The global jewelry market is poised for steady growth over the next decade, with consumption and production showing positive trends. By 2035, the market is projected to reach a volume of 50,000 tons and a value of $457.4 billion. This growth is driven by strong demand, particularly in key markets such as China, the United States, and India.
In 2024, global jewelry consumption reached 43,000 tons, marking a 2.4% increase from the previous year. The market’s average annual growth rate over the last decade has been 2.1%, reflecting stable yet consistent demand. The total revenue for the global jewelry market in 2024 is estimated at $368.5 billion, with the top-consuming countries accounting for over half of the market share.
China leads the world in jewelry consumption, with 13,000 tons in 2024, followed by the United States at 7,600 tons, and India at 2,900 tons. Notably, Nigeria recorded the highest growth rate in consumption, with a CAGR of +40.7%, reflecting an emerging market for luxury goods.
On the production side, global output of jewelry reached 42,000 tons in 2024, with China producing the largest share—36% of the global total. The production value, however, slightly contracted to $349.5 billion, reflecting fluctuating market conditions.
The international trade in jewelry continues to grow, with imports rising by 3.9% to 13,000 tons in 2024. However, jewelry import prices have decreased slightly by 8.1%, reaching $8.45 million per ton. Notably, Hong Kong has the highest jewelry import price at $57.2 million per ton, while Nigeria maintains the lowest at just $2,837 per ton.
With a solid forecast for continued growth in both consumption and production, the global jewelry market is set for a prosperous future. The increase in demand, particularly in emerging markets, combined with stable growth in established regions, underscores the ongoing resilience of the global jewelry industry.
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