Editor’s Note
This article provides a concise overview of the global jewelry market’s current valuation and projected growth, highlighting the Asia Pacific region’s dominant market share. The data underscores a sustained consumer shift toward luxury goods.
The global jewelry market size was valued at USD 232.94 billion in 2024 and is projected to grow from USD 242.79 billion in 2025 to USD 343.9 billion by 2032, exhibiting a CAGR of 5.10% during the forecast period. The Asia Pacific region dominated the jewelry market with a 39.28% share in 2024.
Jewelry consumption is on an upward trend as more people lean towards luxury goods. The product’s various positive attributes include helping to highlight specific features of the body, showcasing fashion trends/styles, and aiding in enhancing appearance. The product’s growing popularity as a symbol of high status among high-income groups helps accelerate consumption rates. The growing demand for contemporary jewelry and the increasing number of designers entering the market continue to drive market growth.
Trends include the rise of smart jewelry with features such as GPS tracking and health monitoring, a shift towards lab-grown diamonds, the growing popularity of online sales, and the increasing use of sustainable and ethically sourced materials.
Increasing consumer disposable income and spending power benefits market growth. The growing global economy, due to higher disposable incomes and spending capacity among people, is driving a constant rise in demand for luxury goods like jewelry. Additionally, different customs adopted by people worldwide regarding jewelry are expected to significantly increase product demand.
Stringent import-export regulations and VAT implementation limit market growth. An increasing number of countries globally are imposing strict regulations on the import and export of jewelry, thereby raising product tariffs. This leads to an increase in the final cost of the product and deters many consumers.
By Product: The market is segmented into necklaces, earrings, rings, bracelets, and others. The rings segment is expected to be the dominant segment due to the increasing popularity of rings symbolizing engagement and marital status. The necklaces segment is expected to hold a 21.48% share in 2024.
By Material Type: The market is divided into gold, platinum, diamond, and others. The diamond segment is expected to hold the highest market share, driven by its popularity among celebrities and influencers and the demand for premium, shiny aesthetics.
By End User: The market is segmented into male and female. The female segment is expected to be the largest segment as they are more passionate about jewelry. The male segment is expected to experience good growth as more men desire the product as a symbol to showcase their high status, unique style, and fashion sense.
Asia Pacific: Dominated the market in 2024 with a size of USD 91.49 billion, driven by major regional brands and cultural preferences for gold and diamond ornaments in India, China, and Southeast Asia.
Europe: Expected to show significant growth due to higher per capita incomes in the region and high female employment rates.
North America: Anticipated to see substantial growth due to the presence of many millionaires who are major contributors to increased luxury purchases.
South America: Expected to see considerable development driven by growing tourism.
Middle East & Africa: Expected to hold a significant position in the market, supported by strong presence of high-spending consumers and luxury retail infrastructure in developed countries like the UAE and Saudi Arabia.
Major players are focused on manufacturing innovative jewelry designs. Key companies include Harry Winston Inc. (U.S.), Chopard (Switzerland), Pandora Jewelry, LLC (U.S.), Chow Tai Fook Jewellery Group Limited (Hong Kong), Tiffany & Co. (U.S.), Rajesh Exports Ltd (India), Cartier International SNC (France), Signet Jewelers Limited (Bermuda), Chanel (France), and LVMH Moët Hennessy (France).