The global jewelry market size is expected to reach
USD 480.5 billion by 2025 expanding at a CAGR of 8.1% over the forecast period.
The market is expected to witness significant growth due to increase in
disposable income and shift in consumer shopping preferences.
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Ring accounted for the largest market share in 2018
owing to increasing consumer inclination towards elegant and stylish products.
Rings are available in a variety of sizes and designs, thereby increasing their
consumption among men as well. Additionally, many precious stones are
discovered that can be mounted in the rings. This is expected to result in
product innovation and drive the demand for rings in the forecast period.
Bracelets are expected to witness substantial growth
over the projected period due to high popularity and availability. Bracelets
have replaced bangles in daily wear and are seen as a style statement by
majority of the working-class women. This shift in consumer perception related
to jewelry products is expected to drive the overall demand.
Majority of the sales in the market were driven by
gold and the maximum gold jewelry sales were recorded in China and India. Being
the world's largest jewelry market, China is the major consumer of gold and
diamond. Increasing awareness among consumers related to various hallmarks to
authenticate purity of gold is another factor boosting the growth of the gold
jewelry. Sales of diamond jewelry are expected to increase at a significant
rate owing to changing consumer lifestyle in the developed countries.
In 2018, Asia Pacific held the largest jewelry
market share in terms of revenue due to the presence of the major players as
well as high demand from countries like China, India, and Hong Kong. Asia
Pacific is anticipated to witness substantial growth due to increasing
disposable income of the population in this region. Changing fashion trends,
along with awareness regarding authenticity of precious gems and metals, are
the other factors propelling the market growth in this region.
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Further
key findings from the study suggest:
• By material, platinum is expected to witness a
decline in the forecast period owing to its costliness and increasing
consumption of gold and diamond. However, its demand may increase in North
America due to highly developed countries and rich lifestyle
• The ring product segment dominated the jewelry
market in 2018 due to its increasing consumption in day-to-day routine and
introduction of a variety of engagement and wedding jewelry collections by
major manufacturers
• The industry is highly competitive in nature due
to the presence of many key global players. The local players are expected to
give stiff competition owing to their unorganized nature of sales
• As a step towards diamond transparency and
consumer loyalty, Tiffany & Co. has begun sharing the provenance of its
newly sourced diamonds with the customers.
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Michelle Thoras
201 Spear Street 1100,
Suite 3036, San Francisco,
CA 94105, United States
Tel: 1-415-349-0054
Toll Free: 1-888-928-9744
Mail: sales@radiantinsights.com
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