The new report by Expert Market Research titled, ‘Global Jewellery Market Size, Share, Price, Trends, Report and Forecast 2021-2026’, gives an in-depth analysis of the global jewellery market, assessing the market based on its segments like source, product, industry, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
• Historical Market Size (2020): USD 228 billion
• Forecast CAGR (2021-2026): 5.1 %
• Forecast Market Size (2026): USD 307 billion
The jewellery industry has a vast client base which helps manufacturers to cater to a large market and earn profits. Customers are attracted by the constant introduction of new designs and emerging fashion trends in the industry, which is leveraged by companies in the market to innovate more products and designs to increase customers and revenue. In addition, evolving lifestyles, perception of jewellery as a status symbol, and increasing acceptance of jewellery among men are expected to further propel the market growth. Items such as cufflinks, plain gold chains, tie bars, cartography necklaces and signet rings are some of the products popular among men.
Based on type, the real/fine segment contributes to a significant share of revenue in the industry due to its luxury design and premium appearance. On the other hand, costume jewellery is expected to see increased adoption in the forecast period due to a growing consumer preference for trendy and affordable jewellery that can match their outfit perfectly. This segment is further supported by its low production cost as less-precious materials are used. Necklace, charms, and bracelets account for almost half of the market share.
Industry Definition and Major Segments
Jewellery refers to ornamental pieces or decorative items made by shaping and refining precious metals or stones. The type of metal or stone being used also determines the cost of the jewellery. Various kinds of jewellery available include rings, necklaces, earrings, or bracelets, etc. They are mainly worn as an accessory to enhance beauty, as a mode of long-term investment and may also be regarded as a mark of status.
It also reflects different cultures and feelings and serves devotional purposes. Branded and premium luxury jewellery products such as diamond and platinum are generally favored by high income population, while the middle-class population prefers gold and silver jewellery. The steps involved in jewellery manufacturing include designing, casting, divestment, finishing, stone setting and plating.
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Based on product, the market is divided into:
• Necklace
• Ring
• Earrings
• Charms and Bracelets
• Others
Based on material type, the industry can be segmented into:
• Silver
• Gold
• Platinum
• Diamond
• Others
By category, the industry is categorised into:
• Branded
• Unbranded
By type, the industry is categorised into:
• Real/Fine
• Costume
By type, the industry is categorised into:
• Men
• Women
By distribution channel, the industry is categorised into:
• Offline
• Online
By region, the industry is categorised into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
The changing lifestyles and increasing disposable incomes, along with strong branding and advertising by the key players, are the main factors driving the growth of the market. Demand for premium and luxury goods and services has contributed considerably to the demand for gold and diamond jewellery. Although these jewellery products are considered a sign of high status and can help augment the overall appearance of a person, disruptions in supply chains and rising raw material prices can hinder the market growth. However, this may be counterbalanced by the increasing design innovations and celebrity endorsements.
The rising trend of bridal jewellery is also becoming popular within the market. In countries such as India, weddings are considered important events that involve a lot of ritual and functions where women often adorn heavy jewellery. The availability of customization for products such as necklaces, hairpins and bangles are highly preferred by women.
Gold chains, rings and necklaces are no longer used for weddings and celebrations alone, as both men and women wear these items as a fashion statement. Earrings and bracelets are also popular as gifts for various events, such as birthdays and anniversaries. This consumer behavior is expected to have a significant positive impact on market growth. Cross-cultural jewellery designs are being increasingly leveraged by manufacturers for product innovation.
Designs inspired by ethnic Brazilian women, Greek and Roman culture, have witnessed increasing popularity. Rising awareness about the authenticity and quality of the metals and gemstones used in jewellery is contributing to the market growth. Manufacturers follow the authenticity standards, as well as educate their customers through advertising campaigns. In addition, the market is anticipated to grow significantly through online channels as major brands focus on using their websites to announce new product launches, sales, and other important information. Growing incidences of e-commerce scams, and lack of consumer knowledge about hallmarks on jewellery may hamper the market growth.
North America is expected to remain amongst the leading markets in the forecast period attributable to aggressive advertising and branding of the products. Countries in Asia Pacific, such as India and China, are witnessing rapid growth in terms of revenue and consumption. Gold is consumed on a massive scale in China due to its rapidly developing economy.
The prominence of jewellery in Indian culture, increasing living standards, and a rising influence of social media, are factors leading to the market growth in the region. Jewellery designs in UAE and Saudi Arabia are considered highly unique and world-famous, which is expected to propel the market growth in this Middle East region. Additionally, presence of gold mines and the rise of UAE as the largest diamond trading hub, is further expected to contribute significantly to market growth in the region.
Key Market Players
The major players in the market are Tiffany & Co, Cartier SA, CHRIST Jewellers and Watchmakers GmbH Company, Chow Tai Fook Jewellery Company Limited, Graff Diamonds Limited, Gitanjali Group, Tanishq Ltd, among Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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