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The global jewelry market size is expected to reach USD 480.5 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.1% over the forecast period. The market is expected to witness significant growth due to increase in disposable income and shift in consumer shopping preferences.

Jewelry market is greatly dominated by rings in product type, as they are available in multiple variety of sizes and designs. Also, with new innovative designs in the market they are receiving a great deal of attention. In addition to this, Bracelets are also gaining higher traction due to their increasing usage by working-class women, as a replacement for bangles in daily wear.

Countries like China and India are some of the major markets of jewelry in the world and majority of sales in these countries are driven by gold. Increasing awareness among consumers related to various hallmarks to authenticate purity of gold is another factor boosting the growth of the gold jewelry. Sales of diamond jewelry are expected to increase at a significant rate owing to changing consumer lifestyle in the developed countries. 

In 2018, Asia Pacific held the largest jewelry market share in terms of revenue due to the presence of the major players as well as high demand from countries like China, India, and Hong Kong. Changing fashion trends, along with awareness regarding authenticity of precious gems and metals, are the other factors propelling the market growth in this region.

Further key findings from the study suggest:

• By material, platinum is expected to witness a decline in the forecast period owing to its costliness and increasing consumption of gold and diamond. However, its demand may increase in North America due to highly developed countries and rich lifestyle

• The ring product segment dominated the jewelry market in 2018 due to its increasing consumption in day-to-day routine and introduction of a variety of engagement and wedding jewelry collections by major manufacturers

• The industry is highly competitive in nature due to the presence of many key global players. The local players are expected to give stiff competition owing to their unorganized nature of sales

• Launching stores in new regions is one of the most favorable strategy for market expansion. For instance, Tiffany & Co, American luxury jewelry retailer, launched its first store in India at The Chanakya in New Delhi. The store exhibits a full range of Tiffany’s iconic collections, from unique gemstones to superlative diamonds, celebrating an exquisite array of finely crafted jewelry.

• Adopting technology as an aid to improve customer service goes a long wat in boosting customer satisfaction and improving the brand name. For instance, Signet Jewelers Limited, announced that it has reinvented Omnichannel experience, which now enables its expert staff to serve customers using technology such as chat, video, social media and virtual by-appointment private shopping consultations, giving customers a variety of ways to start celebrating meaningful moments in time for the holiday season.

• As a step towards diamond transparency and consumer loyalty, Tiffany & Co. has begun sharing the provenance of its newly sourced diamonds with the customers.

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Grand View Research has segmented the global jewelry market on the basis of product, material type, and region:

Jewelry Product Outlook (Revenue, USD Billion, 2015 – 2025)

• Necklace

• Ring

• Earrings

• Bracelet

• Others

Jewelry Material Type Outlook (Revenue, USD Billion, 2015 – 2025)

• Gold

• Platinum

• Diamond

• Others

Jewelry Regional Outlook (Revenue, USD Billion, 2015 – 2025)

• North America

• U.S.

• Europe

• Germany

• France

• Asia Pacific

• China

• India

• Central & South America

• Brazil

• Middle East & Africa

• Saudi Arabia

List of Key Players of Jewelry Market

• Tiffany & Co.
• Swarovski
• Signet Jewels
• Chow Tai Fook

Have Any Query? Ask Our Experts for More Details on Report:https://www.grandviewresearch.com/inquiry/5852/ibb

Browse Related Report @

Luxury Jewelry Market – https://www.grandviewresearch.com/industry-analysis/luxury-jewelry-market

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About Grand View Research

Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.
Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.

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