Rising Precious Jewelry Purchase To Drive Luxury Jewelry Market Growth

Luxury Jewelry Market
Luxury Jewelry Market

Luxury Jewelry Market by Product Type (Necklaces, Ring, Earrings, Bracelets, Others), by Application (Men, Women, Children), by Distribution Channel (Online, Offline) and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2018 – 2026

The global Luxury Jewelry Market is estimated to be valued at US$ 60.9 Billion in 2023 and is expected to exhibit a CAGR of 7.85 % over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Luxury Jewelry is very expensive, lavish accessory that provides a level of exclusiveness and standard. Its look is enhanced by the extensive substances utilized to design it, from 18 carat gold to attractive eye-clean gems and clash-free stones of diamond. Apart from the limitations that have been occurred due to the COVID-19 epidemic, e-commerce is still an important method for luxury jewelers to spread among new users and enhance their sales. This can be made by utilizing a vast range of plans, from social media to digital-to-store enticements.

Competitive Landscape:

Key players involved in the growth of global Luxury Jewelry Market are Guccio Gucci S.p.A., Louis Vuitton SE., Chopard International SA, The Swatch Group Ltd., Pandora Jewelry, LLC, Signet Jewelers Limited, Richemont, MIKIMOTO, Tiffany & Co. and GRAFF.

Market Key Drivers:

The rise in female self-purchase of precious jewelry is expected to drive the growth of global Luxury Jewelry for Market. For instance, as per PGI's 2020 evaluation 77% of female residents in India and China and 59.0% of female users in America, bought non-bridal jewelry for self in 2020.

Rise in unisex pieces in the market is projected to propel the growth of global Luxury Jewelry for Market. For instance, Gucci's jewelry collection was designed at all genders and Bugari's B.Zero 1 Rock designs are modern, stylish, and unisex.

Covid-19 Impact Analysis:

The Covid-19 outbreak has adversely affected the growth of global Luxury Jewelry Market due to the disruption in supply chains. It created a mass interruption for buyers and also the sellers. Manufacturing and production units have been closed globally which has halted the production, sale, and selling of the product. This has also provided a chance for the organizations to look after their supply chain interactions and business models for the future. All these factors has impeded the market growth.

Key Takeaways:

The global Luxury Jewelry for Market is anticipated to exhibit a CAGR of 7.85 % during the forecast period owing to the rise in offline purchases. For instance, as per a survey in 2021, even though users browsed or chose products digitally, only 15-20% of them purchased online jewelry, and the remainder chose to buy these items from offline stores.

Among regions, North America, Europe and Asia Pacific are expected to witness robust growth in the global Luxury Jewelry Market due to mergers and acquisitions, product expansions and growing purchases of yellow gold, white gold and diamond. For instance, The luxury brands Graff and MIKIMOTO have announced the launch of a flagship stores in Hong Kong in 2020 and New York in 2021, consecutively.

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