Gems & Jewellery Market Size, Share, Growth, and Industry Analysis, By Type (Gold, Diamond, Platinum, Gems, & Others), By Application (Online, Retail, & Jewellery Stores), Regional Forecast to 2031

Updated On: 22 April 2024

Gems & Jewellery Market REPORT OVERVIEW

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global gems & jewellery market size was USD 394160 million in 2022  and market is projected to touch 517588.65 million by 2031, exhibiting a CAGR of  3.1% during the forecast period.

The global gems & jewellery market is also poised for substantial growth in the coming years, driven by several factors. The increasing affinity for luxury goods and fashion accessories among consumers worldwide has intensified the demand for gems & jewellery. As disposable incomes rise and consumer preferences evolve, the market experiences a surge in demand for a wide variety of gems & jewellery products. Additionally, the growing trend of gifting jewellery for special occasions, such as weddings and anniversaries, further propels the market's growth.

Moreover, advancements in design and manufacturing technologies are driving innovations in the gems & jewellery market. Manufacturers are investing in research and development to introduce exquisite and customizable jewellery designs, catering to diverse consumer tastes. Technological advancements, such as computer-aided design (CAD) and 3D printing, enable more intricate and precise jewellery creations. Furthermore, eco-friendly and sustainable jewellery practices, such as using ethically sourced gemstones and recycled metals, are gaining prominence among environmentally conscious consumers. The combination of evolving consumer preferences and technological advancements is fueling the expansion of the global market.

COVID-19 IMPACT: Market Growth Restrained by COVID-19 due to Supply Chain Disruptions

The pandemic resulted in disruptions to supply chains, reduced consumer spending, and lockdown measures that affected retail sales and international trade. With economic uncertainties and travel restrictions in place, demand for luxury items like gems & jewellery decreased during the pandemic. Additionally, the closure of brick-and-mortar stores and a shift towards online shopping affected the industry. The COVID-19 pandemic had adverse effects on the global gems & jewellery market.

LATEST TRENDS

"Rise of Lab-Grown Gems and Sustainable Jewellery to Drive Market Growth"

A latest trend in the global gems & jewellery market is the increasing popularity of lab-grown gems and sustainable jewellery. With growing environmental concerns and ethical considerations, consumers are seeking alternatives to traditionally mined gemstones and precious metals. Lab-grown gems, also known as synthetic or cultured gems, offer a sustainable and ethical choice without compromising on beauty and quality. These gems are created in controlled laboratory environments using advanced technologies, presenting a more environmentally friendly option compared to conventional mining practices. Additionally, sustainable jewellery practices, such as using recycled metals and responsibly sourced gemstones, appeal to eco-conscious consumers, aligning with their values of sustainability and responsible consumption. This trend reflects the market's response to changing consumer preferences and the industry's commitment to promoting ethical and environmentally conscious practices in the global market.

Gems & Jewellery Market SEGMENTATION

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• By Type

Based on type the global market can be categorized into gold, diamond, platinum, gems, & others.

• By Application

Based on application the global market can be categorized into online, retail, & jewellery stores.

DRIVING FACTORS

"Rising Affluence and Disposable Income of Consumers to Boost the Market"

One of the key driving factors in the global gems & jewellery market growth is the rising affluence and disposable income of consumers. As economies grow and living standards improve, consumers have more discretionary income to spend on luxury goods, including gems & jewellery. The increasing purchasing power of consumers, particularly in emerging markets, has led to a higher demand for premium and designer jewellery pieces. Additionally, the desire for self-expression and personal adornment drives the market, as consumers view jewellery as a means to showcase their individuality and style. The growing affluence and disposable income of consumers significantly contribute to the expansion of the global market.

"Cultural Significance and Sentimental Value of Jewellery to Expand the Market"

Another driving factor in the global gems & jewellery market is the cultural significance and sentimental value associated with jewellery. In many cultures, jewellery holds deep-rooted symbolism and plays a significant role in traditions, rituals, and ceremonies. For instance, jewellery is often given as gifts during weddings, engagements, and other special occasions, creating a strong emotional attachment and sentimental value. Moreover, jewellery is considered an heirloom, passed down through generations, preserving family heritage and memories. The emotional connection and cultural importance attached to jewellery contribute to sustained demand, as consumers continue to value these timeless pieces as symbols of love, celebration, and cherished memories.

RESTRAINING FACTORS

"Impact of COVID-19 Pandemic on Luxury Consumption to Potentially Impede Market Growth"

One of the key restraining factors in the global gems & jewellery market is the impact of the COVID-19 pandemic on luxury consumption. The pandemic has disrupted economies and affected consumer spending patterns, leading to reduced footfall in retail stores and a decline in tourism, which often drives luxury sales. With uncertainties surrounding the global economy, some consumers have become more cautious in their discretionary spending, including purchases of luxury items like gems & jewellery. Additionally, the postponement of weddings and special occasions during lockdowns and social distancing measures has temporarily subdued the demand for celebratory jewellery. While the market is expected to recover as the pandemic situation improves, the lingering effects of COVID-19 on consumer confidence and purchasing behavior remain a challenge for the global market.

Gems & Jewellery Market REGIONAL INSIGHTS

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"Asia Pacific Region Dominating the Market due to Presence of a Large Consumer Base"

Asia-Pacific has emerged as the most dominant region in the global gems & jewellery market share, with several factors contributing to its leadership. The region's large and diverse consumer base, coupled with rising disposable incomes, drives substantial demand for gems & jewellery. Countries like China and India have strong cultural traditions that place significant importance on jewellery for various occasions and ceremonies, supporting the consistent market growth. Additionally, Asia-Pacific is home to major manufacturing hubs for gems & jewellery, providing a competitive advantage in terms of production capabilities and cost efficiency. The region's strategic position as both a significant consumer and production center allows it to dominate the global market, catering to a wide range of tastes and preferences across the region and beyond.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The global gems & jewellery market is significantly influenced by key industry players that play a crucial role in shaping market trends and dynamics. These key players have a strong global presence, offering a wide range of premium and luxury jewellery products to cater to diverse consumer preferences. Their expertise in design, craftsmanship, and branding enables them to set industry standards and drive consumer trends. Additionally, strategic collaborations with renowned designers and celebrities further enhance their market positioning and brand value. The collective efforts of these key industry players have a significant impact on the growth, market competitiveness, and prestige of the global market.

List of Market Players Profiled

• Chow Tai Fook Jewellery (Hong Kong)
• LVMH (France)
• Rajesh Exports (India)
• Richemont (Switzerland)
• Signet Jewelers (U.S.)

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.