New York, US, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Luxury Jewelry Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), Luxury Jewelry Market Information By Type, Material, End-User, Distribution Channel, and Region - Forecast till 2030", By 2030, the market for luxury jewelry would be worth USD 95.78 billion. Additionally, between 2022 and 2030, it will acquire a CAGR of 7.85%.
The market for luxury jewelry is expanding quickly and is very dynamic. The extremely fragmented global market for luxury jewelry is mostly determined by consumer behavior and fashion trends. To compete in the local and worldwide market, jewelry producers must pay attention to the shifting trends and innovations. The market is anticipated to develop as a result of the incorporation of new technology, such as Computer-Aided Design (CAD), in the production of jewelry. Complex designs are made possible by CAD technology, which also enables producers to produce innovative jewelry designs that would be difficult to build manually.
Additionally, jewelry has evolved into means of self-expression, with many customers seeking out distinctive and significant items. A variety of unconventional styles, shapes, and materials can now be found in jewelry collections. Customers' sense of individuality was piqued by asymmetrical cuts, gemstone flaws, practical goods, and opaque diamonds, which offered a personality dimension. The US Vice President Kamala Harris, as well as A-list actors, musicians, and members of the British Royal Family, gave pearl jewelry their enthusiastic support at high-profile public events.
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|Market Size in 2030||USD 95.78 billion|
|Forecast Units||Value (USD billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Material, End-User, Distribution Channel, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Raising discretionary cash flow levels|
|Expanded interest for very good quality style things|
Market Competitive Landscape:
The important companies in the luxury jewelry industry include
- Buccellati Holding
- Italia SPA
- Chopard International SA
- Mikimoto & Co. Ltd.
- Bulgari S.P.A.
- Graff Diamond Corporation
- Compagnie Financiere Richemont S.A.
- Tiffany & Co.
- Societe Cartier
- Harry Winston Inc.
- Guccio Gucci S.P.A.
- LVMH Moet Hennessy
- Signet Jewelers
- Cartier International SNC
- Rajesh Exports Ltd.
Generation Z and millennials appreciated corporate social responsibility and it affected their shopping habits even before the crisis. As a result, the mining companies Gemfields and Muzo, along with luxury brands like LVMH, Chopard, Kering, Richemont, and Swarovski, created the Gemstones and Jewellery Community Platform, where all participating firms support the acquisition of sustainable materials.
Recent market advancements through mergers, acquisitions, collaborations, and sponsorships have mostly focused on rebranding, store openings, and new product introductions.
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Market USP Covered:
Consumers are increasingly following the latest fashion trends that shift their focus towards items that provide a trendy look. The luxury jewelry industry benefits largely from the prevalence of numerous occasions including fashion shows, weddings, bridal showers, parties, and more. The entertainment industry is one of the major consumers of luxury jewelry, pushing the market demand to a great extent. Frequent technical developments in the manufacturing processes, the introduction of the latest fashion trends, and the availability of different designs and materials bolster the market growth rate.
The rapid expansion of the retail sector paired with the emergence of numerous e-commerce sites offers a great many opportunities to major brands. Several vendors are now turning towards online shopping sites to sell their products, given the lower costs involved compared to physical retail outlets. E-commerce lets the brands have more consumer reach than any other outlets, resulting in huge brand awareness.
The high cost of luxury jewellery is a significant barrier to the market's expansion. Due to its high price, only a select group of consumers are interested in luxury jewellery. For instance, Coherent Market Insights reports that the average price of luxury jewellery is between US$1,500 and US$10,000, while the average price of inexpensive jewellery is less than US$1,500. As a result, the majority of consumers favour reasonably priced jewellery that is under US$1,500. However, it is anticipated that as global consumer disposable income rises, the impact of the high cost of luxury jewellery would lessen.
COVID 19 Analysis
Every stage of the supply chain, from mining firms to well-known jewelry manufacturers globally, was impacted by the COVID-19 epidemic, which had a huge influence on the market for luxury jewelry. Due to a decline in the global demand for fine jewelry, major mining companies had to reduce their level of output. To stop the epidemic from spreading, jewelry show organizers have decided to postpone or cancel their events all around the world. To resurrect the market for luxury jewelry, several governments are concentrating on implementing various programs. For instance, in order to lower the price of precious metals in India, the Indian government increased import duties on gold and silver (from 12.5% to 7.5%) and platinum and palladium (from 12.5% to 10%).
Luxury jewelry types are rings, accessories, hair adornments, armbands, leg and feet decorations, hoops, and more. The stud segment could thrive at the fastest pace in the coming years, given the growing popularity among teenage girls worldwide.
Luxury jewelry market, with respect to material, can be divided into silver, pearls, gold, platinum, precious stone, and more. The gold section forms the biggest share in the market.
Women and men are the top end-users listed in the MRFR study.
By Distribution Channel
Distribution channels that sell a variety of luxury jewelry are store-based and non-store-based.
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Europe takes the lead, with growth rendering factors cited to be the escalating number of online buyers, and the burgeoning female population. The vast middle-class populace along with the surging tourism further fosters the market value. The market share will be further bolstered by the rise in promotional as well as advertising activities trying to get the attention of more consumers. Luxury jewelry brands are targeting consumers of certain age groups, like adolescents and youth. They are also introducing new designs as well as colors to appeal to the consumers, thereby raising the business worth in the region.
Asia Pacific could make considerable profits in the years ahead, offering attractive business opportunities to the international manufacturers. Majority of the consumers in the region are following the latest fashion trends, especially in China and India where luxury accessories are gaining massive popularity. Surge in the urbanization rate, growth in consumers' disposable incomes, and their purchasing prowess result in booming sales of luxury jewellery as well.
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