Gems & Jewelry Market Overview, 2023-28

Gems and jewelry have held humanity's fascination for centuries, transcending borders and cultures to become symbols of beauty, status, and personal expression. The global gems and jewelry market stands as a testament to the enduring allure of these precious adornments, weaving together stories of craftsmanship, cultural heritage, and evolving aesthetics from every corner of the world. From the glittering diamonds of Africa to the intricate gold filigree of the Middle East and the vibrant gemstones of Asia, the global gems and jewelry market is a captivating tapestry of history, art, and commerce. The global gems and jewelry market is a dynamic and diverse landscape, encompassing a wide array of products, styles, and materials that cater to a vast range of consumer preferences. Diamonds, rubies, sapphires, emeralds, and other precious gemstones are the stars of this market. Mined from various parts of the world, these stones have transcended their origins to become symbols of luxury, elegance, and everlasting love. The diamond trade, for instance, has historically been associated with Africa, with countries like Botswana and South Africa being significant producers. The market showcases a blend of traditional designs, deeply rooted in cultural heritage, and contemporary creations that cater to modern tastes. From the intricate filigree work of the Middle East to the ornate craftsmanship of India and the minimalist elegance of Western styles, the market reflects the diverse design sensibilities of different regions. Also, with growing environmental consciousness, the global gems and jewelry market is witnessing a shift towards ethical sourcing and sustainability. Consumers are increasingly seeking transparency in supply chains, fair labor practices, and environmentally responsible production methods. This has led to the rise of lab-grown diamonds, recycled metals, and initiatives aimed at reducing the industry's carbon footprint.

According to the research report, “Global Gems & Jewelry Market Overview, 2028” the market is expected to cross USD 460 Billion market size, increasing from USD 316.51 Billion in 2022. The global market is forecasted to grow with 6.67% CAGR by 2023-28. From engagement rings representing commitment to elaborate necklaces symbolizing status, these adornments communicate stories, traditions, and personal beliefs. In cultures such as China, jade is believed to bring luck and protection, while the bridal jewelry of India is steeped in symbolism and ritual. The gems and jewelry market has witnessed a remarkable evolution, transitioning from traditional adornments to contemporary statements of style and identity. This transformation is accompanied by a surge in the adoption of gems and jewelry across the world, as consumers increasingly recognize and appreciate the market's multifaceted offerings. From classic diamond engagement rings to avant-garde artisanal pieces, the growth in adoption of the gems and jewelry market mirrors changing lifestyles, preferences, and global trends. Fashion is a dynamic entity, and the gems and jewelry market is keenly attuned to its ebbs and flows. The adoption of gems and jewelry is closely linked to changing fashion trends. From vintage-inspired pieces to contemporary designs, the market caters to a diverse range of styles, ensuring that consumers can find pieces that resonate with their personal aesthetics. Also, the advent of the internet and e-commerce has significantly democratized access to the gems and jewelry market. Consumers from different parts of the world can now explore and purchase jewelry pieces from distant cultures and regions. This globalization has led to increased exposure to diverse designs, leading to a broader adoption of unique styles. An important driving force behind the growth in adoption is the increasing demand for ethical and sustainable products. Consumers are now more conscious of the environmental and social impact of their purchases. This has prompted the gems and jewelry industry to embrace responsible sourcing, eco-friendly materials, and ethical manufacturing practices, making it more appealing to conscious consumers.

Based on the regions, North America was valued at over USD 75 Billion in 2022. Indigenous peoples in North America, such as the Navajo and Zuni, have a rich tradition of creating intricate and symbolic jewelry using materials like turquoise, silver, and coral. Celebrity culture and red-carpet events have a significant impact on jewelry trends in North America. Iconic jewelry pieces worn by celebrities often become highly sought after. The United States, particularly New York City, is a global hub for the diamond trade. The Diamond District in Manhattan is renowned for its numerous jewelry stores, wholesalers, and diamond dealers. The demand for vintage and antique jewelry is strong in North America, with consumers seeking unique pieces that have historical and aesthetic value. The market for lab-grown diamonds has been growing as an ethical and sustainable alternative to mined diamonds. These gems are chemically and visually identical to natural diamonds. Alongside engagement rings, wedding bands hold cultural and sentimental significance in North American weddings, often symbolizing unity and commitment. Also, the tradition of wearing birthstone jewelry is popular in North America, with each month associated with a specific gemstone believed to bring luck and protection to the wearer.

The ring segment is projected to be the leading segment due to the rising popularity of the ring to signify or symbolize engagement and marital status. The growing customer preference for personalized items has encouraged vendors in the ring market to provide various customization options. Rings can be customized based on material type, design, shape, and gemstone type. Tiffany & Co, for instance, offers customer’s customization options regarding ring design and gemstone type through its website. The company also provides its customers with guides on metals and diamonds to brief them about cuts, colors, carats, and sizes. Earrings, necklaces, bracelets, and others have shown a significant presence owing to the rising usage of these products for beautification and enhancement of looks, especially among the female population. Hoops, neckbands, wristbands, and others have shown a critical presence inferable from the rising utilization of them items for beautification and improvement of looks, particularly, among the females. The gold segment is supposed to stand a powerful development as individuals are progressively mindful of the medical advantages of wearing gold trimmings Gold adornments have medical advantages, for example, controlling internal heat level, accelerating the recuperation interaction during injury, going about as a de-stressor, and others. The diamond section is expected to grow by the end of the forecast period. Diamonds are being considered as a wise speculation and reinforcement in the event of expansion, market breakdown, and others impels the utilization rate. Then again,

Based on the distribution channel, the online segment is also projected to draw considerable revenue growth in the global market during the forecast period. Prominent e-commerce companies as well as offline merchants are establishing their own presence on online platforms to reach additional customers, which is one of the major factors expected to aid the growth of the online segment during the forecast period. Innovation in terms of design and manufacturing technology is one of the primary factors which will trigger the expansion of the worldwide Gems And Jewelry Market within the forecasted years. The demand for personalized jewelry is growing among customers because it allows them to pick out their desired designs and further customize their jewelry by adding gemstones and other precious stones. Vendors are using advanced technology like laser technology and induction technology to satisfy these requirements. Similarly, various designers also are using innovative 3D printers that use Rapid Prototyping (RP) technology to review the planning concepts, which helps them in understanding the necessities and complexity in the manufacturing of any jewelry designs. In spite of showing a growing graph, the worldwide gems and jewelry market is probably going to face several challenges which may restrain the expansion of the market in the coming years. These factors include rising labor cost that also adds to an increase in the cost of jewelry making and inflation. Regular purchases from unorganized retailers are additionally expected to restrain the progress of the market.

Key Players Insights

Key players like LVMH Moët Hennessy Louis Vuitton, Kering S.A., Compagnie Financière Richemont S.A, Ralph Lauren Corporation, Burberry Group plc, D. Swarovski KG, Prada S.p.A., De Beers Group, The Swatch Group Ltd and Giorgio Armani S.p.A compete fiercely in the gems and jewelry market. To enhance their geographic reach and consumer base, major businesses are concentrating on online distribution channels for the online marketing and branding of their products. Due to their rising income levels and cultural traditions, wherein people in China and India view giving jewelry ornaments as auspicious, leading manufacturers in the gems and jewelry industry are concentrating on utilizing the opportunities presented by these emerging markets to increase their revenue. To give their product offers a luxurious feel and flawless craftsmanship, the leading brands are launching innovative projects and new product advancements.

Market Dynamics

• Increasing demand: Changing consumer behavior related to fashion accessories, and increasing demand by consumers for single-stoned stud earrings, pendants, and rings for styling and status symbols is one of the major drivers fueling the global market growth. In almost every culture around the world, wearing gems and jewelry is considered the depiction of wealth and social status. Gems and jewelry are used for styling clothes, accessories, smartphones, luxury watches, and other items to style unique looks and also depict social status, wealth, relationships, and prosperity. Rising income levels in emerging regions around the world is another major driver anticipated to fuel the global gems and jewelry market in the coming years. Spending on buying jewelry, gems, and other ornaments in emerging economies such as India, Japan, and China is rising due to increasing disposable income. Factors such as industrialization, globalization, urbanization, and changing lifestyles are powering the rising demand for jewelry in emerging regions.
• Ethical sourcing and sustainability: The mining of precious metals and gemstones can have negative environmental impacts, such as habitat destruction and water pollution. Moreover, there are concerns about unethical labor practices in certain mining regions. Consumers, particularly the younger generations, are becoming more informed about these issues and are actively seeking brands that prioritize responsible sourcing. This challenge presents an opportunity for industry players to engage in transparent supply chain management, adopt eco-friendly practices, and support ethical labor standards.
• 3D printing and computer-aided design: An emerging trend in the global gems and jewelry market is the shift towards customization and personalization. Consumers are increasingly seeking unique and individualized pieces that reflect their personality, style, and experiences. This trend is fueled by advancements in technology, such as 3D printing and computer-aided design, which enable jewelry manufacturers to create intricate and bespoke designs. Brands that offer customizable options, allowing customers to choose gemstones, metals, and designs, are likely to attract a loyal customer base. This trend aligns with the broader consumer desire for authenticity and self-expression.

Considered in this report

• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report

• Global Gems & Jewelry with its value and forecast along with its segments
• Region-wise Gems & Jewelry market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions covered in the report:

• North America
• Europe
• Asia-Pacific
• South America
• Middle-East & Africa

By Material

• Gold
• Silver
• Platinum
• Diamond
• Others (Gemstones, palladium, titanium, bronze, copper, brass)

By Product

• Rings
• Necklaces
• Earrings
• Bracelets
• Chains and Pendants
• Others (brooches, cufflinks, and hair accessories)

By Application

• Weddings
• Collections
• Festive Blessing
• Fashions
• Others (birthdays, graduations, or religious holidays)

By Distribution Channel

• Jewelry Stores
• Multi Branded Stores
• Standalone
• Online

The approach of the report:

This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations and organizations related to the Gems & Jewelry industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.