The global luxury fine jewellery market is projected to grow from in 2022 to USD 85,887.5 million by 2032, representing a compound annual growth rate (CAGR) of 6.5%, according to a new market report by Future Market Insights (FMI). With increasing consumer interest in high-end jewellery pieces such as gold rings, diamond bracelets, and precious gemstones, the luxury fine jewellery sector is poised for remarkable expansion over the next decade.
Key Drivers of the Global Luxury Fine Jewellery Market
- Rising Consumer Spending on Luxury Items: Increased disposable income and growing interest in high-end jewellery, such as gold rings, diamond bracelets, and other precious items, are driving the demand for luxury fine jewellery worldwide.
- Changing Fashion Trends: Evolving fashion preferences, particularly a shift toward bespoke, unique designs and the increasing popularity of personalized luxury jewellery, are significant contributors to market growth. Consumers are seeking products that reflect personal style and individuality.
- Growing Demand for Customization and Bespoke Jewellery: The rising demand for customized jewellery pieces, enabled by online design platforms and bespoke services, is a major driver. Companies like Metal Passions are tapping into this trend by offering clients the opportunity to design their own jewellery online.
- Growth of Online Shopping and E-commerce Platforms: The increasing convenience of online shopping, alongside the growing number of e-commerce platforms offering luxury fine jewellery, is expanding access to high-end jewellery. Consumers are increasingly making luxury jewellery purchases from the comfort of their homes.
- Demand for Luxury Wedding Jewellery: Particularly in markets like India, the booming wedding industry is a key driver of luxury jewellery sales. As weddings often involve significant jewellery expenditures, this segment continues to fuel market growth, with consumers spending on high-end jewellery for engagement rings, wedding bands, and other ceremonial pieces.
Category Insights
- Gold Remains the Most Preferred Material: The gold segment continues to dominate the luxury fine jewellery market, driven by consumer preference for its aesthetic appeal and investment value. Gold-based fine jewellery is expected to grow at a robust CAGR of 8.2% during the forecast period.
- Rings Lead Product Demand: Rings are expected to remain the top-selling product in the luxury fine jewellery market, particularly engagement rings and luxury wedding bands. This product type continues to dominate due to the increasing number of weddings and the growing trend of gifting luxury rings for various occasions.
- Online Shopping Gaining Ground: The convenience of online shopping, combined with the rise of e-commerce platforms, is anticipated to further boost the luxury fine jewellery market. Consumers increasingly prefer purchasing jewellery from the comfort of their homes, driving demand for digital platforms that offer luxury jewellery options.
Regional Insights
- USA: The US luxury fine jewellery market is expected to grow at a 4.3% CAGR, driven by rising consumer spending, strong brand presence, and growing male consumer demand.
- India: The luxury fine jewellery market in India is fueled by the booming wedding industry, with jewellery purchases accounting for a significant portion of wedding expenditures.
Competitive Landscape
Key strategies employed by players in the luxury fine jewellery industry include product innovation, unique designs, and mergers & acquisitions. Additionally, companies are strengthening their market positions by ramping up marketing efforts, investing in research and development, and expanding their distribution networks.
For instance:
- In 2021, Tiffany in collaboration with streetwear brand Supreme released a new collection called Return to Tiffany. The collection features several gender-neutral designs.
- In 2022, Tata CLiQ Luxury launched De Beers Forevermark to offer the best luxury brands and experiences to its customers.
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
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Global Luxury Fine Jewellery Industry by Category
By Raw Material:
- Gold
- Platinum
- Diamond
- Precious Pearls
- Gemstones
- Others
By Product Type:
- Necklaces
- Ring
- Earrings
- Bracelets
- Pendants
- Anklets
- Broches
- Others
By Consumer Orientation:
- Men
- Women
- Children
By Sales Channel:
- Individual Jewellery Stores
- Specialty Stores
- Online Retailers
- Other Sales Channel
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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