Gems and Jewelry Market to grow by USD 172.6 Billion (2024-2028), driven by Wedding celebrations, with AI driving market transformation - Technavio

The global gems and jewelry market is projected to grow by USD 172.6 billion at a CAGR of 8.62% between 2023 and 2028, driven by evolving jewelry consumer preferences and increasing disposable income. The precious stones trade continues to flourish, especially in bridal collections such as engagement rings, wedding bands, and necklaces, which hold significant cultural value. The rise in luxury jewelry sales is fueled by growing demand for exclusive designs and premium materials, appealing to high-net-worth individuals. Gemstone sourcing plays a crucial role in providing high-quality stones for global markets, strengthening its position in the supply chain. Meanwhile, jewelry retail insights highlight a shift towards digital and omnichannel strategies, making high-end jewelry more accessible. High-end jewelry brands are focusing on sustainability, ethical sourcing, and lab-grown diamonds to align with changing consumer values. While modern trends gain traction, traditional jewelry designs remain in high demand, particularly in culturally rich regions like India. Observing jewelry purchase trends, customization and personalized designs are becoming increasingly popular. Additionally, gemstone import data shows a steady rise in global trade volumes, reflecting the industry's expansion. The combination of innovation, heritage, and digital transformation is shaping the future of the gems and jewelry market.Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF

Market Segmentation

By Distribution Channel

• Offline

• Online

By Type

• Gold

• Platinum

• Silver

• Diamond

• Gemstones

Regional Market Trends

North America

• The U.S.

• Canada

Europe

• The U.K.

• Germany

• France

• Rest of Europe

APAC

• China

• India

South America

• Chile

• Argentina

• Brazil

Middle East & Africa

• Saudi Arabia

• South Africa

• Rest of the Middle East & Africa

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Market Dynamics

Key Market Drivers

• Increasing demand for wedding jewelry, particularly in India, where cultural traditions play a crucial role.

• Rising disposable incomes among middle-class consumers, enabling higher spending on bridal assortments.

Significant Market Trends

• The introduction of augmented reality (AR) in online jewelry retail, enabling customers to virtually try on jewelry before purchasing.

Major Market Challenges

• The decline in demand for gold jewelry as an investment option, shifting consumer preferences towards alternative investments and fashion jewelry.

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Key Players

• Kalyan Jewellers

• Aurum Designer Jewellers

• CHANEL Ltd.

• Chow Tai Fook Jewellery Group Ltd.

• Compagnie Financiere Richemont SA

• Emperor Watch and Jewelry Ltd.

• Graff Diamonds Ltd.

• Hstern Jewellery Ltd.

• Kering SA

• LVMH Moet Hennessy Louis Vuitton SE

• Malabar Gold and Diamonds

• Pandora AS

• PC Jeweller Ltd.

• Rajesh Exports Ltd.

• Riddles Group Inc.

• Signet Jewelers Ltd.

• Stuller Inc.

• Swarovski AG

• Tata Sons Pvt. Ltd.

• The Swatch Group Ltd.

Recent Developments

• Sustainability and Ethical Sourcing  – Tiffany & Co. has reinforced its commitment to ethically sourced materials, ensuring conflict-free diamonds and sustainable mining practices.

• Lab-Grown Diamonds  – De Beers and ALTR have expanded their lab-grown diamond collections, highlighting environmental benefits and affordability.

• Customization and Personalization  – Online platforms like Blue Nile and James Allen now offer advanced customization tools, enhancing consumer engagement.

• Online Jewelry Retail Growth – Mejuri and Pandora have reported significant sales growth due to increasing e-commerce adoption.

• Luxury Jewelry Market Expansion – Brands such as Cartier and Rolex continue to dominate the luxury segment, witnessing rising demand in emerging economies.

• Gold Jewelry Resurgence  – Gold jewelry remains a timeless investment, with increased demand in markets like India.

Future Insights

The gems and jewelry market is set for sustained growth, driven by evolving consumer preferences, technological innovations, and sustainability initiatives. While traditional segments like gold jewelry maintain their significance, newer trends such as lab-grown diamonds, augmented reality in e-commerce, and personalized jewelry offerings will play a pivotal role in shaping the market's future.