Jewellery Market Demand, Size, Share, Growth and Forecast | 2025-2034

Jewellery Market Outlook

According to the report by Expert Market Research (EMR), the global jewellery market size attained a value of 327.28 billion in 2024. Aided by the rising consumer demand for luxury items, increasing disposable incomes, and growing preference for both traditional and contemporary jewellery designs, the market is projected to further grow at a compound annual growth rate (CAGR) of 4.70% between 2025 and 2034, reaching a value 494.81 billion by 2034.

Jewellery, which includes items such as rings, necklaces, earrings, bracelets, and watches, is more than just an aesthetic accessory; it holds deep cultural, social, and economic significance in many societies. The global jewellery market is a dynamic and diverse sector, comprising precious metals, diamonds, gemstones, and other high-value materials. Over the years, the market has witnessed substantial evolution in both the designs and the materials used, catering to a growing demand for personalised, unique, and high-quality jewellery products.

The market’s expansion is primarily driven by increasing disposable incomes, the rise of social media-driven trends, the growing affinity for luxury and branded products, and the growing demand for jewellery as a status symbol. Additionally, evolving consumer preferences and a wider acceptance of online platforms for jewellery purchasing are key factors that are shaping the future of the global jewellery market.

Key Drivers of Growth

Several factors are contributing to the growth of the global jewellery market. One of the most important drivers is the increasing demand for luxury products, including high-end jewellery. As consumer wealth continues to rise globally, particularly in emerging markets such as India, China, and the Middle East, more individuals are spending on luxury items, including jewellery, which is often seen as both an investment and a symbol of wealth and status.

Another key driver is the rising trend of gifting jewellery. Jewellery has always been a popular choice for significant occasions such as weddings, anniversaries, and birthdays. The global market for bridal jewellery, including engagement rings and wedding bands, is growing as younger generations continue to prioritise personal milestones and celebrations with high-value purchases. Jewellery is also increasingly seen as an investment asset, particularly gold and diamonds, which tend to retain value over time. This has contributed to the ongoing demand for such precious metals, as they are viewed as long-term storehouses of value.

Furthermore, the growth of disposable income, particularly in developing countries, is encouraging higher spending on luxury goods. The expanding middle class in regions such as Asia-Pacific, Latin America, and the Middle East is contributing significantly to the rising demand for jewellery. In countries like China and India, a robust cultural heritage linked to jewellery as a symbol of wealth and prosperity is driving consumer interest in high-end jewellery products.

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Technological Innovations and Trends

Technological advancements and innovations in jewellery manufacturing are playing an increasingly significant role in the market’s growth. The introduction of new designs, techniques, and materials is enabling jewellery brands to cater to diverse consumer preferences, ranging from traditional designs to modern, trendy pieces. Customisation has become a key trend in the industry, with consumers increasingly seeking personalised jewellery items that reflect their unique styles and preferences. Advances in 3D printing technology, for example, have allowed jewellery designers to create intricate and bespoke pieces at a reduced cost, providing consumers with more affordable access to custom-made jewellery.

Moreover, the rise of e-commerce and online platforms is revolutionising the jewellery market. The increasing adoption of digital technologies and platforms such as social media, e-commerce websites, and mobile applications has made jewellery shopping more accessible. Online platforms are providing consumers with the convenience of browsing a vast selection of jewellery from the comfort of their homes, often with the option to personalise and custom-design their items. The ease of purchasing and greater transparency in the pricing of products has made jewellery more appealing, especially among younger consumers, who increasingly prefer online shopping for its convenience and wide range of options.

Sustainability is another significant trend in the jewellery market. As consumers become more environmentally conscious, the demand for ethically sourced and sustainably produced jewellery is increasing. Many brands are now focusing on the use of conflict-free diamonds, recycled gold, and eco-friendly packaging to meet the expectations of a more environmentally aware consumer base. The rising prominence of sustainable and ethical jewellery brands is helping to drive market growth by tapping into a segment of consumers who prioritize both aesthetics and ethical considerations when making purchasing decisions.

Expanding Applications and Materials

While precious metals such as gold, silver, and platinum continue to dominate the jewellery market, there is a growing shift towards the use of alternative materials. The demand for jewellery made from non-traditional materials, including stainless steel, titanium, and tungsten, is on the rise. These materials are known for their durability, lightweight properties, and relatively lower cost compared to precious metals, making them an attractive option for consumers who want affordable yet stylish jewellery.

The use of diamonds, gemstones, and pearls continues to be a hallmark of luxury jewellery, but the market is also seeing the rise of synthetic and lab-grown diamonds. Lab-grown diamonds, which are chemically identical to mined diamonds but produced in a controlled environment, have gained acceptance as an ethical alternative. These diamonds are often less expensive than natural diamonds, yet retain their appeal due to their brilliant appearance and lower environmental impact.

In addition, the trend of non-precious stone jewellery is becoming more prominent, driven by the growing demand for fashion jewellery that is affordable yet trendy. Consumers are increasingly seeking items that are not necessarily made of high-value materials but offer bold designs and styles. Costume jewellery, which often incorporates a mix of plastic, glass, and base metals, is enjoying a surge in popularity as it allows consumers to express their individuality without the high cost associated with precious jewellery.

Jewellery Market Segmentation

The market can be divided based on by material,  category, end use, distribution channel and region.

Breakup by Material Type

• Silver
• Gold
• Platinum
• Diamond
• Others

Breakup by Category

• Branded
• Unbranded

Breakup by End User

• Men
• Women

Breakup by Distribution Channel

• Online
• Offline

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

Some of the major players explored in the report by Expert Market Research are as follows:

• Compagnie Financière Richemont SA (Buccellati)
• Signet Jewelers Ltd.
• Chow Tai Fook Jewellery Group Limited
• Graff Diamonds Limited
• Harry Winston, Inc.
• H.Stern (Jewellery) Limited
• LVMH Moët Hennessy – Louis Vuitton
• Pandora A/S
• Swarovski AG
• Tanishq Corporation
• Others

Challenges in the Jewellery Market

Despite its positive growth prospects, the global jewellery market faces several challenges. One of the most significant challenges is the volatility of raw material prices. Precious metals and gemstones are subject to fluctuations in global markets, which can impact the cost of production for jewellery manufacturers and, in turn, affect the pricing of finished products. This volatility can make it difficult for manufacturers to maintain consistent pricing and profitability, particularly when consumer purchasing power is sensitive to price changes.

Additionally, the growing competition from counterfeit and imitation jewellery poses a challenge to the market. As technology continues to advance, the production of fake jewellery that closely resembles high-end, branded items is becoming more sophisticated, potentially undermining consumer trust in the authenticity of products.

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