, Inc.Posted by Mrudula Karmarkar on July 8th, 2022 The global jewelry market size is expected to reach USD 518.90 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.5% from 2022 to 2030. The luxury goods industry continues to drive the market for jewelry, amid challenges concerning varying economic trends. The demand for jewelry is increasing as the world is recovering from a recession and the global financial crisis of 2008. Over the past few years, consumer preference has turned to branded jewelry. This trend is more prominent among the emerging upper middle class or wealthy consumers, particularly in Asia Pacific, for whom branded jewelry is a status symbol. According to the World Gold Council, India and China accounted for more than 50% of the global gold jewelry demand in 2018. Most consumers buy jewelry from international or established brands as they offer authentic and trustworthy products and unique designs. E-commerce is another important trend in the industry. Most consumers in this market prefer to research online before purchasing any product, and many make purchases from online portals for convenience. Technological advancements have been transforming the jewel industry, from mining and discovering precious metals to cloud solutions and e-commerce platforms. Computer-aided design (CAD), 3D printing, and augmented reality (AR) are among the most notable technologies that have been prompting the growth of the industry in recent years. From a distribution standpoint, the emergence and popularity of these technologies have been aiding jewelry manufacturers around the world to realize higher profit margins in retail outlets. A key trend that has been gripping the jewelry industry over the years is the transformation of the shopping experience using technology. For instance, in June 2017, YOOX NET-A-PORTER GROUP, an Italian online fashion retailer, partnered with Lumyer Inc., a U.S.-based app developing company, to launch an AR camera app designed to enable users to try on jewelry, sunglasses, and handbags in virtual reality. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/jewelry-market/request/rs1 The rising number of double-income households in emerging economies such as India, China, and Brazil have resulted in increased spending on luxury goods, including jewelry. Spending on luxury products is expanding at a more substantial rate in tier-II cities in India than in tier I cities. According to American Express, high-end spending in tier II cities between 2013 and 2018 grew 30 times faster than that in tier I cities. The rise in luxury spending in tier I and tier II cities is due to strict measures by the Indian government, such as an increase in excise duty on gold and diamond, demonetization, and a rise in taxes on luxury items to curb black money. Jewelry Market Report Highlights
The market is characterized by the presence of a number of well-established players such as Tiffany & Co., Pandora, Chow Tai Fook, and Louis Vuitton SE, in addition to several small players and mid-sized players such as Richemont, GRAFF, Signet Jewelers Limited, H. Stern, and Malabar Gold & Diamonds. The competition in the market is intense as some of the players are among the well-known manufacturers of jewelry items and accessories. Looking to enhance their consumer base, leading players in the industry are trying to increase their presence in Asia Pacific owing to the growing middle-class population with high disposable income. Asia presents over 50% of the global jewelry market and is expected to showcase high growth in the luxury jewelry segment in the coming years. These companies are primarily focusing on expansion and partnerships with established online retailers in the region to gain a competitive advantage. List of Key Players of Jewelry Market
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