The GMI Research predicts that the Jewelry Market will perceive an increase in demand over the forecast period. This is mainly because of their assistance to improve looks, increasing inclination towards premium products, and the rising prominence of jewelry among high-income individuals.
Introduction of the Jewelry Market
According to the global jewelry market report, it is the most antiquarian and lasting way of personal decoration. It is composed of an extensive range of materials such as silver, gold, diamond, gemstones, and platinum or other materials like amber and coral, precious beads, and shells.
Key Players of Market:
- Cartier
- Van Cleef & Arpels
- Graff
- Pandora
- Richemont Group
- Tiffiny & Co.
- Chow Tai Fook
- Harry Winston
- LVMH Group
- Signet Group
Jewelry Market Dynamics
The changing lifestyle of consumers and the mounting per capita income are the prominent factors impelling the growth of the global jewelry market. In addition, the accelerating penetration of patterns inspired by tribal women and the surging endorsement of jewellery, such as cartography necklaces, plain gold chains, cufflinks, and plain gold chains, are paving the way for the market growth. Further, the growing emphasis of women on contemporary trends of hairpins, necklaces, bangles and the rising awareness towards remarkable properties of metal and gemstones used in jewellery pieces will strengthen the market growth.
On the other hand, the spread of the coronavirus pandemic negatively influenced market growth. This is because the strict lockdown levied by the government prompted individuals to stay at homes, decreasing their income. Thus, the rapid contraction in income and the drift to spend money on essential items will hinder the global jewelry market share.
Material Type Segment Drivers
Based on the material type, diamond is predicted to witness higher growth over the coming years. This is because of their contracting value and inadequate accessibility of platinum. Also, the increasing popularity as a result of mounting disposable income is driving the jewelry market size. Diamonds are considered the earth’s most striking natural materials because of their remarkable qualities.
Regional Drivers
Based on the regional coverage, North America is contemplated to capture the highest market share and maintain its supremacy over the coming years. This is attributed to the elevated retail structure and massive endorsement because of the advertising strategy and celebrity brand endorsement.
Jewelry Market Segmentation:
Segmentation by Material Type
- Gold
- Silver
- Platinum
- Diamond
- Others
Segmentation by Product Type
- Necklace
- Rings
- Earrings
- Bracelet
- Others
Segmentation by Distribution Channel
- Online Stores
- Offline Stores
Segmentation by End-Users
- Women
- Men
Segmentation by Region:
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- RoW
- UAE
- Brazil
- South Africa
- Saudi Arabia
About GMI Research
GMI is a consulting and market research organization assisting its clients to reach actionable and managerial decisions. The organization, with the help of expert analysts and research team, offers a detailed market research report and business perception to various SMEs. Our team of research analysts collects all the required information about the sectors using external and internal data basis. We offer step-by-step guidance to our client to comprehend them about the upcoming challenges and opportunities. The team further assists in acknowledging the influence of market size, drivers, growth opportunities, and restraints.
