The global jewelry industry is on track to achieve a market value of USD 459.43 billion by 2030, according to a recent report. This study provides an in-depth analysis of the current market landscape and forecasts substantial growth in the years ahead.
The increasing demand for jewelry, especially in emerging markets, is fueled by evolving lifestyles and the rising cost of precious metal accessories. The surge in industry size is further driven by the growing fashion consciousness among female consumers, who are increasingly embracing jewelry items like necklaces, rings, and bracelets. Additionally, the sector’s expansion is supported by heightened investments in jewelry innovation, strategic partnerships, and the geographical expansion of key players.
For example, in September 2021, the Malabar Group announced an investment of Rs. 750 crore (approximately USD 100 billion) to establish a gold refining and jewelry manufacturing business in Hyderabad. Earlier in April 2021, Malabar Gold & Diamonds revealed plans to invest Rs. 1,600 crore (around USD 214 billion) during FY22 to open 56 new outlets, with 40 in India and 16 in international markets.
Furthermore, Tanishq introduced antimicrobial jewelry in select regions as part of a trial project in June 2021. Additionally, the World Gold Council and the Gem and Jewellery Export Promotion Council signed an agreement in June 2021 to bolster gold ornament production in India. In March 2021, Joyalukkas partnered with IBM to create and implement a cloud-based e-commerce platform across 11 countries. However, challenges such as rising raw material costs, shifts in packaging trends, and the temporary appeal of some jewelry items pose hurdles to the industry’s growth. Despite these obstacles, the market is expected to experience robust growth during the forecast period.
In terms of product categories, rings held the largest market share in 2021. The popularity of rings is primarily attributed to their exquisite designs and features, making them highly desirable among consumers. Rings are considered both stylish and sophisticated, and the growing demand for men’s signet rings is likely to further propel the industry.
Rings are available in a wide range of sizes and designs, and their use extends beyond traditional engagements and anniversaries to everyday wear. For instance, silver rings are believed to have healing properties and can aid in heat generation and circulation, leading to a rise in their popularity. The availability of custom-made rings and the growing awareness of the spiritual significance of various metals are expected to drive the ring segment’s growth throughout the forecast period.
Key market players include Buccellati, Cartier, Chow Tai Fook Jewelry Company Limited, LVMH Group, Malabar Gold & Diamonds, Swarovski, Tata Sons Private Ltd, and The Swatch Group AG, all of whom play significant roles in the global jewelry market.
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