Luxury Jewelry Market to Surpass 95.8 Billion by 2030 Drives Due to the Increased Modernization and Westernization
SkyQuest projects that the luxury jewelry market will attain a USD 95.8 billion value by 2030, with a CAGR of 7.85% over the forecast period (2023-2030). The expansion of the luxury jewelry market can be attributed to several key drivers. The increased modernization and westernization in many countries have led to changing lifestyles and preferences, with consumers increasingly valuing luxury goods, including jewelry. As disposable income rises, individuals invest in high-end jewelry pieces to symbolize status and personal style.
Westford, USA, July 16, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the growth of the luxury jewelry market is further propelled by the increasing demand for sustainable and gender-fluid jewelry. Consumers are seeking ethically sourced and produced jeweler using sustainable practices with rising awareness of environmental concerns. This shift towards sustainability has influenced the design and production processes within the luxury jewelry industry, leading to greater availability of eco-friendly and socially responsible jewelry options.
*Browse in-depth TOC on the "Luxury Jewelry Market" *
· Pages - 271
· Tables - 94
· Figures – 76
Luxury jewelry has evolved beyond mere adornment to become a vehicle for self-expression. Many buyers seek unique and significant pieces that reflect their individuality and personal style. As a result, non-traditional forms, shapes, and materials have found their way into jewelry collections, breaking away from conventional designs and embracing innovative aesthetics in the luxury jewelry market.
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*Prominent Players in Luxury Jewelry Market*
· MIKIMOTO
· Bulgari
· Cartier
· Chopard
· Graff Diamonds
· Harry Winston
· Van Cleef & Arpels
· Piaget
· Tiffany & Co.
· Boucheron
· Buccellati
· David Yurman
· Chaumet
· Fabergé
· H. Stern
· Swarovski
· Damiani
· Pomellato
· De Beers
· Bvlgari Jewelry
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*Gold Segment is Expected to Grow the Market Due to its Intrinsic Value and Allure*
The gold segment dominates luxury jewelry market, representing the largest revenue share at 38.9%. Gold has long been revered for its intrinsic value and allure, making it a desirable investment during political and economic uncertainty. The stability and perceived inherent worth of gold have positioned it as a haven asset, attracting investors during periods of crisis.
The markets in North America are poised to exhibit the highest CAGR in the luxury jewelry market during the forecast period. This can be attributed to its high concentration of millionaires, the main drivers of luxury consumption.
*Necklaces Segment is Expected to Dominate the Market Due to their Versatility*
The necklaces segment emerged as the leader in the luxury jewelry market, holding the largest market share. This segment is expected to maintain its dominant position throughout the forecast period. Necklaces are trendy among consumers due to their versatility and ability to enhance one's style and personality.
Regional markets in the Asia-Pacific held a significant share of more than one-third of the global luxury jewelry market, and it is expected to maintain its leadership position throughout the forecast period. This region has emerged as a powerhouse for the market, driven by several factors.
A comprehensive analysis of the major players in the luxury jewelry market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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*Key Developments in the Luxury Jewelry Market*
· In 2022, Pandora, a renowned jewelry brand, launched its Spring 2022 Collection globally, making it available at various Pandora retailers, including the Pandora UK eStore and Pandora.net. The collection introduced new and captivating designs, showcasing the brand's commitment to providing customers with a wide range of options to express their personal style and individuality.
· Tiffany & Co., a leading jewelry company in the United States, recently announced its plans to introduce men's engagement rings. This strategic move aims to expand the company's customer base and tap into the market.
* Key Questions Answered in Luxury Jewelry Market Report*
· What specific growth drivers are projected to impact the market during the forecast period?
· List the top companies in the market and explain how they have achieved their positions of influence.
· In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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