Luxury jewellery

Global Luxury Jewellery Market Is Estimated To Witness High Growth Owing To Increasing Disposable Income and Rising Demand for Personalized and Customized Jewellery

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The luxury jewellery market is estimated to be valued at US$ 56.02 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Luxury jewellery refers to high-end jewellery made from precious metals and gemstones. These jewellery pieces are known for their exquisite craftsmanship, unique designs, and high-quality materials. Luxury jewellery is often associated with status, wealth, and personal adornment. The market offers a wide range of products, including necklaces, rings, bracelets, earrings, and watches, among others. Luxury jewellery is purchased for personal use as well as for gifting purposes. The market caters to various consumer segments, including high-net-worth individuals, fashion enthusiasts, and individuals looking for personalized and customized jewellery pieces.

Market Dynamics:

The high growth of the luxury jewellery market can be attributed to two primary drivers. Firstly, the increasing disposable income of consumers, particularly in emerging economies, is driving the demand for luxury jewellery. With rising affluent middle-class population and discretionary spending power, consumers are willing to invest in luxury jewellery pieces. Secondly, there is a growing trend towards personalized and customized jewellery. Consumers are seeking unique and exclusive designs that reflect their individuality and personal style. Jewellery designers and manufacturers are focusing on offering customization options to cater to this demand. These factors are expected to drive the growth of the luxury jewellery market over the forecast period.

SWOT Analysis:

  • Strength: The luxury jewellery market is characterized by the high quality and exclusivity of its products, which creates a strong appeal and demand among affluent consumers. The market is also supported by the presence of renowned luxury brands that have established a strong reputation and brand image in the industry. Additionally, the market benefits from the growing preference for luxury jewellery as a status symbol and investment.
  • Weakness: One of the weaknesses of the luxury jewellery market is its high price point, which limits its accessibility to a narrow segment of consumers. Another weakness is the potential challenge of counterfeit products, which can damage the reputation of luxury brands and lead to loss of customer trust.
  • Opportunity: One opportunity for the luxury jewellery market is the growing demand from emerging markets, such as China and India, where rising disposable incomes and changing consumer preferences are driving the luxury market’s growth. Another opportunity lies in the expanding online retail sector, as luxury brands can leverage digital platforms to reach a wider customer base and enhance their distribution channels.
  • Threats: One threat to the luxury jewellery market is the economic uncertainty and fluctuating consumer spending patterns, which can impact the demand for luxury goods. Another threat is the increasing competition from alternative luxury products, such as high-end watches and designer accessories, which may divert consumer attention and spending away from traditional jewellery.

Key Takeaways:

The Luxury Jewellery Market Demand is expected to witness high growth, exhibiting a CAGR of 7.1% over the forecast period of 2023-2030, due to increasing disposable incomes and changing consumer preferences for luxury goods. In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the luxury jewellery market, fueled by the strong demand from emerging markets such as China and India.

Key players operating in the luxury jewellery market include Gucciogucci S.P.A., Harry Winston, Inc., Societe Cartier, Tiffany & Co., Compagnie Financiere Richemont SA, Buccellati Holding Italia SpA, Graff Diamonds Corporation, Bulgari S.p.A, K. Mikimoto & Co., Ltd., and Chopard International SA. These key players have established strong brand reputations and offer a wide range of luxury jewellery products catering to different consumer preferences and price points.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it