The global jewelry market size is expected to reach USD 480.5 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.1% over the forecast period. The market is expected to witness significant growth due to increase in disposable income and shift in consumer shopping preferences.
Ring accounted for the largest market share in 2018 owing to increasing consumer inclination towards elegant and stylish products. Rings are available in a variety of sizes and designs, thereby increasing their consumption among men as well. Additionally, many precious stones are discovered that can be mounted in the rings. This is expected to result in product innovation and drive the demand for rings in the forecast period.
Bracelets are expected to witness substantial growth over the projected period due to high popularity and availability. Bracelets have replaced bangles in daily wear and are seen as a style statement by majority of the working-class women. This shift in consumer perception related to jewelry products is expected to drive the overall demand.
Majority of the sales in the market were driven by gold and the maximum gold jewelry sales were recorded in China and India. Being the world’s largest jewelry market, China is the major consumer of gold and diamond. Increasing awareness among consumers related to various hallmarks to authenticate purity of gold is another factor boosting the growth of the gold jewelry. Sales of diamond jewelry are expected to increase at a significant rate owing to changing consumer lifestyle in the developed countries.
In 2018, Asia Pacific held the largest jewelry market share in terms of revenue due to the presence of the major players as well as high demand from countries like China, India, and Hong Kong. Asia Pacific is anticipated to witness substantial growth due to increasing disposable income of the population in this region. Changing fashion trends, along with awareness regarding authenticity of precious gems and metals, are the other factors propelling the market growth in this region.
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Further key findings from the study suggest:
- By material, platinum is expected to witness a decline in the forecast period owing to its costliness and increasing consumption of gold and diamond. However, its demand may increase in North America due to highly developed countries and rich lifestyle
- The ring product segment dominated the jewelry market in 2018 due to its increasing consumption in day-to-day routine and introduction of a variety of engagement and wedding jewelry collections by major manufacturers
- The industry is highly competitive in nature due to the presence of many key global players. The local players are expected to give stiff competition owing to their unorganized nature of sales
- As a step towards diamond transparency and consumer loyalty, Tiffany & Co. has begun sharing the provenance of its newly sourced diamonds with the customers.