Editor’s Note
This analysis highlights a significant shift in the global jewelry market, with Italy’s share growing robustly as China’s declines. The data underscores evolving consumer trends and competitive dynamics within the luxury goods sector.
The global jewelry trade has grown from 97 billion euros in 2015 to over 130 billion euros in 2024. China’s global market share decreased from 23.5% to 15.7%, while Italy’s share, which was 5.8% in 2015, increased to 8% in 2023 and 11.2% in 2024, showing a particularly strong rebound.
As the global jewelry market shows growth, Italy has risen to the top in market share.
According to the latest report from the Italian news agency ANSA, Italy’s jewelry trade volume has surpassed Switzerland and India to rank first in the world. An industrial report from the research department of Mediobanca, an Italian bank, indicates that this result demonstrates the success of Italian jewelry’s design, quality, and market positioning in the luxury market.
However, part of Italy’s sharp rise in 2024 was influenced by an “anomalous” increase in exports to Turkey. According to a note from the research center of the Italian Jewelry Association (Confindustria Federorafi), exports from Italy’s jewelry industry in the first nine months of 2025 decreased by 15.2% compared to the same period last year.
This decline is partly a natural adjustment after three consecutive years of growth, but is largely due to a contraction in exports to Turkey. While exports to Turkey recorded an astonishing growth of +468.7% in 2024, they plummeted by -52.2% from January to September 2025. Sales to the US also declined, but less than expected. Meanwhile, growth signals are emerging in several key markets including the UAE, Switzerland, the UK, Spain, Japan, and China.
Several reasons cited for China’s loss of market share include the relocation of production to lower-cost countries like India, Thailand, and Indonesia, restrictive US trade policies, and a decrease in exports due to rising domestic demand.
Meanwhile, the UAE has established itself as an international hub thanks to its role as a logistics and tax platform, while Turkey and several Southeast Asian countries have expanded their share due to manufacturing competitiveness and ability to attract investment.