Jewelry Market is Anticipated to Reach a Valuation of USD 308.36 Billion by 2030 with a CAGR of 4.6% During the Forecast Period 2023-2030: Rising Number of People are Inclined Toward Buying Luxurious Products

The global jewelry market size is projected to display a robust growth by reaching USD 308.36 billion by 2030. Fortune Business Insights™ in its report titled “Jewelry Market Size, Share & COVID-19 Impact Analysis, By Product (Necklace, Earrings, Ring, Bracelet, and Others), By Material Type (Gold, Platinum, Diamond, and Others), By End-user (Men and Women), and Regional Forecast, 2023-2030” observes that the market size in 2022 stood at USD 216.48 billion and reached USD 224.38 billion in 2023. The market is expected to witness a strong CAGR of 4.6% during 2023-2030. Wearing jewelry highlights various specific features of the body, showcases fashion trends/style, helps to enhance looks, and others. Jewel consumption is rising as people are inclined toward buying and using luxurious products. The product's growing popularity among high-income earners as a symbol of high status is helping to accelerate the consumption rate.

Tiffany & Co. Announced the Acquisition of a Curation of Rare Pink Diamonds

Market players have been collaborating with key players to expand their geographical presence. In January 2023, Tiffany & Co. announced the acquisition of a curation of rare pink diamonds from the Rare Argyle Pink Diamonds Mine in Australia. Tiffany & Co. The mine is located in the remote area of Western Australia. The acquisition of rare diamonds by the company will be offered in its stores, which is expected to be a rare product offering for customers.

Lockdown Restrictions Affected the Manufacturing of Ornament Products

Global protocols during the pandemic on social distancing and lockdown led to a shortage of employees, which affected the manufacturing of ornaments. The outbreak decreased imports and exports of raw material from one country to another, leading to rise in costs and lack of materials. With the unprecedented impact of COVID-19, the government restricted all events, shows, exhibitions, and weddings for a few months, negatively impacting the market growth.

Increasing Adoption of Digital Media Platforms and Opening of New Stores to Expand Market Growth

Increasing adoption of digital media platforms and opening of new stores are anticipated to drive the jewelry market growth. Advancements in digital media platforms such as reality shows, movies, music videos, and others promote high fashion. Many companies have been expanding their distribution network and opening new stores globally. Growth in online jewels is increasing with internet penetration rates and the availability of online jewels at low prices. Additionally, technology has also played an important role as manufacturers have been incorporating technology in ornaments to boost the consumption of the product.  

However, increasing number of strict regulations on importing and exporting ornament goods have increased product tariffs, which are expected to hamper the market growth.

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Launch of New Showrooms/Stores by Market Players to Drive Market

Key players of the market are putting their efforts into enhancing the looks and design of jewelry products to meet the ever-changing needs and desires of consumers, which is projected to impact the market positively. For example, in January 2022, Malabar Gold & Diamond, launched six new showrooms across the UAE - three in the new Dubai Gold Souq extension, and one in City Centre Al Zahia, Lulu Muweilah, Sharjah, and Crown Mall, Jebel Ali.

Notable Industry Development

• June 2022: Cartier launched the Beautés du Monde High Jewellery collection at Palacio de Liria in Madrid. The jewel collection was created by Jacqueline Karachi, and is made up of six necklaces and seven rings. It also has an additional jewelry collection set, which comes with necklaces, earrings, rings, and brooches.

List of Key Companies Profiled in the Report:

• Harry Winston, Inc. (U.S.)


• Chopard (Switzerland)


• Pandora Jewelry, LLC. (U.S.)


• Chow Tai Fook Jewellery Company Limited (Hong Kong)


• Tiffany & Co (U.S.)


• Rajesh Exports Ltd (India)


• Cartier International SNC (France)


• Signet Jewelers Limited (Bermuda)


• Chanel (France)


• LVMH Moët Hennessy (France)

Further Report Findings

• Asia Pacific is expected to lead the market with the largest jewelry market share with the valuation of USD 85.26 billion in 2022. The region has various regional players such as Tanishq, Malabar Gold and Diamonds, Queelin, Wallace Chan, and others.  


• The Europe market is expected to grow considerably due to high employment rate of women, further aiding in boosting the consumption rate as women are more inclined toward ornament products.


• North America is exhibited to grow at a considerable growth due to increasing growth of tourism, propelling people to spend more on various types of goods, including ornaments and gemstones.

Table of Segmentation