REMARKABLE GROWTH PROJECTED FOR LUXURY JEWELLERY MARKET, DRIVEN BY MODERNIZATION AND SUSTAINABILITY TRENDS
18th July 2023
The luxury jewellery market is experiencing remarkable growth and is projected to reach an impressive value of $95.8 billion by 2030, with a compound annual growth rate (CAGR) of 7.85% from 2023 to 2030, according to a report by SkyQuest Technology Consulting Pvt. Ltd.
The expansion of the market can be attributed to the increasing modernization and westernization observed in various countries, leading to evolving lifestyles and preferences among consumers. As disposable income rises, individuals are investing more in high-end jewellery pieces to showcase their status and personal style.
One of the main drivers behind the market’s growth is the rising demand for sustainable and gender-fluid jewellery. Consumers are actively seeking ethically sourced and produced jewellery that follows sustainable practices, driven by a growing awareness of environmental concerns. This shift towards sustainability has significantly influenced the design and production processes in the luxury jewellery industry, resulting in a wider availability of eco-friendly and socially responsible jewellery options.
Prominent players in the luxury jewellery market include Mikimoto, Bulgari, Cartier, Chopard, Graff Diamonds, Harry Winston, Van Cleef & Arpels, Piaget, Tiffany & Co., Boucheron, Buccellati, David Yurman, Chaumet, Fabergé, H. Stern, Swarovski, Damiani, Pomellato, De Beers, and Bvlgari Jewelry.
The gold segment holds the largest share of the luxury jewellery market revenue, accounting for 38.9%. Gold has always been highly valued for its allure and intrinsic worth, making it a desirable investment during times of political and economic uncertainty. Its stability and perceived inherent value have positioned it as a safe-haven asset, attracting investors during periods of crisis.
North America is expected to exhibit the highest CAGR in the luxury jewellery market, primarily due to its high concentration of millionaires who drive luxury consumption.
The necklaces segment has emerged as the leader in the luxury jewellery market, holding the largest market share. This segment is expected to maintain its dominant position throughout the forecast period due to necklaces’ versatility and ability to enhance one’s style and personality.
In the Asia-Pacific region, which currently holds a significant share of more than one-third of the global luxury jewellery market, growth is expected to continue throughout the forecast period.
