- Precious Pearls
Luxury Jewelry Market is valued at USD 78,957.3 million in 2021 and is poised to grow at a significant CAGR of 3.4% over 2022â€“2028. Demand for sustainable jewelry and gender-fluid jewelry is on the rise, which is helping to propel the luxury jewelry market forward. Many customers seek out distinctive and meaningful pieces, and luxury jewelry has evolved into a way for self-expression. Jewelry lines have incorporated non-traditional forms, shapes, and materials. Asymmetrical cuts, gemstone flaws, utilitarian products, and opaque gems all contributed a layer of personality to appeal to clients' sense of individuality. As gender fluidity grows more prevalent, boundaries are being broken in jewelry trends, from watches to wedding rings and beyond. While male jewelry has long been available, more unisex options are becoming available. For example, Gucci's jewelry collection, was designed for both men and women, and Bugari's B. Zero 1 Rock designs are modern, fashionable, and unisex. Generation Z is particularly resistant to labelling and categorization. This enables marketers to target products to a diverse group of individuals, connections, and events. A growing number of digital buyers, an increasing female population, an increasing middle-class population, and growing tourism are all factors listed as contributing to the market's global expansion. Furthermore, new notions of status (online, virtual, and in person) have resulted in new goals and prospects for the jewelry industry in the coming years. The global luxury jewelry market is both active and rapidly expanding. Consumer behavior and fashion trends drive the international luxury jewelry business, which is highly fragmented. To compete in the global and local markets, jewelry manufacturers must be aware of changing trends and advances. Integration of new technologies like Computer-Aided systems (CAD) in jewelry manufacture is projected to help the industry develop. The rising demand for men's jewelry represents a potential opportunity for market expansion. Traditionally, women are more likely than males to purchase high-end jewelry. Top jewelry brands are promoting innovative products. The market is driven further by changing lifestyles and the notion of jewelry as a status symbol. Recent Market Developments: In May 2021,Â Futura Jewelry, a US-based leading luxury jewelry brand launched the first mercury-free gold jewelry collection. Understanding the environmental consequences of gold mining, the product launch is aimed at reducing the threat of mercury emissions on the earth.
Fastest Growing Market
Due to men's increased interest in self-grooming and aesthetic attractiveness, this trend is changing. Furthermore, the rising influence of social media has resulted in widespread adoption of current fashion trends among guys. Such elements are driving up demand for men's luxury jewelry such as bracelets, rings, necklaces, and other items. This result in manufacturers concentrating their efforts on these items in order to acquire a competitive advantage. The high cost of luxury jewelry is a major stumbling block to the market's expansion. Because of its exorbitant price, luxury jewelry is only sought by a select group of people.
The luxury jewelry market is projected to expand at a CAGR of 3.4% during the forecast period
Guccio Gucci S.p.A., The Swatch Group Ltd., Richemont, Tiffany & Co., GRAFF, Louis Vuitton SE
Europe is the fastest-growing region for luxury jewelry market