Luxury Jewelry Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2021-2031

The Global Luxury Jewelry Market is projected to expand from USD 62.26 Billion in 2025 to USD 100.90 Billion by 2031, reflecting a CAGR of 8.38%. This sector is defined by high-value personal adornments crafted from rare gemstones and precious metals, characterized by exceptional craftsmanship, exclusivity, and brand heritage. Key growth drivers include the increasing purchasing power of affluent consumers and the enduring perception of these items as secure investment assets. Furthermore, the bridal and gifting segments provide a reliable demand base that remains strong despite broader economic fluctuations. Data from the World Gold Council indicates that in 2024, global spending on gold jewelry rose by 9% to reach US$144 billion.

However, a significant obstacle to market expansion is the volatility of raw material prices, particularly for commodities such as gold and diamonds. Rising input costs compel manufacturers to increase retail prices, which can stifle consumption volumes and deter price-sensitive buyers who might otherwise engage with the luxury category. This price instability presents a challenge to sustained growth by potentially limiting the breadth of the consumer base.

Market Drivers

A primary catalyst for industry evolution is the structural shift from unbranded to branded luxury jewelry, as consumers increasingly prefer established Maisons that guarantee authenticity, superior design, and resale value. This trend is especially prominent among high-net-worth individuals who view heritage brands as markers of distinction and stability compared to generic retailers. Consequently, major conglomerates are consolidating market share through aggressive expansion and marketing initiatives. For instance, Richemont’s "Annual Report and Accounts 2024" reported that sales for their Jewellery Maisons reached €14.24 billion, highlighting the dominant performance of branded heritage lines.

Simultaneously, rapid market penetration in the Asia-Pacific region and emerging economies is reshaping the global demand landscape. As urbanization accelerates and disposable incomes rise in nations such as China and India, there is a marked increase in the consumption of high-value adornments for both cultural milestones and personal gratification. Retailers are responding by expanding their presence in these high-growth territories to capture the burgeoning affluent class. According to Chow Tai Fook’s "Annual Report 2023/2024," revenue grew by 14.8% to HK$108,713 million driven by steady demand in Mainland China, while Hermès reported a 17% revenue increase in its jewelry-encompassing business line during the first nine months of 2024.

Market Challenges

The volatility of raw material prices constitutes a substantial barrier to the sustainable expansion of the global luxury jewelry market. When the costs of essential commodities like gold and diamonds rise, manufacturers face increased production expenses that are inevitably passed on to the consumer. This escalation in retail pricing restricts market accessibility, effectively pricing out aspirational buyers who are sensitive to valuation shifts. As a result, the market experiences a decline in consumption volumes as potential customers defer purchases or seek alternative goods, undermining efforts to acquire a broader customer base.

This inverse relationship between raw material costs and consumption volume is clearly demonstrated by recent industry performance metrics. According to the World Gold Council, global gold jewelry demand fell by 12% year-on-year to 459 tons in the third quarter of 2024 as consumers reacted to record-high price levels. This contraction in sales volume illustrates how raw material instability hampers physical market growth, as the burden of higher input costs directly stifles demand and disrupts the consistency required for long-term sector development.

Market Trends

The expansion of the secondary market for pre-owned and vintage luxury jewelry is fundamentally altering industry dynamics as consumers increasingly prioritize circularity and value retention. This trend is characterized by surging demand for investment-grade heritage pieces, driven by sustainability motivations and the financial appeal of proven assets during periods of economic uncertainty. Specialized digital consignment platforms are professionalizing this sector by offering rigorous authentication services that mitigate the risks traditionally associated with the secondhand trade. According to The RealReal’s "2024 Luxury Resale Report," sales for fine jewelry priced at $5,000 and above increased by 22% year-over-year, highlighting the robust shift toward high-value pre-owned luxury goods.

Concurrently, the shift toward recycled precious metals and ethically sourced gemstones represents a critical operational pivot for manufacturers addressing heightened environmental scrutiny. Brands are rapidly restructuring supply chains to ensure full traceability and minimize carbon footprints, moving away from newly mined materials associated with ecological degradation. This transition appeals to a discerning demographic that views environmental stewardship as a prerequisite for luxury consumption. For example, Pandora Group announced in September 2024 that it achieved its target of using only 100% recycled silver and gold for all jewelry crafting, a strategy that avoids approximately 58,000 tons of CO2 emissions annually.

Key Players Profiled in the Luxury Jewelry Market

• Guccio Gucci S.p.A.
• The Swatch Group Ltd.
• Compagnie Financiere Richemont SA
• Tiffany & Co.
• Signet Jewelers
• Graff Diamonds Limited
• Louis Vuitton Malletier SAS
• Le petit-fils de L.U. Chopard & Cie SA
• Pandora Jewelry LLC
• MIKIMOTO Co., Ltd.

Report Scope

In this report, the Global Luxury Jewelry Market has been segmented into the following categories:

Luxury Jewelry Market, by Raw Material:

• Diamond
• Gold
• Platinum
• Others

Luxury Jewelry Market, by Product:

• Necklace
• Ring
• Earring
• Others

Luxury Jewelry Market, by Distribution Channel:

• Offline
• Online

Luxury Jewelry Market, by Region:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Luxury Jewelry Market.

Available Customization

The analyst offers customization according to your specific needs. The following customization options are available for the report:

• Detailed analysis and profiling of additional market players (up to five).

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