The global jewelry market is anticipated to grow at a considerable CAGR of 7.6% during the forecast period (2022-2028). Jewelry is ornaments & items including necklaces, rings, and others that are worn for personal decoration to enhance personal looks. The major factor attributing to the growth of the global jewelry market include the increasing sale of jewelry due to increasing adjusted net national income per capita across the globe resulting in increased purchasing power. According to the World Bank Data statistics, the adjusted net national income per capita has consistently increased over the last decade. The recorded adjusted net national income per capita increased from $7,246.71 in 2009 to $9,434.42 in 2019. Thus, increasing the demand for jewelry.
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The production of jewelry is also increasing due to increasing gold mining across the globe. According to an article published by the World Gold Council (WGC) in June 2021, China, Russia, Australia, Canada, and the US are the major producer of gold across the globe with a production of around 368.3, 331.1, 327.8, 170.6, and 190.2 tonnes of gold respectively. Thus, propelling the growth of the global jewelry market.
Some major players in the market include Harry Winston Inc., Pandora Jewelry LLC, Chopard International SA, Tiffany & Co., and Cartier International SNC, among others. The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market.
Few Recent Developments
- In February 2020, Mango Inc., an international designer, manufacturer, and seller of jewelry launched a new collection of 3D printed costume jewelry capsules. The new collection of costume jewelry consists of jewelry items that are made of around 90% sustainable material.
- In January 2020, Chow Tai Fook, a Hong Kong-based private conglomerate company with holdings in energy, telecom, jewelry, property development, and other businesses acquired Enzo Inc., a gems maker. This acquisition is done in order to expand its presence across China.
- In April 2019, International Jewelry Design Inc., introduced DBW (Design. Build. Wear) Jewelry. The DBW jewelry is launched to provide jewelry to B2B retail customers & for the general public using full direct-to-customer and interactive e-commerce.
- In May 2019, AKS Jewels, a major designer & manufacturer of bangles and necklaces expanded its product portfolio by launching the costume jewelry segment in India.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Product Type
- By Material
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Harry Winston Inc., Pandora Jewelry LLC, Chopard International SA, Tiffany & Co., Cartier International SNC, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Jewelry Market Report by Segment
By Product Type
- Necklace
- Earrings
- Ring
- Bracelet
- Others
By Material
- Gold
- Silver
- Platinum
- Diamond
By Application
- Men
- Women
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