Philippines Jewellery Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)

The Philippines jewellery market was valued at USD 1.00 Billion in 2024 . The industry is expected to grow at a CAGR of 6.60% during the forecast period of 2025-2034. The surge in local designers, growing purchasing powers, rising number of exports, and the expansion of female population have resulted in the market to likely attain a valuation of USD 1.89 Billion by 2034.

Philippines Jewellery Market Report Summary

Market Size 2024

• USD Billion 1.00

Market Size 2034

• USD Billion 1.89
• CAGR 2025-2034
• 6.60%

CAGR 2025-2034 - Market by Product Type

• Ring
• 7.5%

CAGR 2025-2034 - Market by Material Type

• Gold
• 7.3%

Philippines Jewellery Market Growth

The increasing partnerships of jewellery brands with fashion creatives is an important factor driving the Philippines jewellery market. For instance, in May 2024, Jewelmer collaborated with renowned Filipino fashion designer Rajo Laurel for celebrating the essence of womanhood with the timeless allure of South Sea pearls as well as bespoke couture. The Philippines is home to a large number of jewellery brands who have been crafting hypoallergenic and non-tarnish accessories for women, men, and children. The growing popularity of live-selling sessions to cater to the booming online audience along with the efforts to expand the existing loyal community of customers will boost the regional product demand.

Key Trends and Recent Developments

The Philippines jewellery market development is influenced by the growing penetration of international brands, increased rate of gold mining, growth of the ecommerce sector and the surging demand for lab grown diamonds.

November 2024

Luxury jewellery brand Tessera emerged as the first-ever brand across the Philippines to collaborate with the International Gemological Institute (IGI) to offer co-branded certificates for its diamond collections. Apart from authenticity, the certificates render detailed insights into the cut, clarity, color, and carat weight of diamonds.

July 2024

Philippine-based pawnshop Cebuana Lhuillier partnered with innovative startup jewellery company Sparkles.ph for revolutionizing the entry-level jewellery market across the Philippines. With this collaboration, both companies leveraged their combined strengths to appeal to budget-conscious consumers seeking affordable yet elegant accessories.

October 2023

Renowned jewellery brand Penny Pairs officially set up its shop in U.P. Town center, North Philippines to give customers fresh new space to try out its pieces. Considering the launch as a milestone, the brand reflects its commitment to learning and growing. The brand has also been making waves on and off social media for its diverse array of jewellery.

June 2023

Suki Jewelry launched its latest collection “Hardin” in Rockwell Makati, Philippines to showcase its 20 new designs with inspiration from beauty of the nature in the country. Taking inspiration from the lush flora and fauna, the collection is a testament to Suki’s reverence for Filipino craftsmanship given that each piece is meticulously and locally handcrafted.

Rising footprint of international brands

The growing penetration of international brands across the country for increased global presence will add to the growth of the Philippines jewellery market. In November 2024, Italian fashion brand BVLGARI brought its high jewellery line to the Philippines to mark an era of emotional investment. This launch was considered a response to the elevated taste for luxury of Filipinos.

Increased gold mining

The abundant availability of gold and the subsequent efforts on gold mining for amplifying the rate of production will favor the demand of the Philippines jewellery market. According to industry reports, Philippines emerged as the twenty-fifth-largest producer of gold worldwide in 2023 with the rise in output by 0.17% in 2022. The growing dominance of artisanal as well as small-scale gold mining (ASGM) will also favor the product demand.

Expansion of ecommerce sector

The Philippines jewellery market revenue will be significantly fuelled by the rising popularity of ecommerce platforms for purchasing accessories driven by the influx of digital transformation. In 2020, Jewelmer introduced its United States-based e-commerce website, while revealing plans of expanding this service to Japan and China in the coming years.

Popularity of lab grown diamonds

The increasing awareness of the rising environmental and ethical concerns associated with mined diamonds will positively impact the Philippines jewellery market outlook. According to the Philippine Diamond Association, 42% of Filipino millennials preferred ethically sourced gemstones in 2023. The strong desire for transparency as well as sustainability is propelling the demand for lab-grown diamonds as they offer the same physical and chemical properties provided by mined diamonds devoid of any environmental impacts.

Philippines Jewellery Market Trends

The Philippines jewellery market value is slated to expand with rising interest in lab grown gold in the country as it offers reduced carbon footprint. The expansion of the younger generation of buyers, such as the millennials and Generation Z, has spurred the rising interest in pearl accessories. With the large expertise in diving skills and the abundance of golden South Sea pearls, Philippines is recording significant strides in cultured pearl farming is important. According to industry reports, Philippines blue pearl exports stood at 33 shipments from July 2023 to June 2024. The growing possession of gold as a form of secure investment in the country will also favor the market expansion.

Philippines Jewellery Market Opportunities

The string of innovations led by the strong focus on heritage and creativity in the country will push Philippines jewellery demand growth. In June 2024, Kislap Jewelry, inspired by the founder's heritage in Manila and Sorsogon extended its offerings of gemstones and pearls under the “Love Letter to the Motherland” ideology to combine traditional beauty with contemporary design. The expansion of eco-conscious consumers is driving the preference for sustainable and recycled jewellery in the country. To that end, the growing demand for recycled silver pieces along with the surging interest in bougainvillea earrings will positively influence the regional market expansion in the coming years.

Philippines Jewellery Market Restraints

The Philippines jewellery market may be hampered by the fluctuating prices of gemstones and precious metals. With rising competition from counterfeit products due to a lack of stringent regulations and lower production costs, there has been a surge in fake costume jewellery sold in the market. The limited access to branded items mainly in rural areas will also limit the market expansion to some extent.

Philippines Jewellery Industry Segmentation

The Expert Market Research report titled “Philippines Jewellery Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Breakup by Product Type

• Necklace
• Ring
• Earrings
• Charms and Bracelets
• Others

Breakup by Material Type

• Silver
• Gold
• Platinum
• Diamond
• Others

Breakup by Category

• Branded
• Unbranded

Breakup by End User

• Men
• Women

Breakup by Distribution Channel

• Online
• Offline

Philippines Jewellery Market Share

Market Insights by Product Type

As per the Philippines jewellery market analysis, the market is likely to expand from the necklace segment due to the rising cultural significance amongst the booming female population across the region. The growing access to stylish and affordable necklaces will also boost the segment growth.

Meanwhile, the demand for rings will rise in the Philippines with advantages of vintage-inspired designs and unique gemstone choices. The availability of engagement ring options in diamonds, emeralds, sapphires, and rubies will favor the product uptake.

With their ease and simplicity of use, the regional preference for earrings is slated to rise in the Philippines jewellery industry. The growing scope of innovations in designs to cater to a broader consumer base will add to the segment expansion. In February 2025, vegan product supplier Merit Beauty partnered jewelry firm Completedworks for creating a classic collection of drop earrings and stud earrings.

CAGR 2025-2034 - Market by

• Product Type
• Ring
• 7.5%
• Earrings
• 7.1%
• Necklace
• Charms and Bracelets
• Others

Market Insights by Material Type

The growth of the Philippines jewellery market is characterized by materials. The demand for silver jewelry may grow with its rising affordability than its counterparts. Silver rings are especially gaining popularity amongst the millennial and Generation Z population. The influx of fast fashion trends will also favor the product demand.

The preference for gold jewellery is expected to proliferate with the growing abilities of Filipinos on investing in high-quality and luxury items. While gold adds confidence and charm to fashion and lifestyle, gold jewellery items are also favored for their durability and versatility, making them good investments.

As per the Philippines jewellery market report, diamond is gaining immense traction in the market driven by their abundant availability and rising imports. According to industry reports, Philippines exported around 46 shipments of diamonds from Oct 2023 to Sep 2024 to India. The rising popularity of lab grown diamonds will also influence the market growth.

Market Insights by Category

The demand for branded jewellery in the Philippines is poised for expansion owing to their guaranteed quality and authenticity. This form of jewellery is increasingly preferred for its wide range of customization. Skilled artisans, high-quality materials, and better finish are some other features adding to the segment growth.

Meanwhile, the Philippines jewellery market trends will be impacted by the growing preference for unbranded items as they are much affordable than their branded alternatives. In September 2023, 4ocean launched the Last Straw Bracelet, its new collection sourced from recycled plastic straws. Such instances of innovations will favor market expansion.

Market Insights by End User

The increasing acceptance of grooming and self-care combined with the rising influence of celebrities among the male population will positively impact the Philippines jewellery market outlook. The surging popularity of studs, chains and bracelets driven by the strong proximity to diamonds and platinum are further expected to boost the segment growth.

The proliferation of the regional female population and the easy availability of a wide range of accessories will add to the jewellery demand in the Philippines. According to industry reports, the female population of the country surged by 1.49% to reach 58,604,512 persons in 2024 from 57,743,514 persons in 2023.

Market Insights by Distribution Channel

The offline sale of jewellery in the Philippines is likely to grow with the rising presence of well-established stores with friendly staff that offer assistance in choosing the right accessories. Offline distribution channels also provide an advantage of assessing the weight, authenticity, shine and fit of the jewellery pieces.

Meanwhile, the growing purchases on online platforms due to the ease of online shopping and improved access to internet will boost the Philippines jewellery market expansion. According to industry reports, the number of internet users in the Philippines stood at 86.98 million in January 2024.

Competitive Landscape

Leading players in the Philippines jewellery market are focusing on product diversification and innovative launches to cater to a larger customer base. They are also engaging in partnerships and expansion strategies to gain an impressive industry share.

Jewelmer

Founded in 1979 and headquartered in Makati, Jewelmer is a Filipino-based international luxury jewellery brand. With the vision to continuously reinvent to offer intelligent, precious beauty, the brand is exploring new horizons to deliver unique pieces of jewellery with exceptional originality.

F&C Jewelry

Founded in 1973 and headquartered in Manila in the Philippines, F&C Jewelry is known for its specialty jewellery to cater to milestone occasions as well as its wide assortment of gorgeous pieces for everyday adornment for investment and valuable.

Sep Vergara Fine Jewelry

Founded in 2008 and headquartered in Makati, the Philippines, Sep Vergara Fine Jewelry is a leading provider of high-quality as well as elegant collection of ready-made and customized diamond engagement rings, wedding rings and fine jewellery.

SilverWorks

Founded in 1991, Silverworks is a well-known retailer of sterling silver jewellery headquartered in Pasig, Philippines. With aims to emerge as the primary source of high-quality and innovative jewelry, Silverworks provides affordable and fashionable jewelry made of tungsten, stainless steel, and titanium.

Other key players in the Philippines jewellery market include Lily & Co., B&Co Jewelry, HansBrumann, Penny Pairs, and Modern Myth, among others.