Global Jewellery Market Size, Share, Growth and Trend Analysis Report, 2032

Summary
Market Landscape
Methodology
Table of Content

Global Jewellery Market Size, Share & Growth and Trend Analysis Report, By Product (Necklace, Ring, Earring, Bracelet and Others), By Material (Gold, Platinum, Diamond and Others), By End-user (Men, Women, Children) and Regional Forecasts (Asia Pacific, Europe, North America, Latin America and Middle East & Africa), 2024 – 2032

The jewellery market refers to the industry involved in the design, manufacturing, and retailing of jewellery products such as rings, necklaces, bracelets, and earrings. It includes both fine jewelleries made with precious metals and gemstones, as well as costume or fashion jewellery. The market is driven by consumer preferences, cultural significance, and luxury trends. Key segments include bridal, fashion, and investment jewellery. The market is influenced by factors such as economic conditions, fashion trends, and technological advancements in jewellery production.

The Global Jewellery Market is projected to reach a valuation of USD XX billion by 2032, growing at an estimated compound annual growth rate (CAGR) of around 5% during the forecast period. This growth is driven by the increasing demand for customized jewellery and a rising preference for sustainable and ethically sourced material.

Industry Trends

A key trend in the jewellery market is the rise of personalized and customizable jewellery, where consumers seek unique designs, engravings, and birthstone-based pieces to reflect individuality and personal style. The increasing demand for sustainable and ethically sourced jewellery is significantly driving market growth, as consumers become more conscious of environmental and social issues.

Preferences are shifting towards lab-grown diamonds, which offer a conflict-free and eco-friendly alternative to mined diamonds, as well as recycled metals that contribute to reducing the industry's carbon footprint. This shift is further fueled by growing transparency in sourcing practices, stringent regulations, and brand initiatives promoting responsible luxury.

However, the global jewellery market faces notable challenges, particularly due to fluctuating raw material prices. The volatility in gold, diamonds, and other gemstones can directly impact production costs and profit margins, making pricing strategies complex for manufacturers and retailers.

Additionally, geopolitical uncertainties, including trade restrictions, currency fluctuations, and supply chain disruptions, add another layer of unpredictability, affecting both sourcing and distribution. These factors create a dynamic market environment, requiring industry players to adapt to changing economic conditions and consumer expectations.

TT Consultants’ Perspective

The jewellery market is entering an exciting phase where tradition meets innovation. The growth trajectory is supported by robust demand from emerging markets, increasing digital adoption, and a heightened focus on sustainability. Companies that leverage technology for personalized experiences and embrace ethical practices are well-positioned to capitalize on this growth.

Additionally, regional players can gain a competitive edge by catering to local tastes while maintaining global standards of quality. Overall, the jewellery market’s future shines bright, driven by its ability to adapt and innovate in a rapidly evolving consumer landscape.

Market Segmentation

1. By Product (Necklace, Ring, Earring, Bracelet and Others)

Necklaces accounted for the largest share of USD XX Bn in 2024 and are anticipated to grow at a CAGR of XX% due to their cultural significance and increasing demand for luxury statement pieces. The rise of personalized designs and incorporation of modern styles into traditional necklace patterns further drive this segment. On the other hand, rings are projected to experience a steady CAGR of XX% in the global jewellery market, driven by their popularity in engagement and wedding segments. The trend of stacking rings and the availability of rings with unique gemstone settings have added momentum to this segment.

2. By Material (Gold, Platinum, Diamond and Others)

Gold jewellery with a revenue of USD XX bn in 2024 led the global jewellery market and is anticipated to grow at a CAGR of XX%, owing to its cultural and economic value in emerging markets. Innovations in gold alloy formulations for lightweight and durable jewellery are enhancing its appeal. Platinum jewellery, with a CAGR of XX%, is gaining popularity for its rarity and modern appeal.

The use of platinum in intricate and minimalistic designs, as well as its hypoallergenic properties, drives demand. Diamond jewellery is forecasted to grow at a CAGR of XX%, driven by increasing demand for bridal and bespoke designs. Lab-grown diamonds are also emerging as a cost-effective and sustainable alternative, further propelling growth in this segment.

3. By End-user (Men, Women, Children)

Women jewellery represents the largest segment with a share of USD XX bn in 2024 for the global jewellery market and is set to grow at a CAGR of XX%, fueled by evolving fashion trends and increased purchasing power. Growing awareness of self-purchasing among women and the availability of diverse options cater to this market’s expansion.

Men’s jewellery is forecasted to grow at a CAGR of XX%, reflecting a shift towards accessorizing and self-expression. The popularity of cuff links, tie pins, and understated rings has seen significant growth among male consumers. Children’s jewellery, the niche segment is expected to grow at a CAGR of XX%, supported by increasing gifting trends for special occasions. The focus on safety, comfort, and playful designs in children’s jewellery enhances I ts market appeal.

4. By Region (North America, Europe, Asia Pacific, Latin America, Middle East Africa)

Asia Pacific dominated the global jewellery market with a revenue contribution of USD XX bn, and the region is projected to grow at a CAGR of XX%, driven by high demand in countries like India and China. With a CAGR of XX%, the European market thrives on luxury and heritage jewellery brands, while the market in North America is expected to grow at a CAGR of XX%, supported by technological innovations and e-commerce.

Asia Pacific has been the dominant region in the global jewellery market, with a significant revenue contribution due to the high demand in countries like India and China. The growing middle-class population, increasing disposable incomes, and a strong cultural affinity for jewellery in these countries are driving the market’s growth.

India, for example, has a rich tradition of gold and gemstone jewellery, and China’s growing consumer base is fueling the demand for both luxury and fashion jewellery. This region is projected to continue expanding at a strong compound annual growth rate (CAGR) due to increasing consumer preferences for both traditional and modern jewellery styles, along with the rise of online sales platforms.

In Europe, the jewellery market thrives due to the strong presence of luxury and heritage brands. Countries such as Italy, France, and Switzerland are renowned for their high-end jewellery craftsmanship and legacy, attracting consumers looking for exclusive, high-quality products.

The European market is expected to grow at a steady CAGR, as consumers continue to value craftsmanship, heritage, and prestige in their jewellery purchases. Additionally, there is an increasing trend toward sustainability and ethical sourcing in the region, which is influencing consumer behaviour.

In North America, technological innovations and the rapid growth of e-commerce are key drivers of the jewellery market's expansion. With the rise of online jewellery stores and the use of augmented reality (AR) and virtual try-ons, consumers are becoming more inclined to make jewellery purchases online.

The North American market is expected to grow at a healthy CAGR as a result of these advancements in technology, which enhance the customer shopping experience. Additionally, luxury jewellery remains a popular segment, particularly in the U.S., where consumer demand for branded and high-end jewellery is strong.

Competitive Scenario

The jewellery market is a dynamic and diverse industry featuring numerous players competing for market share. High-end luxury brands stand out by offering exceptional and exclusive designs tailored to affluent consumers. These brands distinguish themselves using rare and precious materials, masterful craftsmanship, and iconic collections that have become symbols of status and elegance.

The major players in the market are Pandora, Tiffany & Co., Cartier, Swarovski, Chow Tai Fook, Signet Jewellers, Bulgari, Harry Winston, Blue Nile, and Richemont among others.

Recent Developments and Strategic Activities:

In April 2024, Limelight Lab Grown Diamonds secured a USD 1 million investment from two prominent jewellery companies.
In February 2024, the Aditya Birla Group announced the launch of its jewellery venture, Novel Jewels, that was set to debut in July.
In January 2023, Vrai & Oro, LLC launched the bride’s fine jewellery collection VRAI x Brides. The collection includes engagement rings, wedding bands, earrings, necklaces, and bracelets.
January 2023, Tanishq, a Titan Ltd-owned jewellery brand, entered the U.S. market by opening its first store in New Jersey. The store houses over 6,500 jewels designs in 18 and 22-karat gold and diamond.