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Luxury Jewelry Market to Surpass US$ 92.35 Billion by 2028

Luxury Jewelry Market to Surpass US$ 92.35 Billion by 2028 - Coherent Market Insights

Publish In: Feb 21, 2022

The global luxury jewelry market was valued at US$ 56.02 billion in 2020, according to Luxury Jewelry Market Report, by Material (Gold, Diamond, Silver, Platinum, and Others), by Product Type (Necklace, Ring, Bracelet, Hair Ornaments, Earring, Leg & Feet Ornaments, and Others), by End User (Men and Women), and by Distribution Channel (Mono-brand Stores, Multi-brand Boutiques, Departmental Stores, Online Stores, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa), published by Coherent Market Insights.

The global luxury jewelry market is expected to surpass US$ 92.35 Billion by 2028, exhibiting a CAGR of 7.1% during the forecast period (2021-2028). Increasing disposable income and consumer spending on luxury goods is fueling growth of the global luxury jewelry market. Consumers in the category of millennial and baby boomers prefer to spend on luxury products such as diamond or gold jewelry, owing to increasing disposable income. For instance, according to data published by Bureau of Labor Statistics, U.S. Department of Labor, the average annual expenditure on jewelry was US$ 106 in the U.S. in 2016. Moreover, according to the same source, jewelry was the third largest item after wine and sweets, on which highest expenditure was made by consumers in the U.S. in 2016.

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Browse 25 market data tables* and 20 figures* on "Luxury Jewelry Market” - Global Forecast to 2028.

Key Trends and Analysis of the Global Luxury Jewelry Market:

  • Among regions, Asia Pacific is expected to be the fastest-growing region during the forecast period. In Asia Pacific, factors such as increasing disposable income of mid-age population in emerging economies such as China and India, is changing consumer preference towards purchasing luxury products such as jewelry. For instance, according to a National Bureau of Statistics, in 2017, per capita disposable income in China surged 9% year on year. Moreover, according a survey conducted by China Gold Association, in 2016, over 70% of the respondents owned gold jewelry and 50% owned Platinum jewelry. Such factors represents affinity of consumers towards purchasing jewelry in Asia Pacific region.
  • Manufacturers and retailers are required to offer updated designs of luxury jewelry to cater to changing preferences of local and global consumers, in order to maintain their presence in the global luxury jewelry market. Most manufacturers produce specific types of luxury jewelry products pertaining to the market demand due to lack of innovative designs and development centers. Moreover, changing fashion trends has led to decreasing demand for such specific type of luxury jewelry. This reduces the initial investment of manufacturers and adversely affects their business. Therefore, changing fashion trends is a major challenge for small and medium scale jewelry manufacturers and retailers.

Key Takeaways of the Market:

  • Among end user, women segment held the largest revenue share of 72.9% in the global luxury jewelry market in 2020. Growing women working population and growing disposable income of women are the major factors driving growth of the women segment in the global luxury jewelry market. For instance, according to the U.S. Department of Labor, total annual median earnings of women in 2014, was US$ 40,168, which increased to US$ 41,554 in 2016, in the U.S. Moreover, women in work force were 72,722 thousand in 2013, which increased to 74,432 thousand in 2016, in the U.S.
  • Key players operating in the luxury jewelry include Gucciogucci S.P.A., Harry Winston, Inc., Societe Cartier, Tiffany & Co., Compagnie Financiere Richemont SA, Buccellati Holding Italia SpA, Graff Diamonds Corporation, Bulgari S.p.A, K. Mikimoto & Co., Ltd., and Chopard International SA.

Global Luxury Jewelry Market - Impact of Coronavirus (COVID-19) Pandemic

  • Various countries across the globe resorted to lockdowns to flatten the curve of the infection. The lockdowns have resulted in shutting of businesses and ceasing of almost all economic activities. Mining of precious stones was halted, which impacted the supply of these stones. Spending on luxury goods was severely impacted during the COVID-19 pandemic. For instance, the De Beers Group (specializes in diamond mining and trading) reported that rough diamond production was down by 54% to 3.5 million carats in Q2 2020, versus 7.8 million carats in Q1, while sales dramatically decreased. Moreover, in Q2 2019, there were 9.0 million carats sold and in Q2 2020, only 0.3 million carats, due to the limited production and the shutdown of polishing and cutting facilities. For instance, according to a report published by De Beers Group in August 2020, only 46% of consumers said their jewelry spending is at a normal level. According to same source, several retailers stopped buying new stones or making new pieces, and focused on only selling their existing inventory.

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