Editor’s Note
The domestic jewelry market, valued at 8.8 trillion won, is experiencing intense competition. This dynamic is fueled by structural shifts, including rising gold prices, deepening consumption polarization, and the growing purchasing power of younger consumers. As K-Jewelry accelerates its global expansion, brands are locked in a decisive battle for market share.
The domestic jewelry market, valued at 8.8 trillion won, is heating up more than ever. As the growth speed of K-Jewelry targeting the global market accelerates, various brands are engaging in a decisive battle. The current market situation is influenced by structural changes such as the continuous rise in gold prices, deepening consumption polarization, and the rising purchasing power of the 2030 generation (people in their 20s and 30s). There is a strong movement to find opportunities within the crisis.
According to the Wolgok Research Institute of the Wolgok Jewelry Industry Promotion Foundation, the size of the Korean jewelry market as of 2024 is approximately 8.7732 trillion won, a 13.5% increase compared to 7.7315 trillion won in 2023. Although it recorded external growth even amid an economic downturn, this is largely nominal growth driven by rising gold prices, and the actual transaction volume is analyzed to have decreased.
Even in this highly volatile market environment, major domestic jewelry brands such as ‘Golden Dew,’ ‘Diami,’ ‘Rosedor,’ ‘Didier Dubot,’ and ‘Lloyd’ are seeking multifaceted strategic choices for growth beyond survival, leading new trends in the market.
These brands are commonly implementing strategies to solidify their premium image while effectively securing new customer segments. They are strengthening their high jewelry lines, such as releasing limited editions, to maintain the brand’s luxurious image, while also focusing their capabilities on the research and development (R&D) of entry-level products at price points accessible to young consumers. Furthermore, they are diversifying their material portfolio beyond traditional gold to include lab-grown diamonds, colored gemstones, and silver, targeting a broader consumer base and continuing their growth trajectory.
As consumer perception of lab-grown diamonds, which was conservative in the past, gradually becomes more open, the expansion of lab-grown diamond specialty brands within the market is becoming prominent. Unlike just 2-3 years ago when they mainly tested marketability through pop-ups, they are now officially entering major department store distribution channels and achieving encouraging sales performance. This shows that lab-grown diamonds have firmly established themselves as one axis of the jewelry market.
As lab-grown diamond brands establish themselves as a major axis of the market and continue to grow, online-based jewelry brands are also achieving longevity and steadily expanding their foothold in the market. Based on planning capabilities and branding know-how optimized for online channels, they release trendy products and conduct communication-centered marketing, leading the ‘consumption by taste’ generation. This article sheds light on the new strategies of K-Jewelry leading brands driving the domestic jewelry market and the activities of emerging new brands.