The global luxury fine jewellery market size is estimated to be valued at USD 45,700.0 million in 2022 and further grow at 6.5% CAGR from 2022 to 2032. Overall luxury fine jewellery sales are projected to reach a market valuation of ~USD 85,887.5 million by 2032. The share of the luxury fine jewellery market in its parent market (luxury jewellery market) is around ~30%-35%.
Growing spending on high luxury items or fine jewellery such as gold rings and diamond bracelets coupled with changing fashion trends is a key factor driving the global luxury fine jewellery market forward and the trend is expected to continue during the forecast period.
Luxury fine jewellery refers to the jewellery of the highest level of quality. It includes products like necklaces, rings, bracelets, earrings, pendants, and brochures. They are generally made from highly-sought after precious metals and gemstones, often of a much higher grade.
The rising popularity of luxury fine jewellery across the world, especially among the millennial population, changing fashion trends, and the growing influence of social media are some of the key factors expected to boost luxury fine jewellery sales during the forecast period.
Similarly, growing demand for sustainable jewellery, availability of customized products, and continuous new product launches in the market will create lucrative opportunities for luxury fine jewellery companies during the assessment period.
With companies like Metal Passions offering a service for clients to design their own jewellery online, the growing demand for bespoke commissions echoes the demand for customization across the luxury market. Upcycling is also intimately related to the trends.
With the redesign and usage of ancient stones, upcycling is also showing no signs of slowing down, whether it is a family piece updated for the following generation or one huge piece of jewellery constructed with the stones reused in place of several smaller pieces. For instance, since there is such a high demand for one-of-a-kind creations, Louis Vuitton, which previously only purchased cut gems, has switched to buying uncut stones and working directly with customers to select the final forms.
| Attribute | Key Insights |
|---|---|
| Estimated Luxury Fine Jewellery Market Size 2022 | USD 45,700.0 million |
| Projected Market Size (2032) | USD 85,887.5 million |
| Value-based CAGR (2022 to 2032) | ~6.5% |
| Top Players Share in 2021 | ~5%-10% |
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The global luxury fine jewellery market expanded at a CAGR of 4.6% from 2017 to 2021 and reached a total valuation of USD 43,194.7 million at the end of 2021. However, a CAGR of 6.5% has been predicted by Future Market Insights for the overall luxury fine jewellery industry.
In the coming years, the luxury fine jewellery market is predicted to rise at a rapid pace. The rising demand for a variety of designs is a major driving factor. Other factors, such as the increasing importance and popularity of diamonds and gemstones as well as the development of new products and Precious Pearls, are expected to drive the global market during the forecast period.
Furthermore, key companies' have increased attention to marketing activities and advertising campaigns which is likely to boost the market in the coming years.
In addition, the easy availability of a variety of products through online shopping platforms will create lucrative opportunities for manufacturers of luxury fine jewellery during the forthcoming decade.
However, the high cost of luxury fine jewellery on the other hand is emerging as a key challenge limiting market expansion.
Changing Buying Behavior Due to Digital Transformation to Boost Market
Digital transformation is about efficiency, saving time and money, staying ahead of the competition, and wooing customers. The presence of several online stores, along with review sites, makes it easy for consumers to compare products, prices, designs, and service levels, along with the origin of the product and details of the manufacturer or supplier.
Increasing penetration of the internet and numerous online jewelry businesses has boosted online jewelry sales in countries like India and China, and the trend is expected to continue during the forecast period.
Increasing Consumer Spending Fueling Luxury Fine Jewellery Sales in the USA
The USA luxury fine jewellery market is forecast to grow at 4.3% CAGR between 2022 and 2032 owing to the rising spending on fine jewellery, the strong presence of leading luxury fine jewellery manufacturers, and the availability of customized products.
Similarly, the rapid growth of the fashion industry, the growing popularity of luxury fine jewellery among the male population, and extensive branding strategies through social media platforms by companies are expected to propel luxury fine jewellery demand in the country during the assessment period.
Growing Demand for Wedding Jewellery Boosting Market in India
With almost 300 million individuals between the ages of 25 and 29, more than 100 million weddings are predicted to take place in India during the forecast period. Given the Indian tendency for purchasing jewellery at times of celebration, jewellery and related expenditures account for roughly one-third of overall wedding expenses. This is projected to increase the demand for luxury fine jewellery during this time.
The trend of availing loans with gold as collateral has seen a decent rise in recent times. People tend to spend on gold due to the high resale value of gold. The gold possessed by most Indian households is in the form of jewellery, often studded with precious gemstones. With property owners and moneylenders playing the key role of financial lenders in these places, the jewellery sector has developed as an alternative, offering investment opportunities through gold jewellery.
Gold to Remain the Most Preferred Raw Material for Luxury Fine Jewellery
As per FMI, the gold segment leads the global luxury fine jewellery market and it is expected to grow at a robust CAGR of 8.2% during the forecast period. This is attributed to the rising consumer preference for gold luxury jewellery.
With changing fashion trends, the popularity of wearable gold jewellery has soared dramatically. People are showing a keen inclination towards purchasing gold-based fine jewellery to improve their aesthetics.
On the other hand, the platinum segment is expected to increase at the fastest CAGR of ~8.7% over the projected period.
Rings to be the Top-Selling Luxury Fine Jewellery in the Market
Based on product type, the ring segment currently dominates the global market for luxury fine jewelry and the trend is expected to continue during the forecast period. This is attributed to the rising customer preference for luxury fine rings over other types.
There has been an upsurge in couples looking for distinctive engagement rings during the last few years. Similarly, rings have become ideal gifts that people prefer on occasions like engagements, weddings, birthdays, etc. Increasing demand for rings along with a rising number of weddings will therefore continue to boost the global luxury fine jewellery industry during the assessment period.
Individual Jewellery Stores to be Mostly Preferred by Customers
According to Future Market Insights, the individual jewellery segment is expected to grow at a CAGR of 3.5% during the forecast period from 2022 to 2032. This is due to the growing preference of customers towards purchasing luxury fine jewellery through individual jewellery stores.
An individual jewellery store is a type of retail business that focuses on buying and selling jewels and watches. Jewelry stores offer a wide range of services, including designing, manufacturing, remodeling, and repairs. As a result, more and more customers are inclined towards these stores.
The key tactics employed by participants in the luxury fine jewellery industry are product innovations, designs, and mergers & acquisitions. Further, to enhance their market position, businesses are increasing their marketing and research & development activities as well as broadening their distribution networks.
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| Attribute | Details |
|---|---|
| Estimated Market Value (2022) | USD 45,700.0 million |
| Projected Market Value (2032) | USD 85,887.5 million |
| Anticipated Growth Rate (2022-2032) | ~6.5% CAGR |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD Million for Value |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East and Africa (MEA) |
| Key Countries Covered | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Benelux, South Africa, Northern Africa GCC Countries, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia & New Zealand |
| Key Segments Covered | Raw Material, Product Type, Consumer Orientation, Sales Channel and Region |
| Key Companies Profiled | Guccio Gucci S.p.A.; The Swatch Group Ltd.; Richemont; Tiffany & Co.; GRAFF; Louis Vuitton SE; Signet Jewelers Limited; Chopard International SA; MIKIMOTO; Pandora Jewelry, LLC; Chopard International SA; Others |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The market was valued at USD 45,700.0 million in 2022.
The market is predicted to capture a CAGR of 6.5% through 2032.
The market expanded at a CAGR of 4.6% between 2017 and 2021.
Changing buying behavior due to digital transformation to boost the market.
The global market size is to reach USD 85,887.5 million by 2032.
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Luxury Fine Jewellery Market
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