The global jewelry market size was valued at USD 224.39 billion in 2023 and is projected to grow from USD 232.94 billion in 2024 to USD 343.90 billion by 2032, exhibiting a CAGR of 4.99% during the forecast period.

The rising trend for increased consumption of jewels is attributed to the fact that people are inclined toward luxurious products. The growing popularity of incorporating technology in ornaments is boosting product demand. With increasing levels of disposable income levels, spending of consumers has been on the rise. Fortune Business Insights™ shares this information in its report titled “Jewelry Market, 2023-2030.”

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Leading Players Featured in the Research Report:

Companies leading the jewelry market are Tiffany & Co (U.S.), Rajesh Exports Ltd (India), Cartier International SNC (France), Signet Jewelers Limited (Bermuda), Chanel (France), LVMH Moët Hennessy (France), Harry Winston, Inc. (U.S.), Chopard (Switzerland), Pandora Jewelry, LLC. (U.S.), Chow Tai Fook Jewellery Company Limited (Hong Kong), and more players, and more.

Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.

Drivers and Restraints

Increasing Levels of Disposable Income and Spending of Consumers to Augment Market Growth

Increasing levels of disposable income and rising spending of consumers are anticipated to drive the jewelry market growth. The demand for increasing consumption of luxury goods such as ornaments is propelling the market growth. Additionally, different customs regarding the adoption of ornaments followed by people across the globe are expected to significantly boost the purchase of the product. Increasing number of working populace of women and awareness about modern jewels and premium-class gems will further fuel the market growth.

However, strict regulations on importing and exporting ornament are expected to hamper the market growth.

What are the factors driving applications of the Jewelry Market?

• Fashion Trends: Ever-changing fashion trends play a significant role in the jewelry market. Consumers often purchase jewelry to complement their clothing and stay in style. Jewelry designers and manufacturers need to stay attuned to these trends to create appealing and relevant pieces.
• Consumer Preferences: Consumer preferences for specific materials, styles, and designs greatly influence the jewelry market. Some may prefer traditional and classic pieces, while others may seek more contemporary or unique designs. Personalization and customization options also cater to individual preferences.
• Occasions and Celebrations: Jewelry is commonly purchased for special occasions such as weddings, anniversaries, birthdays, and holidays. Seasonal and cultural events also drive demand for jewelry, as people often gift and wear jewelry to mark these moments.
• Cultural and Symbolic Significance: Jewelry often carries cultural, religious, or symbolic meanings. For example, engagement rings and wedding bands symbolize love and commitment, while religious jewelry may have spiritual significance. These cultural and symbolic factors drive the purchase of specific types of jewelry.
• Status and Wealth: In many cultures, wearing high-end or luxurious jewelry is seen as a symbol of status, wealth, and success. This desire for social status can drive the demand for premium jewelry items.
• Technology and Innovation: Advancements in jewelry-making technologies, such as 3D printing and CAD design, have opened up new possibilities for creating intricate and customized pieces. This technological innovation can attract consumers looking for unique and personalized jewelry.
• Sustainability and Ethical Sourcing: Increasing awareness of environmental and ethical concerns has led to a growing demand for sustainable and ethically sourced jewelry. Consumers are more inclined to purchase jewelry that is made from recycled materials or sourced responsibly.

Segments