Editor’s Note
This article highlights key factors propelling the global decorative products market, from digital media’s influence to strategic corporate expansions like the Aditya Birla Group’s recent entry into the jewelry sector.
The advancement of digital media, which promotes high fashion through reality shows, movies, music videos, and other platforms, has led to a greater global inclination towards fashion items, including decorative products. Furthermore, many companies are expanding their distribution networks and opening new branches worldwide. In February 2024, the Aditya Birla Group, an Indian multinational conglomerate, launched its new jewelry business under the brand name “Novel Jewels Ltd.”
The global jewelry market size was estimated at USD 232.94 billion in 2024 and is projected to grow from USD 242.79 billion in 2025 to USD 343.90 billion in 2032, exhibiting a compound annual growth rate (CAGR) of 5.10% during the forecast period. The Asia-Pacific region dominated the global jewelry market with a share of 39.28% in 2024.
There is a rising trend in jewelry consumption as more people gravitate towards luxury products. The various positive attributes of the product include helping to highlight certain body features, presenting fashion trends/styles, and aiding in enhancing appearance. The growing popularity of the product as a status symbol among high-income earners helps accelerate consumption. The increasing demand for contemporary jewelry and a growing number of designers entering the market continue to contribute to market growth.
Market Size and Forecast:
– Market Size 2024: USD 232.94 Billion
– Market Size 2025: USD 242.79 Billion
– Projected Market Size 2032: USD 343.90 Billion
– CAGR: 5.10% from 2025–2032
Market Share:
The Asia-Pacific region dominated the global jewelry market with a share of 39.28% in 2024, driven by the presence of major regional brands such as Tanishq, Malabar Gold & Diamonds, and Qeelin, and supported by cultural preferences for gold and diamond ornaments in India, China, and Southeast Asia.
Among products, rings are expected to retain the largest market share during the forecast period, driven by high demand for personalized engagement and wedding jewelry. Customization options from brands like Tiffany & Co. enhance their appeal to consumers.
By material, diamonds dominate, supported by their popularity among celebrities and influencers, as well as demand for premier, sparkling aesthetics.
India: The necklace segment’s market share is estimated at 23.13% in 2024, attributed to the cultural significance of gold, gifting traditions, and a growing middle class. The establishment of Novel Jewels Ltd. by the Aditya Birla Group in 2024 further supports local expansion.
United States: The US market is home to leading brands like Tiffany & Co. and Signet Jewelers and benefits from strong luxury consumption by affluent individuals and growing online jewelry sales. Rising male interest in jewelry and celebrity-driven diamond trends also contribute to growth.
China: China is a significant exporter and consumer of gemstones and jewelry, driven by gifting traditions and the growing purchasing power of the middle class. The country’s demand is supported by high-tech manufacturing and an evolving retail ecosystem.
France and Switzerland: These countries are renowned for their high-end luxury jewelry brands and craftsmanship, maintaining a strong position in the premium segment of the global market.