Jewelry and Silverware Global Market Report 2024

The jewelry and silverware market size has grown strongly in recent years. It will grow from $231.43 billion in 2023 to $248.49 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. Historical growth was driven by cultural importance, economic prosperity, celebrations, craftsmanship, metal price fluctuations, global markets, and effective marketing.

The jewelry and silverware market size is expected to see strong growth in the next few years. It will grow to $325.68 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. Forecasted growth is driven by sustainability, social media impact, changing demographics, smart jewelry integration, global luxury trends, and the resurgence of vintage styles. Key trends include artisanal designs, innovation in jewelry, smart wearables, diverse materials, and online/direct-to-consumer sales.

The jewelry and silverware market are anticipated to experience growth due to an increasing number of weddings. The demand for gold, silver, diamonds, and other jewelry is driven by significant expenditures on wedding ceremonies and celebrations. For instance, in the Netherlands, data from Statistics Netherlands (CBS) revealed a notable increase, with nearly 40.5 thousand couples getting married in the first seven months of 2022, marking a nearly 38% rise from the 29.3 thousand recorded in the same period of 2021. Additionally, the US experienced a surge in weddings, reaching approximately 2.5 million in 2022, the highest since 1984, with an average spending of about $24,500 per wedding. This global trend of rising marriage rates is expected to drive the jewelry and silverware market.

The growth of the jewelry and silverware market is also expected to be fueled by an expanding middle-class population. The middle-class segment, characterized by moderate incomes and a comfortable standard of living, is positioned between the affluent upper class and lower-income groups. The increasing size of the middle class, particularly in emerging markets, influences the demand for luxury jewelry driven by fashion trends and a desire for personalization. According to the European Commission, it is projected that the global middle-class or consumer class will expand to 4.8 billion individuals by 2030, representing a significant increase of 1.3 billion individuals with increased purchasing power. This growth in the middle-class population is expected to be a key driver for the jewelry and silverware market.

Jewelry and silverware manufacturers are increasingly adopting Computer-Aided Design (CAD) software, leveraging its precise measurement capabilities. CAD software, commonly used by engineers and architects, facilitates the creation of accurate drawings for various objects. Its integration into jewelry making allows manufacturers to customize jewelry with high precision, catering to specific customer requirements. The utilization of CAD software in the design process enables the creation of virtual models, leading to cost savings by replicating these models during manufacturing.

Major companies are focusing on innovation, introducing products such as non-bridal fashion jewelry to enrich their product offerings and gain a competitive edge. Non-bridal fashion jewelry includes a diverse range of accessories such as necklaces, earrings, bracelets, and rings designed for everyday wear and fashion expression, distinct from jewelry intended for weddings or bridal occasions. For instance, Verragio Ltd., a US-based bridal jewelry manufacturer, unveiled a line of non-bridal jewelry in May 2023. This collection comprises three distinct series, seamlessly integrating key design elements from Verragio's renowned bridal collections, including engagement ring halos and a distinctive beading style. The Veritage collection features essential jewelry pieces, such as diamond pendants and hoops, inspired by Verragio's design heritage, incorporating elements such as the company crest, signature beading style, and settings from their acclaimed bridal collections. This strategic focus on non-bridal fashion jewelry showcases the industry's responsiveness to evolving consumer preferences and style trends.

Major companies operating in the jewelry and silverware market report are Berkshire Hathaway Inc., Tiffany & Co., Christian Dior SE, Compagnie Financiere Richemont SA, Kering SA, Pandora A/S, Rajesh Exports, James Avery Craftsman Inc., The Swatch Group, Crysobel, Titan Ring Designs LLC, Silvesto India Private Limited, Reed & Barton, Wheeler Manufacturing Co. Inc., Lunt Silversmiths, Rockleigh Industries Inc., DM Jewelry Design Studio, Mangla International, Gorham Company, International Silver Company, Custom Fashion Jewels, Navika USA Inc., Kole Design, Lavie Jewels, Towle Manufacturing Company, Lee's Manufacturing Co. Inc., Derewala Industries Limited, Steel Threads, Frank Smith Silver Company, Kirk-Steiff Company, Akrati Jewels Inc., Dwarka Jewel, Kanhai Jewels, Gayatri Gems And Jewels Private Limited, Tokan Inc., Sun Diamonds Pvt. Ltd., Tuttle Silver Company, Wallace Silversmiths.

Asia-Pacific was the largest region in the jewelry and silverware market in 2023. Western Europe was the second largest region accounting in The jewelry and silverware market. The regions covered in the jewelry and silverware market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the jewelry and silverware market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa. The jewelry and silverware market consists of sales of fine silver, sterling silver, silver-plated jewelry, and silver-filled jewelry. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The primary types are jewelry and silverware, with silverware including metal eating utensils, tableware, and serving pieces made of or coated with silver. Distribution occurs through online stores, specialty shops, hypermarkets, and other retail outlets, catering to both men and women.

The jewelry and silverware market research report is one of a series of new reports that provides jewelry and silverware market statistics, including jewelry and silverware industry global market size, regional shares, competitors with a jewelry and silverware market share, detailed jewelry and silverware market segments, market trends and opportunities, and any further data you may need to thrive in the jewelry and silverware industry. This jewelry and silverware market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.