Leading agencies across predict steady growth for the global jewellery industry, with McKinsey forecasting a 4-6% rise through 2027. Demand for high jewellery is expected to surge alongside the growing wealthy population, while iconic global brands continue to drive luxury sales. In India, diamond-studded jewellery is poised for the biggest leap in 2025, with the organised sector growing 20% year-on-year. Shilpa Dhamija reports.
McKinsey & Co forecasts for Global Jewellery Sector
A 2025 luxury fashion report by McKinsey & Co forecasts jewellery and leather goods to be the fastest-growing categories of the luxury goods industry through 2027. The jewellery sector’s growth will be fuelled by a younger and more diverse clientele.
The report notes that in the period 2019-2023, the jewellery category experienced a remarkable 8% CAGR (compound annual growth rate), globally.
However, in 2024, growth slowed down between 2% to 4%. This year, jewellery sales are expected to regain momentum with 3% to 5% projected growth, and accelerate to 4% to 6% by 2027.
Jewellery sector’s growth in the next 3 years will be shaped by shifting customer profiles and buying behaviours. An increasing number of consumers will transition from non-branded to branded jewellery.
High jewellery sales are likely to increase in line with the growing number of ultra-high-net-worth individuals worldwide. Moreover, growing interest among younger buyers in genderless jewellery, along with luxury brands investing in technology and immersive experiences will further shape interest among digital natives and new consumers
However, the report cautions that an uncertainty in a clear segregation between lab-grown diamond and natural diamond markets could pose a challenge to this growth.
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At a Glance
- Jewellery to grow globally between 4%-6% through 2027: McKinsey & Co.
- High-jewellery demand to rise as the wealthy population grows worldwide.
- Global iconic jewellery brands continue to lead growth for luxury conglomerates
- Diamond-studded jewellery to see the biggest growth in India in 2025: Redseer
- India’s precious jewellery market to grow at a healthy 11-13% CAGR until 2028
- Organised jewellery sector in India to grow 20% year-on-year in FY25: Ind-Ra
Richemont & LVMH jewellery brands see growth in high & iconic jewellery segments
Recent market performance reports from the world’s largest luxury conglomerates that own some of the biggest jewellery brands show that the jewellery sector continues to demonstrate resilient growth.
According to LVMH’s 2024 annual results, Tiffany & Co.’s high jewellery revenue quadrupled, while operating profits doubled, ever since LVMH acquired the iconic brand in 2021. Although no specific figures were disclosed, the report highlighted record-breaking revenue at Tiffany’s fifth avenue flagship store in New York in 2024. Meanwhile, Bulgari’s Aeterna high jewellery collection also achieved record-breaking revenue.
However, LVMH reported an overall 2% year-on-year revenue decline from its combined watches & jewellery category. In addition, profit from its recurring operations dropped 28%. LVMH, the parent company of Bulgari, Tiffany & Co., and Chaumet attributed the decline partly to communications expenses, ongoing store renovations, and exchange rate fluctuations.
Richemont, the parent company of Cartier, one of the world’s largest jewellery brands, recently released its third quarter (Oct–Dec 2024) results, reporting a revenue of €4,501 million from its jewellery brands, an impressive 14% increase compared to the same period last year. This growth was driven collectively by its jewellery maisons: Cartier, Van Cleef & Arpels, Buccellati, and Vhernier.
Jewellery Outlook for India 2025-2028
India-based Redseer Strategy Consultants forecasts the country’s precious jewellery market to grow at a healthy 11-13% CAGR until 2028. The key drivers of this growth will be rising discretionary incomes that will fuel luxury as well as non-wedding jewellery demand, according to Kushal Bhatnagar, associate partner at Redseer. “Increasing urbanisation and digital penetration will expand the reach of organised retailers too,” he says.
This year, Bhatnagar predicts that studded jewellery and daily-wear pieces will be the key growth drivers in the jewellery sector. “Daily-wear jewellery category which includes small to medium pieces of jewellery worn regularly by consumers with a cartage of 14- or 18-karat is expected to grow at 15-17% CAGR.”
However, the biggest growth in India will be driven by diamond-studded jewellery, which is projected to grow at 21-23% CAGR, with an increasing share of 14- and 18-karat designs
Another report by India Ratings and Research (Ind-Ra) forecasts the organised jewellery sector in India to grow 20% year-on-year in FY25. This sector is also likely to contribute to 50% of the total jewellery market share in India in the next 4-5 years.