The high-end jewelry market includes products made from precious metals and gems. These ornate accessories are seen as a display of luxury and style. With rising disposable income in developing nations, more consumers can afford high-quality jewelry for special occasions.
The global luxury jewelry market is estimated to be valued at US$ 68.82 billion in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
Customized and bespoke jewelry designs have gained popularity in recent years. Consumers are increasingly looking for unique pieces that reflect their personal style and taste rather than standard designs. This has encouraged jewelry brands to offer bespoke services where buyers can work with designers to create one-of-a-kind pieces. The option for customization allows self-expression and has expanded the addressable market by catering to niche consumer demands. This growing demand for unique and personalized accessories is expected to drive significant growth for the luxury jewelry market over the forecast period.
Segment Analysis
The global luxury jewelry market is dominated by the fine jewelry segment. Fine jewelry refers to jewelry made from precious metals such as gold, silver, platinum or palladium and incorporated with gemstones like diamonds, rubies, emeralds etc. Fine jewelry holds significant prestige value and is considered as an investment. Due to rising disposable income, inclination towards branded products and growing status symbol association with luxury goods, the fine jewelry segment is expected to remain dominant during the forecast period.
Key Takeaways
The global Luxury Jewelry Market Growth is expected to witness high growth. The market size is projected to grow from US$ 68.82 Bn in 2023 to reach US$ 85.24 Bn by 2030, expanding at a CAGR of 5.6% during the forecast period.
Regional analysis: The North American region currently dominates the global luxury jewelry market and is expected to continue its dominance during the forecast period. Increased spending on luxury goods by millennial population along with rising number of HNI population is fueling the growth of luxury jewelry market in the region. The Asia Pacific region is expected to witness the fastest growth. Rising economies, growing middle class population and changing lifestyle trends is driving the demand for luxury jewelry in Asia Pacific region.
Key players: Key players operating in the luxury jewelry market are Pfizer Inc., Merck & Co., Inc., GlaxoSmithKline plc, Novartis AG, Sanofi S.A., Johnson & Johnson, Abbott Laboratories, Eli Lilly and Company, AstraZeneca plc, Bayer AG, Bristol-Myers Squibb Company, Roche Holding AG, Teva Pharmaceutical Industries Ltd., Mylan N.V.,Allergan plc. Johnson & Johnson dominates the luxury jewelry market followed by Merck & Co., Inc.
For more insights, read- https://www.ukwebwire.com/luxury-jewelry-market-trends-size-and-share-analysis/
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