The global market value for gems and jewelry is expanding at a CAGR of 5.1% during the forecast period from 2018 to 2026. Asia Pacific led the gems and jewelry market in 2017 and is expected to remain dominant during the forecast period. North America is expected to be the fastest-growing market during the forecast period.
Gems and jewelry comprise different gemstones and items that are made from precious metals such as gold, silver, platinum, bronze, and alloys, or gemstones that include diamond, ruby, sapphire, pearl, and emerald, among others. Demand for gems and jewelry has increased significantly over the past few decades, primarily driven by millennials. Manufacturers' new product designs have resulted in significant growth of the gems and jewelry market over the years and have been targeted at various age groups.
Advancements in the jewelry manufacturing process, along with the availability of different certification bodies such as the Bureau of Indian Standards (BIS), Kimberly Process Certification Scheme, the Confederation, and hallmarking, among others, are expected to trigger the growth of the gems and jewelry market in the coming years. In addition to this, the introduction of new and different designs is one of the latest trends that will gain more attention from consumers in the coming years. Jewelry inspired by Egyptian, Italian, and European cultures is gaining immense popularity among consumers across the globe.
India is one of the fastest-growing markets for gems and jewelry, contributing 7% of the country's GDP and 15% of total exports. Greater advertisement spending and the rising availability of gems and jewelry in organized retail chains are some of the key factors responsible for the steady market growth of gems and jewelry in India. India is deemed to be the hub of the gem and jewelry market because of its low cost of production and availability of skilled labor.
The Government of India has designated the gems and jewelry sector as a priority area for export promotion based on the potential for market growth. According to the Export Promotion Council, India exports 75% of the world's polished diamonds. Singapore, China, Russia, and Latin America are the major importers of Indian jewelry. Besides India, the U.S., UAE, and Hong Kong are also the major exporters of gems and jewelry.
Counterfeit products are an increasingly significant concern in the brand jewelry industry. A major problem is associated with imitation gemstones, which are hard to distinguish from real ones. A huge influx of counterfeit products from developing economies is particularly hampering the growth of actual sales and damaging the original brand's value.
Market Synopsis:
The jewelry segment captured a significant portion of the market in 2017 and is expected to continue in the coming years.
In terms of market value, the jewelry segment accounted for the largest share in 2017. Jewelry is further categorized into studded jewelry and non-studded jewelry.
Innovations toward new and unique designs are one of the key factors boosting demand for this segment. The jewelry segment is growing on account of expanding prominent jewelry brands, such as Tiffany & Co. and Cartier, and several new entrants, such as David Yurman and Pandora. In addition to this, future growth in the jewelry segment is likely to come from other players who are into high-end leather goods or apparel. For instance, companies such as Hermès, Dior, and Louis Vuitton are introducing jewelry collections or expanding their assortment.
Asia Pacific is likely to dominate the global gems and jewelry market throughout the forecast period.
Based on geography, Asia Pacific dominated the market in 2017 and is likely to continue a similar trend in the coming years. Gems and jewelry are gaining importance among the population across different age groups, which is a key factor pushing the market growth. The key reasons associated with the increasing demand for gems and jewelry are premium product launches, organized retailing, and rapid urbanization, among others.
Moreover, certifications and technological advancements available to customers are helping the industry build trust in the minds of the existing consumer base as well as the minds of new consumers. Thus, this will help the market grow in the coming years. In addition to this, with the rising demand for new designs, these brands are willingly changing their product portfolios and focusing on customization as per the preferences of the consumers.
The major growing markets present in the Asia Pacific region are China, Vietnam, India, Indonesia, Thailand, and Japan. North America is expected to be the fastest-growing market for gems and jewelry during the forecast period, with the U.S. spearheading the growth of the market.
Companies operating in the market using new product launches and the introduction of unique designs as key strategies.
The global gems and jewelry market is marked by intense competition from small and major players operating in this market. Strategic acquisitions and mergers, product innovations, partnerships, joint ventures, and geographical expansions are some of the key strategies adopted by the leading players to ensure long-term sustenance in the market. Key players operating in the field of gems and jewelry include Chopard, K. Mikimoto & Co. Ltd., Bulgari S.p.A., Piaget, Graff Diamonds, Tiffany & Co., Buccellati Holding Italia, Van Cleef & Arpels, Société Cartier, Harry Winston, Chow Tai Fook Enterprises Ltd., LVMH, Compagnie Financière Richemont SA, Signet Jewelers Ltd., Tanishq, and
Companies such as Chopard regularly adorn celebrities with jewelry for different events in order to grab more customer attention. For instance, in 2017, Chopard collaborated with well-known musician Rihanna in order to introduce the new "Rihanna Loves Chopard" collection of jewelry.
In May 2018, De Beers Group made an announcement regarding the launch of a company, Lightbox Jewelry, and will begin the marketing strategies for a brand of laboratory-grown diamonds that will offer customers quality, fashionable, and studded jewelry designs at affordable prices. This new line of jewelry will bring something innovative and new to the jewelry sector, featuring blue, white, and pink lab-grown diamonds in a section of the accessibly priced necklace and earring designs.
In July 2018, the French jewelry brand Boucheron celebrated its 160th anniversary with the introduction of its latest jewelry collection, "Nature Triomphante," which combines efficient skills, scientific techniques, and creative innovation. The collection consists of different exceptional pieces, but "Fleurs Eternelles" grabbed more customer attention. The nine unique flower rings are made using real flower petals made with unprecedented techniques and were individually scanned in order to capture their volumes with all the detailing.
Periods of History and Forecast
Our study analyzed each market segment during the period of 2016 to 2026, with 2017 as the base year. The forecast period between 2018 and 2026 isconsidered for the CAGR calculation.
Report Scope
The report provides a comprehensive overview of the global gems and jewelry market by categorizing it into the following segments.
This research report describes leading continents and their major countries, along with profiles of key players operating in the overall market and their planned developments. Our report further defines the overall market dynamics, such as drivers, challenges, and opportunities prevalent in the market, to understand the global gems and jewelry market more explicitly. Our in-depth quantitative and qualitative analysis of each segment up to the country level highlights revenue pockets and investment opportunities in the market.
Key questions are answered in this report.
Who are the major manufacturers and distributors operating in the gem and jewelry market?
What are the largest segments in the market during the forecast period from 2018 to 2026?
Which are the fastest-growing segments in the market during the forecast period?
What are the current market trends in the gems and jewelry market, and what are the valuable opportunities for the players?
How are the certifications affecting global as well as regional markets?
Which are the key players operating in the global market, and what are the strategies they have adopted?
What are the revenues, business strategies, and product portfolios of the top manufacturers operating in the gems and jewelry market?
What are the market size and trends in emerging and developed countries?
Frequently Asked Question:
The market for Gems And Jewelry Market is expected to reach USD$ XX in 2026.
The Gems And Jewelry Market is expected to see significant CAGR growth over the coming years, at 5.1%.
The report is forecasted from 2018 -2026.
The base year of this report is 2017.
Bulgari S.p.A., Piaget, Graff Diamonds, Tiffany & Co., Buccellati Holding Italia, Van Cleef & Arpels, Société Cartier, Harry Winston. are some of the major players in the global market.
