Here’s where the jewelry market will grow

How much is the jewelry market worth? How much will it grow? And where? The answers, on a global scale, are provided by the analysis of Allied Market Research, an American consulting firm. The result is the Luxury Jewelry Market Size, Share, Competitive Landscape and Trend Analysis Report, which provides a detailed analysis of the main investment opportunities, the main winning strategies, the drivers, the size and estimates of the jewelry market in the global, changing and competitive landscape. The calculations of the analysts of Allied Market Research show that the global luxury jewelry market was worth 21.7 billion dollars in 2021, which will reach 40.2 billion by 2031, with an increase at a compound annual growth rate of 6.4%.

The reasons for this growth are the increasing standard of living of the population, due to higher disposable incomes, the improvement of lifestyle and the increase in corporate culture. The growth of the economy in developing countries has made it more common for consumers to buy expensive and luxurious products. This trend is set to continue. In addition to this, there is the growth of online sales also for luxury goods. The increase in the number of online portals and their popularity has fueled the growth of the luxury jewelry market. Online sales offer a home delivery service, which is one of the driving factors among consumers. The trend of online sales has recently gained importance in developing countries.

Traditional store sales have so far led the market, because they provide value-added services such as customer support. Despite this, the online segment has recorded a significant growth rate of 6.9%. Women’s jewelry has the largest market share, also due to the increase in the greater spending power of the female population. The forecast is that the women’s jewelry market will reach 24.1 billion by 2031.

The analysis also identifies the main brands in the jewelry market, in a mix that brings together high jewelry and fashion: Avon Products, Chopard, Giorgio Armani, Graff, Gucci, Lvmh (Tiffany, Bulgari), Mikimoto, Pandora, Prada, Signet, Sukkhi Fashion Jewelry, Swarovski, Tanishq, Amrapali and Youbella. The list, to be honest, is quite perplexing.

Another trend concerns the need to introduce innovative designs to support an increasingly competitive and dynamic market. According to the analysis, however, the luxury jewelry market in the United States, Canada, the United Kingdom and Italy will show slow growth compared to developing countries. India, China, South Africa and Brazil, on the other hand, have high growth potential. In countries like India, non-branded products have a larger share than branded products. And most companies have moved their manufacturing facilities to China and other Asia-Pacific countries to reduce production costs.