Jewelry Market Size
According to recent market research conducted by the CMI Team, the global jewelry market is anticipated to register a compound annual growth rate (CAGR) of 4.8% during the forecast period from 2024 to 2033. In 2024, the market size is projected to reach approximately USD 371 Billion. By 2033, this valuation is expected to rise substantially, reaching around USD 565 Billion, reflecting steady expansion in both developed and emerging economies.
Jewelry Market: Overview
As highlighted by industry experts at CMI, jewelry refers to ornamental objects typically designed for personal adornment, including items such as rings, necklaces, bracelets, earrings, and pendants. The global jewelry market is witnessing consistent growth, driven by multiple factors. Rising disposable income levels across the globe, combined with the increasing popularity of jewelry as both a fashion accessory and a symbol of social status, are key contributors to this trend. The growing marriage rate and cultural practices around weddings and special occasions further stimulate demand.
Additionally, the market is experiencing growth due to the rising frequency of new product launches and the incorporation of innovative technologies in jewelry design and production. Social media platforms and online influencers are also playing a critical role in shaping consumer preferences and driving awareness. Celebrity endorsements, which create aspirational value among consumers, are significantly influencing purchase decisions. However, the volatility in raw material prices, particularly gold, silver, and precious gemstones, continues to pose challenges to the industry, creating uncertainty in production costs and profit margins.
Jewelry Market: Growth Factors and Dynamics
Increasing collaboration
The growing number of partnerships and collaborations among leading players is an important factor fueling market expansion. For instance, in August 2024, Tanishq partnered with De Beers to promote natural diamond jewelry in India, seeking to leverage the country’s rising prominence in the global diamond industry. This collaboration comes at a time when India surpassed China in diamond industry growth, positioning itself as the second-largest consumer after the United States. The U.S. accounts for nearly 50% of global demand for diamonds, while India and China contribute approximately 11% and 10% respectively. Such alliances are expected to boost brand presence, enhance market penetration, and accelerate growth in diamond jewelry sales.
Increasing jewelry acceptance among men
Another significant trend contributing to market growth is the rising acceptance of jewelry among men. Male consumers are increasingly showing interest in accessories such as plain gold chains, cufflinks, tie bars, map necklaces, and signet rings. The trend toward demi-fine jewelry, which bridges the gap between fast fashion and high-end fine jewelry, is particularly noteworthy. Demi-fine jewelry offers superior quality and craftsmanship compared to costume jewelry while being more affordable than traditional fine jewelry. This segment is appealing to a broader audience, providing diverse designs and styles while catering to consumers seeking both affordability and sophistication.
Intense competition from imitation and costume jewelry
The jewelry market faces stiff competition from imitation and costume jewelry, which presents a challenge to the growth of fine jewelry. These products, developed from inexpensive materials, are cost-effective alternatives for budget-conscious consumers. They are particularly attractive to younger demographics, who prioritize affordability while keeping up with fashion trends. The accessibility and affordability of imitation and costume jewelry are putting pressure on traditional fine jewelry makers, forcing them to innovate and differentiate their offerings to maintain competitiveness.
Jewelry Market: New Launches and Acquisitions
New product launches and technological advancements are shaping the future of the jewelry industry. In July 2023, Tanishq announced the migration of its inventory systems to Oracle Cloud Infrastructure (OCI). This move reflects a growing trend of digital transformation in the industry, enabling brands to streamline operations, improve supply chain efficiency, and enhance customer engagement. By adopting advanced technologies, jewelry companies aim to stay competitive, offer better customer experiences, and ensure real-time inventory management.
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