Industry Outlook

The global market value for gems & jewelry is expanding at a CAGR of 5.1% during the forecast period from 2021 to 2029. Asia Pacific led the gems & jewelry market in 2020 and expected to remain dominant during the forecast period. North America expected to be the fastest growing market during the forecast period.

Gems & jewelry comprises different gemstones and jewelry that are made from precious metals such as gold, silver, platinum, bronze, alloy or gemstones that includes diamond ruby, sapphire, pearl, and emerald among others. Demand for gems & jewelry has increased significantly over the past few decades, majorly driven by the millenials. New product designs developed by the manufacturers has resulted in significant growth of the gems & jewelry market over the years, and targeted towards the population of different age groups.

Advancements in jewelry manufacturing process along with availability of different certification bodies such as Bureau of Indian Standards (BIS), Kimberly Process Certification Scheme, Confederation, and hallmarking among others expected to trigger the growth of gems & jewelry market in the coming years. In addition to this, introduction of new and different designs is one of the latest trends that will gain more attention of the consumers in the coming years. Jewelry inspired by the Egyptian, Italian and European cultures are gaining immense popularity among the consumers across the globe.

India is one of the growing markets for gems & jewelry, contributing 7% of the country’s GDP and 15% of the total exports. Greater advertisement spending and rising availability of gems & jewelry in organized retail chains are some of the key factors responsible for the steady market growth of gems & jewelry in India. India is deemed to be the hub of gems & jewelry market because of its low cost of production and availability of skilled labor force. Based on the potential of the market growth Government of India has declared gems & jewelry sector as a thrust area for the export promotion. According to Export Promotion Council India exports 75% of the world’s polished diamonds. Singapore, China, Russia and Latin America are the major importers of Indian jewelry. Besides India, U.S, UAE and Hong Kong are also the major exporters of gems & Jewelry.

Counterfeit products is an increasingly significant concern in a brand jewelry industry. Major problem is associated with imitation of gemstones, which are hard to distinguish from the real ones. Huge influx of counterfeit products from developing economies particularly hampering the growth of the actual sales and damages the original brand value.

"Jewelry Segment Captured Major Chunk of the Market in 2020, and Expected to Display Similar Trend in Coming Years"

In terms of market value, jewelry segment accounted for the major share in 2020. Jewelries are further categorized into studded jewelry and non-studded jewelry.

Innovations towards new and unique designs is one of the key factors boosting demand for this segment. Jewelry segment is growing on account of expanding prominent jewelry brands, such as Tiffany & Co., Cartier and several new entrants such as David Yurman and Pandora. In addition to this, future growth in the jewelry segment is likely to come from other players in who are into high-end leather goods or apparel. For instance, companies such as Hermès, Dior and Louis Vuitton are introducing jewelry collections or expanding their assortment.

"Asia Pacific is Likely to Dominate the Global Gems & Jewelry Market throughout the Forecast Period"

Based on geography, Asia Pacific dominated the market in 2020 and likely to continue the similar trend in the coming years. Gems & jewelry is gaining importance among the population across different age groups, which is a key factor pushing market growth. The key reasons associated with the increasing demand gems & jewelry are premium product launches, organized retailing, and rapid urbanization among others. Moreover, certifications and technological advancements available to the customers are helping the industry to build trust in the minds of the existing consumer base as well as the new consumers. Thus, this will help the growth of the market in the coming years. In addition to this, with the rising demand for new designs, these brands are willingly changing their product portfolios and focusing upon customization as per the preferences of the consumers. The major growing markets present in the Asia Pacific region are China, Vietnam, India, Indonesia, Thailand and Japan. North America expected to be the fastest growing market for gems & jewelry market during the forecast period with U.S spearheading the growth of the market.

"New Product Launch and Introducing Unique Design are the Key Strategies of the Companies Operating in the Market"

The global gems & jewelry market is marked by intense competition from small and major players operating in this market. Strategic acquisitions and merging, product innovations, partnerships and joint ventures, and geographical expansions are some of the key strategies adopted by the leading players to ensure long-term sustenance in the market. Key players operating in the field of gems & jewelry include Chopard, K Mikimoto & Co Ltd., Bulgari S.p.A, Piaget, Graff Diamonds, Tiffany & Co., Buccellati Holding Italia, Van Cleef & Arpels, Société Cartier, Harry Winston, Chow Tai Fook Enterprises Ltd., LVMH, Compagnie Financière Richemont SA, Signet Jewelers Ltd., Tanishq, among others.

Companies such as Chopard regularly adorns celebrities with jewelries for different events in order to grab more customer attention. For instance in 2020 Chopard collaborated with well know musician Rihanna in order to introduce the new “Rihanna Loves Chopard” collections of jewelry.

In May 2021, De Beers Group made an announcement regarding the launch of a company, Lightbox Jewelry and will begin the marketing strategies for a brand of laboratory-grown diamonds that will offer the customers quality, fashionable and studded jewelry designs at an affordable prices. This new line of jewelries will bring something innovative and new to the jewelry sector featuring blue, white and pink lab-grown diamonds in a section of accessibly priced necklace and earing designs.

In July 2021, the French Jewelry brand Boucheron celebrated its 160th aniversery with the introduction of its latest jewelry collection "Nature Triomphante,"that combines efficient skills, scientific techniques and creative innovation. The collection consists of different exceptional pieces but its "Fleurs Eternelles" grabbed more customer attention. The nine unique flower rings are made using real flower petals made with unprecedented techniques and were individually scanned in order to capture their volumes with all the detailing.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Gems And Jewelry market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Gems And Jewelry market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Gems And Jewelry market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Gems And Jewelry market?
• Which is the largest regional market for Gems And Jewelry market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Gems And Jewelry market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Gems And Jewelry market worldwide?