Luxury Jewelry Market Growth Analysis 2021

1. Global Luxury Jewelry Market, By Product,Trend Analysis, Competitive Market Share & Forecast, 2021-2027

2. Global Luxury Jewelry Market- Industry Trends & Forecast Report 2027 A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global luxury jewelry market was worth USD 35.2 billion in the year 2020. According to the study, the market is estimated to grow at a CAGR of 5.7%, earning revenue of around USD 51.4 billion by the end of 2027. Growing per capita and disposable income, rising expenditure on self-grooming, change in lifestyle among affluent consumers are expected to drive the global luxury jewelry market during the forecast period.

3. Growth Drivers  Increasing Per Capita Income and Purchasing Power of Consumers One of the major factors driving the growth of the luxury jewelry market is rising disposable income. When the population's disposable income grows, so does their buying power, resulting in increased demand and consumption for luxury jewelry. Furthermore, the customs surrounding precious metals are one of the primary factors driving the demand for luxury jewelry pieces. Because of numerous religious and cultural associations, India, for example, consumes a lot of gold and silver. It is worth mentioning that the growth in India’s luxury jewelry market is primarily driven by an increasing disposable income.

4. Restraints Strict Regulations Surrounding Trading of Luxury Jewelry No industry has been left untouched by COVID-19 and this includes the candy industry as well. Sales and production reported a steep decline due to the shutdown of manufacturing units. The mint and gums category suffered a setback too; nevertheless, chocolate confectioneries continue to rise in demand because it has become a necessary indulgence for people working from home during the ongoing pandemic. The market for dark chocolate is witnessing unprecedented growth owing to the impulsive purchase behavior of consumers. As a result, COVID-19 had only a short-term effect on the global candy industry.

5. Impact of COVID-19 The global luxury jewelry market was completely halted in the wake of the COVID-19-induced pandemic. Since luxury jewelry is mostly made of precious metals such as gold, diamonds, platinum, and so on, which comes from mining, the entire market was placed on hold as all mining operations were temporarily banned, following the nationwide lockdown enforced by governments around the world to combat the spread of the virus. Furthermore, the priorities of consumers swiftly shifted from buying luxury items to consumer goods, which subsequently declined the demand for luxury jewelry pieces. Furthermore, the prevalent demand could not be met because all distribution networks were completely shut down, impeding the imports and exports of goods.

6. Regional Insight Geographically, the global luxury jewelry market is segmented into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa. Europe accounted for the largest market share in the market, followed by North America. These regions consist of developed nations with high per capita income of the population as well as the presence of major luxury brands, which fuels the market growth. Furthermore, the high female labor-force participation rate in these countries is an important factor that is contributing to the growth of the market. Also, the Asia-Pacific region is predicted to have a high CAGR during the forecast period.

7. Competitive Landscape The leading market players in the global luxury jewelry market are Buccellati Holding Italia SPA. Chopard International SA, Mikimoto & Co., Ltd., Bulgari S.P.A., Graff Diamond Corporation, CompagnieFinanciereRichemont S.A., Tiffany & Co., Societe Cartier, Harry Winston, Inc., Guccio Gucci S.P.A., Chanel, LVMH Moet Hennessy, Signet Jewelers, Cartier International SNC, Rajesh Exports Ltd. and other prominent players.  Sample Copy of the report: https://www.blueweaveconsulting.com/report/global-luxury-jewelry-market-1982/report-sample

8. Competitive Landscape The leading market players in the global luxury jewelry market are Buccellati Holding Italia SPA. Chopard International SA, Mikimoto & Co., Ltd., Bulgari S.P.A., Graff Diamond Corporation, CompagnieFinanciereRichemont S.A., Tiffany & Co., Societe Cartier, Harry Winston, Inc., Guccio Gucci S.P.A., Chanel, LVMH Moet Hennessy, Signet Jewelers, Cartier International SNC, Rajesh Exports Ltd. and other prominent players. The market is highly dense and consolidated with the presence of luxury brands like Chanel, Gucci, etc. 

9. Recent Developments •   In May 2021, Futura Jewelry, a US-based leading luxury jewelry brand launched the first mercury-free gold jewelry collection. Understanding the environmental consequences of gold mining, the product launch is aimed at reducing the threat of mercury emissions on the earth. •   In May 2021, Tiffany & Co., a US-based leading jewelry brand announced its plan of releasing its first men’s engagement rings. The purpose is to expand their consumer base and tap the emerging market due to the increasing same-sex marriages and gender-fluid fashion trends.

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