The luxury jewellery market is on a remarkable growth trajectory and is projected to achieve a staggering value of $95.8 billion by 2030, with a compound annual growth rate (CAGR) of 7.85% during the forecast period from 2023 to 2030, according to a report by SkyQuest Technology Consulting Pvt. Ltd.
The expansion of this market can be attributed to the increasing modernisation and westernisation trends observed in various countries, leading to evolving lifestyles and preferences among consumers, who now place a greater emphasis on luxury goods, including jewellery. As disposable income rises, individuals are increasingly investing in high-end jewellery pieces to symbolise their status and personal style.
One of the driving factors behind the growth of the luxury jewellery market is the growing demand for sustainable and gender-fluid jewellery. Consumers are now actively seeking ethically sourced and produced jewellery that utilises sustainable practices, driven by a rising awareness of environmental concerns. This shift towards sustainability has significantly influenced the design and production processes within the luxury jewellery industry, resulting in a wider availability of eco-friendly and socially responsible jewellery options.
Prominent players in the luxury jewelry market include Mikimoto, Bulgari, Cartier, Chopard, Graff Diamonds, Harry Winston, Van Cleef & Arpels, Piaget, Tiffany & Co., Boucheron, Buccellati, David Yurman, Chaumet, Fabergé, H. Stern, Swarovski, Damiani, Pomellato, De Beers, and Bvlgari Jewelry.
The gold segment holds the largest revenue share, accounting for 38.9% of the luxury jewellery market. Gold has long been revered for its intrinsic value and allure, making it a desirable investment during times of political and economic uncertainty. The stability and perceived inherent worth of gold have positioned it as a haven asset, attracting investors during periods of crisis.
North America is poised to exhibit the highest CAGR in the luxury jewellery market during the forecast period, primarily due to its high concentration of millionaires, who are the main drivers of luxury consumption.
The necklaces segment has emerged as the leader in the luxury jewellery market, holding the largest market share. This segment is expected to maintain its dominant position throughout the forecast period. Necklaces are favoured by consumers due to their versatility and ability to enhance one’s style and personality.
In the Asia-Pacific region, which currently holds a significant share of more than one-third of the global luxury jewellery market, growth is expected to continue throughout the forecast period, the report said.