Jewelry Market Analysis and Forecast 2024-2028

The jewelry market is expected to grow by USD 107.9 billion at a CAGR of 5.45% from 2023 to 2028. The demand for jewelry designs, including diamond rings, gold necklaces, engagement rings, pearl earrings, silver bracelets, and gemstone jewelry, continues to expand due to evolving consumer preferences and trends. The market thrives on the appeal of precious stones like rubies, emeralds, and sapphires, which symbolize wealth, sentiment, and self-expression. The increasing acceptance of jewelry among men beyond traditional gifting roles is also broadening the consumer base.The market encompasses both fine jewelry, valued for its craftsmanship, and fashion jewelry, catering to trend-conscious consumers seeking affordability. Luxury watches and custom pendants continue to attract high-income consumers, while vintage brooches remain a niche yet significant segment. However, the industry faces challenges, particularly the rising prevalence of counterfeit jewelry, which threatens authenticity and consumer trust. To remain competitive, companies must prioritize transparency, innovation, and quality while addressing growing concerns regarding sustainability and ethical sourcing.

For more details about the industry, get the PDF sample report for free

Market Segmentation

The jewelry market is segmented as follows:

By Distribution Channel

• Specialist retailers

• Online

By Type

• Gold

• Diamond

• Others

By Geography

• APAC (China, India, Japan)

• North America (Canada, US)

• Europe (Germany, UK)

• Middle East and Africa

• South America

By Distribution Channel Insights

The specialist retailers segment is projected to witness significant growth. This includes exclusive brand stores, multi-brand outlets, and high-end boutiques, which cater to diverse customer needs. Many companies are expanding their retail presence in new locations to increase visibility and sales.

Social media and celebrity endorsements play a crucial role in influencing consumer preferences. Men’s jewelry, such as cufflinks, plain gold chains, tie bars, and signet rings, is growing in popularity. Additionally, unique pieces like cartography necklaces and demifine jewelry are trending among consumers. Gold necklaces, diamond rings, bracelets, anklets, cufflinks, and luxury watches remain dominant in the market, while platinum and demifine jewelry are gaining traction.

Regional Market Trends

APAC

• The region is projected to contribute 59% of global market growth.

• Consumers in China favor branded jewelry due to its quality and status.

• Ethical sourcing and sustainability are becoming key factors in purchasing decisions in India and Japan.

North America

• The US and Canada continue to see steady demand for fashion jewelry and fine jewelry.

• Consumers are increasingly interested in personalized jewelry and custom pendants.

Europe

• In Germany and the UK, demand for ethically sourced and conflict-free jewelry is growing.

Middle East and Africa

• Gold jewelry remains a staple, particularly in traditional and cultural celebrations.

South America

• Rising disposable income is fueling demand for luxury jewelry in the region.

Market Dynamics

Market Driver: Increasing Demand for Jewelry as Gifts

Jewelry remains a significant gift option for special occasions, such as weddings, birthdays, and anniversaries. Gold and diamond jewelry hold deep cultural value in many regions. In Japan, the tradition of Oseibo and Ochugen jewelry gifting reflects gratitude and appreciation. Engagement rings and pearl earrings are highly sought-after for milestone celebrations.

Market Trend: Growing Acceptance of Jewelry Among Men

Men’s jewelry has gained mainstream acceptance, influenced by celebrities and social media trends. Diamond rings, cufflinks, signet rings, and silver bracelets are in high demand. Online platforms are further enabling accessibility, allowing consumers to explore a variety of jewelry designs from the comfort of their homes.

Market Challenge: Increasing Availability of Counterfeit Jewelry

The rise of counterfeit jewelry made from cheap metal alloys and toxic materials is a major challenge. Consumers risk financial loss and health hazards, including skin irritation and allergic reactions. The growth of unauthorized e-commerce platforms exacerbates this issue, impacting the reputation of established brands.

Market Research Overview

The jewelry market continues to thrive, offering a diverse range of products, from diamond earrings and gold rings to silver necklaces and platinum bracelets. The increasing demand for emerald pendants, ruby gemstones, and sapphire jewelry highlights the appeal of colored stones in the industry. Consumers seek pearl rings and custom designs that reflect their individuality, while the market for luxury necklaces and fashion earrings remains strong among high-income buyers. Vintage rings and designer bracelets cater to those who appreciate timeless elegance, while wedding bands and engagement diamonds continue to be essential for milestone celebrations. The popularity of fine jewelry and costume jewelry reflects the balance between craftsmanship and affordability. Meanwhile, the demand for gold chains, silver charms, and gemstone rings remains steady, with consumers embracing a mix of traditional and contemporary styles.

Get more details by ordering the complete report

Key Players

The market consists of major industry players, including:

• Cartier SA

• Chow Tai Fook Jewellery Group Limited

• Compagnie Financiere Richemont SA

• David Yurman Enterprises LLC

• De Beers Corp.

• EOS Designs Studio

• Graff Diamonds Ltd.

• Hermes International SA

• Hstern Jewellery Ltd.

• Kalyan Jewellers India Ltd.

• Kering SA

• Le petit fils de L.U. Chopard and Cie SA

• LukFook Holdings International Ltd.

• LVMH Group

• Malabar Gold and Diamonds

• Pandora Jewelry LLC

• PC Jeweller Ltd.

• Signet Jewelers Ltd.

• Swarovski AG

• Tata Sons Pvt. Ltd.

• The Swatch Group Ltd.

Companies are focusing on strategic partnerships, mergers, acquisitions, and product innovations to expand their market presence.

Research Analysis Overview

The market is also witnessing a rise in crystal pendants, statement necklaces, and minimalist earrings, reflecting the diverse preferences of modern consumers. Personalization trends have driven the demand for bespoke jewelry, with buyers favoring antique brooches and modern watches that offer a unique touch. Accessories such as charm bracelets, hoop earrings, and stackable rings continue to gain popularity, appealing to younger demographics. The emergence of birthstone jewelry and handmade necklaces showcases the increasing appreciation for customized, meaningful pieces. Additionally, materials such as titanium rings, rose gold, white gold, and yellow gold remain sought after, while metals like sterling silver offer versatile, timeless appeal. Consumers are also showing strong interest in lab-grown diamonds and ethical gemstones, as sustainability becomes a crucial factor in purchasing decisions. The market for jewelry gifts, including fashion pendants, luxury earrings, and designer rings, continues to grow, driven by social and cultural trends.