Gold Jewelry, Gold Bar, Silver Market Size, Share, Growth and Industry Analysis by Type (Gold Jewelry, Gold Bar, And, Silver), By Application (Direct Channel, And, Indirect Channel) Regional Forecast From 2023 To 2031

GOLD JEWELRY, GOLD BAR, SILVER MARKET REPORT OVERVIEW 

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The gold jewelry, gold bar, silver market size is anticipated to be worth USD 257500 million in 2021 & the market is projected to touch USD 437590 million by 2031 with a CAGR of 5.4 % during the forecast period. 

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Gold jewelry, or gold bars are made up of gold alloys which have varying levels of purity. Silver ornaments are made up of silver metals. Ornaments that are made up of gold and silver are highly valued in the market and are sold at a very high price.

Buying gold and silver is seen as great form of investment in today’s generation. Gold or silver can be bought in any form line bars, ornaments, or even bonds. This is considered as the latest trend in the market.

Assistance of e-commerce platforms in the sales of gold and silver ornaments has propelled market growth. Introduction of modern and lightweight jewelry has further bought lucrative growth opportunities for the market. All of these factors have contributed in the growth of the gold jewelry, gold bar, silver market share.

COVID-19 impact: Downfall of Economies in All Nations During Pandemic Decreased Market Growth

The pandemic of COVID-19 was the major reason for the downfall of economy across all the nations. Several industries faced disruption in their production due the rapid spread of coronavirus. As a result, the demand for almost all the products declined during the pandemic.

With a considerable reduction in demand, the price of raw materials and the manufactured goods increased. Similarly, the rates of gold and silver jewelry became too high for people to purchase especially when the economies had collapsed, and recession rates has grown higher. As a result, the demand for gold jewelry, gold bar, and silver market reduced during the pandemic.

LATEST TRENDS

"Growing Investments in the Form of Gold and Silver Ornaments to Increase Market Growth"

Both gold and silver are precious metals and are highly valued in both domestic as well as international market. Therefore, both of these metals are considered to be a good source of investment. Investments in these metals have increased especially during the recent times.

There are several forms of investing in both gold and silver. Gold jewelry, or gold bars can brought. Silver coins and moldings can also be purchased. The popularity for gold bonds has grown over the years. Gold bonds are one of the best forms of investment in gold as they can be sold for a higher price in the future. This is considered as the latest trend in the market.

GOLD JEWELRY, GOLD BAR, SILVER MARKET SEGMENTATION

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• By Type:

The market can be divided on the basis of type as follows:

Gold jewelry, gold bar, and, silver. The gold jewelry segment is projected to hold the dominant market share through 2031.

• By Application:

Classification based on application is as follows:

Direct Channel, and, indirect channel. The direct channel segment is predicted to dominate the market through the forecast period.

DRIVING FACTORS

"Simplified Procedure of Buying Gold and Silver Digitally to Amplify Market Growth"

A few years back, investing or buying gold and silver ornaments was a very complex as well as an elaborate procedure. This had to be done physically. However, in this era of digitalization buying gold and silver ornaments or bars has become very easy.

Physical visits of jewelry shops were mandatory to buy any form of silver of gold. Testing as well as selection of these metals was also a tedious task. Various aspects like weight, quality, comfort, details, and other intricacies had to be paid a lot of attention. However, with the evolution of a digital storm, the sales of gold jewelry, gold bars, and silver has increased. Several e-commerce platforms have emerged making the sale of these products easier. This has increased the gold jewelry, gold bars, and silver market share.

"Emerging Trend of Lightweight Jewelry to Augment Market Development"

Usually, gold jewelry or silver ornaments are meant to be very grand and heavy. Such jewelries are worn by people during traditional occasions like weddings and other ceremonies. On the other hand, emerging trends for lightweight ornaments made up of gold and silver have redefined the suitability of gold and silver.

The introduction of lightweight gold and silver ornaments have increased the demand for gold and silver metals. Modern designers are designing gold jewelry in such a way that they suit the requirements and aesthetics of today’s generation. Elegant, sleek and simple designs are the new trend in the market and are replacing heavy ornaments. These factors are propelling the Gold Jewelry, Gold Bar, Silver Market growth. 

RESTRAINING FACTOR

"Increasing Wastages Included in Gold and Silver Ornaments to Decrease Market Growth"

Despite of several new trends, and increasing demand for gold ornaments, gold bar, and silver one of the biggest factors restraining the market growth is rising percentages of wastages that are being included in both gold silver.

Silver and gold cannot be shaped into a certain shape when they are in their purest form. Some amount of other metals will be added to facilitate the shaping of gold and silver into ornaments. The percentage of other metals must be very less. However, recently the wastages are increasing. Fluctuating prices of gold and silver can be another hindering factor in the market.

GOLD JEWELRY, GOLD BAR, SILVER MARKET REGIONAL INSIGHTS 

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"Asia Pacific to Dominate Market During the Forecast Period"

Asia Pacific is seen to dominate the market in upcoming years. One of the most important reasons that has led to the growth and development of gold jewelry, gold bar, silver market in this region is the growing demand for modern ornaments.

Lightweight jewelry with different attractive patterns has occupied the market. Availability of crude silver and gold is more in this region. Also, gold and silver jewelry are treated as a symbol of prestige and status in many countries of Asia Pacific. All of these factors have increased the demand for the market.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

LIST OF TOP GOLD JEWELRY, GOLD BAR, SILVER COMPANIES

• Umicore (Belgium)
• Argor-Heraeus (Switzerland)
• Metalor Technologies (Switzerland)
• Chimet (Italy)
• Aurubis (Germany)
• Jiangxi Copper Company (China)
• Shandong Zhaojin (China)
• Zijin Mining Group (China)
• Asahi Refining (Japan)
• CCR Refinery (U.S.)
• Royal Canadian (Canada)
• Chow Tai Fook (China)
• Chow Sang Sang (China)
• Lao Feng Xiang (China)
• LVMH (France)
• Tiffany & Co. (U.S.)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations.