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

The Global Jewelry Market is projected to expand from USD 267.15 Billion in 2025 to USD 385.22 Billion by 2031, registering a CAGR of 6.29%. Defined as items of personal adornment typically crafted from precious metals and gemstones, the industry is fundamentally driven by rising global disposable incomes and the deep cultural significance of these goods for weddings and festivals. Furthermore, sustained consumer demand is supported by the dual role of jewelry as both a fashion statement and a financial investment, a sentiment underscored by the World Gold Council's report that global spending on gold jewelry reached a record US$144 billion in 2024.

One significant challenge hindering market expansion is the volatility and historic highs of raw material costs. When the prices of essential inputs like gold and diamonds surge, manufacturers are often compelled to raise retail prices, which directly impacts affordability for mass-market consumers. This price sensitivity can stifle volume growth in emerging regions and force a market shift toward lower-margin products or alternative materials.

Market Drivers

The market is significantly reshaped by the rapid penetration of lab-grown diamonds and synthetic gemstones, which offer an ethically marketed and cost-effective alternative to mined stones. This shift allows consumers to access larger carat weights at accessible price points, expanding the customer base to include younger demographics who prioritize sustainability and value, a trend highlighted by Pandora’s report of a 43% comparable sales increase in its lab-grown collection for 2024. Retailers are aggressively integrating these products to mitigate the impact of high rough diamond prices and align with modern ethical standards, thereby disrupting traditional pricing models.

Concurrently, there is a decisive growing preference for branded and organized jewelry retailers, driven by consumer demand for trust, certified purity, and superior design innovation. In key markets like India and China, shoppers are migrating from unorganized local family jewelers to established corporate brands that offer transparent exchange policies and seamless omni-channel experiences. This consolidation trend is evidenced by Titan Company's 20% growth in jewelry division income to ₹38,353 crore for the fiscal year ended March 2024, and a 4% year-over-year increase in US jewelry sales during the 2024 holiday season, indicating resilient demand across organized channels.

Market Challenges

The high volatility and escalating costs of raw materials serve as a primary restraint on the growth of the global jewelry market. As the prices of essential inputs like gold and diamonds reach historic peaks, manufacturers are compelled to increase wholesale and retail prices to protect their margins, creating inflationary pressure that reduces discretionary spending. In price-sensitive regions where jewelry is often purchased by weight for cultural reasons, steep price hikes frequently result in deferred purchases or a shift toward lighter, lower-margin items, thereby limiting overall revenue potential.

This adverse impact on volume is substantiated by recent industry performance data, which indicates a contraction in consumption. According to the World Gold Council, global gold jewelry demand decreased by 12 percent year-on-year to 459 tons in the third quarter of 2024 as a direct result of record-high local gold prices. This decline illustrates how elevated input costs create a barrier to market entry for mass-market consumers, making it difficult for the market to maintain volume growth as the gap between production costs and consumer purchasing power widens.

Market Trends

The growth of the second-hand and vintage resale market is fundamentally reshaping consumption patterns as buyers increasingly view jewelry as both a store of financial value and a sustainable choice. This trend is characterized by a surge in demand for authenticated, pre-owned luxury pieces, particularly among high-net-worth consumers seeking investment-grade heritage items that are resistant to market fluctuations. According to The RealReal's '2024 Luxury Resale Report' from August 2024, fine jewelry sales for pieces priced at $5,000 and above increased by 22% year-over-year, significantly outpacing other luxury categories.

Simultaneously, the rise of hyper-personalization and bespoke design services is transforming the retail landscape, as consumers move away from mass-produced styles in favor of unique items that reflect individual identity. Brands are aggressively integrating customizable elements directly into the customer journey, from digital configuration tools to immediate in-store finishing services like engraving, to deepen emotional connections and foster brand loyalty. This strategy's success is visible in Pandora’s November 2024 report, which noted that engraving services revenue grew by more than 100% during the third quarter, highlighting the intensifying demand for customized products.

Key Players Profiled in the Jewelry Market

• Tiffany and Company
• Pandora Jewelry, LLC
• Chow Tai Fook Jewellery Group Limited
• LVMH Moet Hennessy-Louis Vuitton SE
• Compagnie Financiere Richemont SA
• Graff Diamonds Limited
• Signet Jewelers
• HStern (Jewellery) Limited
• Malabar Gold & Diamonds
• SWAROVSKI AG

Report Scope

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

Jewelry Market, by Type:

• Necklace
• Ring
• Earrings
• Bracelet
• Others

Jewelry Market, by Material Type:

• Silver
• Gold
• Platinum
• Diamond
• Others

Jewelry Market, by Distribution Channel:

• Online
• Offline

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 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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