Forecast: Estimated Jewelry Stores Sales in the US 2024 - 2028 Discover more data with ReportLinker!

In 2022, the retail sales of jewelry in the United States were estimated to amount to approximately 91.5 billion U.S. dollars. This was a five billion dollar increase on the previous year. Until 2021, over the observed time period, sales had remained consistently around the 60 billion dollar mark.

Natural diamond jewelry sales worldwide in 2024 are forecast to amount to 72 billion U.S. dollars. Meanwhile, it is forecast that global nominal lab diamond jewelry sales will amount to 18 billion U.S. dollars in total in 2024, of which seven billion U.S. dollars are expected to be incremental sales, meaning that they are sales that do not displace natural diamond sales.

In 2023, the Chinese jewelry market decreased by -4% to $55.7B for the first time since 2020, thus ending a two-year rising trend. Overall, the total consumption indicated a measured expansion from 2012 to 2023: its value increased at an average annual rate of +3.4% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by +39.6% against 2020 indices.

The GCC jewelry market rose slightly to $17B in 2023, picking up by 1.9% against the previous year. The total consumption indicated a tangible increase from 2012 to 2023: its value increased at an average annual rate of +3.6% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by +22.6% against 2021 indices. As a result, consumption reached the peak level of $23.7B.

[223+ Pages Report] The global Jewelry market size is expected to grow from USD 325.46 billion in 2023 to USD 497.52 billion by 2032, at a CAGR of 4.83% from 2024-2032

Forecast: Jewelry E-Commerce Sales in the US 2024 - 2028 Discover more data with ReportLinker!

The global luxury fine jewellery market size is estimated to be valued at US$ 45,700.0 million in 2022 and further grow at 6.5% CAGR from 2022 to 2032. Overall luxury fine jewellery sales are projected to reach a market valuation of ~US$ 85,887.5 million by 2032. The share of the luxury fine jewellery market in its parent market (luxury jewellery market) is around ~30%-35%.

Scope of Report

The jewelry market in the United Arab Emirates skyrocketed to $5.5B in 2023, picking up by 19% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption saw perceptible growth. Jewelry consumption peaked at $13.9B in 2014; however, from 2015 to 2023, consumption failed to regain momentum.

According to Cognitive Market Research, from 2024 to 2031, the global market for crystal jewellery is expected to rise at a compound annual growth rate (CAGR) of 5.50%, from a projected USD XX million in 2024.

North America held the major market of more than 40% of the global revenue with a market size of USD xx million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD XX million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.5% from 2024 to 2031.
Latin America market of more than 5% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2031.
Large market share is held by the offline retail sector. Because of higher conversion rates and the inclination of consumers to try on jewellery before making a purchase, offline retail is becoming increasingly popular.

Market Dynamics of Crystal Jewelry Market

Key Drivers of Crystal Jewelry Market

Numerous Choices on E-Commerce Platforms Driving the Market's Expansion

The availability of spiritual jewellery on many e-commerce sites and company-owned portals increases the product assortments that consumers can choose from, which in turn accelerates the expansion of the spiritual jewellery business. Different age groups find appeal in the assortment of possibilities, which includes rosaries, bracelets, necklaces, pendants, and emblems, among others. Through digital marketing, e-commerce platforms and company-owned websites are bringing in more customers for manufacturers. This makes it easier for them to properly position their items and appeal to a larger client base. Growing digitalization has made knowledge more easily accessible, which has allowed wellness mentors, life coaches, and spiritual gurus to effectively influence large audiences. This has led to an increase in devotional wellness activities, which has further supported market progress.

Growth in Industry is Stimulated by Increased Awareness and Mindfulness Trends

The emphasis on wellness and mindfulness, according to market research on spiritual Jewellery, is a significant market driver that affects demand for a variety of Jewellery products, including yoga lotus earrings, chakra necklaces, and multi-stone pendants. The market for spiritual Jewellery products related to yoga, meditation, and energy healing is driven by the growing number of individuals engaging in these practices. People are becoming more conscious of the value of mindfulness and reflection as well as the use of spiritual Jewellery to increase confidence thanks to increased exposure to social media and other platforms. Using spiritual gold Jewellery, such as malas, bracelets, beads, and healing gemstones, improves one's overall state of wellness. The market for spiritual Jewellery is greatly boosted by the trendy and attractive designs that its participants offer. The market share of spiritual Jewellery is driven by a number of government initiatives, including free trade agreements, gold monetization plans, and lower jewellery tariffs, which increase exports.

Restraint Factors Of Crystal Jewelry Market

Implementation of Value-added Tax, Strict Import and Export Regulations are Limiting Market Growth

Product tariffs have gone up because to the growing number of nations throughout the world enforcing stringent laws against the import and export of ornamental items. Consequently, this drives up the product's ultimate cost and turns off a lot of customers. Furthermore, the introduction of VAT has reduced consumers' purchasing power, particularly with the July 1, 2020, tripling of the VAT rate. As a result, margins were put under pressure as numerous merchants took the tax in order to continue drawing customers. People are feeling uneasy because of the triple Value-Added Tax (VAT) and the increase in gold prices. Rising gold prices and increasing VAT rates have a negative impact on the wholesale industry, which depends on selling i...

According to Cognitive Market Research, the global Gems and Jewelry Market size is USD 276984.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 8.80% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 110793.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.0% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 83095.26 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 63706.37 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.8% from 2024 to 2031.
Latin America had a market share for more than 5% of the global revenue with a market size of USD 13849.21 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.2% from 2024 to 2031.
Middle East and Africa hada market share of around 2% of the global revenue and was estimated at a market size of USD 5539.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.5% from 2024 to 2031.
Offline retail stores dominate the distribution channel in the gems and jewelry market, offering consumers a tactile and personalized shopping experience that cannot be replicated online.

Market Dynamics of Gems and Jewelry Market

Key Drivers for Gems and Jewelry Market

Rising Disposable Income and Changing Consumer Preferences to Increase the Demand Globally

One of the key drivers in the gems and jewelry market is the rising disposable income among consumers, particularly in emerging economies. As the middle class expands and income levels increase, there is a growing propensity to spend on luxury items, including gems and jewelry. This trend is further bolstered by changing consumer preferences, where there is a shift towards personal adornment and the purchase of high-quality, stylish jewelry pieces as a form of self-expression and status symbol. Additionally, the growing influence of social media and celebrity endorsements has significantly impacted consumer behavior, making branded and designer jewelry highly desirable.

Technological Advancements in Jewelry Manufacturingto Propel Market Growth

Another critical driver is the technological advancements in jewelry manufacturing. Innovations such as 3D printing, computer-aided design (CAD), and laser technology have revolutionized the jewelry industry, enabling the creation of intricate and customized designs with higher precision and efficiency. These advancements not only enhance the aesthetic appeal and uniqueness of jewelry pieces but also reduce production costs and time, making high-quality jewelry more accessible to a broader audience. Furthermore, the use of advanced techniques in gemstone cutting and setting has improved the overall quality and durability of gems and jewelry, attracting discerning customers who seek superior craftsmanship and value.

Restraint Factor for the Gems and Jewelry Market

Fluctuating Raw Material Prices and Supply Chain Disruptions to Limit the Sales

One of the significant restraint factors in the gems and jewelry market is the fluctuation in raw material prices, particularly precious metals and gemstones. The prices of these materials are influenced by various factors such as geopolitical events, economic conditions, and mining regulations, making them highly volatile. This volatility poses challenges for jewelry manufacturers and retailers in terms of cost management and pricing strategies, ultimately impacting profit margins. Additionally, supply chain disruptions, including issues related to sourcing, production, and transportation, can further exacerbate these challenges, leading to delays in product availability and increased operational costs.

Impact of Covid-19 on the Gems and Jewelry Market

The Covid-19 pandemic has had a significant impact on the gems and jewelry market, leading to disruptions in the supply chain, closures of retail stores, and a shift in consumer behavior. The closure of mines and manufacturing units during lockdowns disrupted the supply of raw materials and finished products, leading to a shortage in the market. Additionally, the closure of retail outlets and restrictions on gatherings significantly reduced the demand for jewelry, especially luxury items. However, as restrictions eased and consumer confidence beg...

The global revenue in the 'Luxury Watches & Jewelry' segment of the luxury goods market was forecast to continuously increase between 2024 and 2029 by in total 43.4 billion U.S. dollars (+27.52 percent). After the ninth consecutive increasing year, the revenue is estimated to reach 200.9 billion U.S. dollars and therefore a new peak in 2029. Find more in-depth information regarding the revenue concerning the prestige skin care segment of the luxury goods market worldwide and the revenue concerning the prestige fragrances segment of the luxury goods market in Indonesia. The Statista Market Insights cover a broad range of additional markets.

The precious metal jewelry market is experiencing robust growth, driven by increasing disposable incomes, particularly in emerging economies, and a rising preference for luxury goods. The market, segmented by type (rings, necklaces, earrings, others) and application (wedding, festival, fashion, others), reveals strong demand across all categories, with wedding and festival jewelry maintaining a significant share. The CAGR (let's assume a conservative 5% based on typical luxury goods growth) suggests a continuously expanding market, projected to reach a substantial size over the forecast period (2025-2033). Key growth drivers include evolving fashion trends, increasing consumer spending on personalized jewelry, and the growing popularity of online retail channels expanding market access. While economic downturns could pose a restraint, the inherent value and enduring appeal of precious metals mitigate this risk. The competitive landscape is dominated by a mix of established international players like Chow Tai Fook, Richemont, and Tiffany, and regional brands catering to specific market preferences. Geographic analysis reveals strong performance in North America and Asia Pacific, with developing markets in regions like South America and Africa showcasing high growth potential. The market's resilience is further underscored by the enduring cultural significance of jewelry across diverse demographics, suggesting continued growth potential in the long term. The market’s success is dependent on factors beyond simple economic growth. The continued innovation in design and craftsmanship, along with effective marketing strategies emphasizing emotional connections and brand storytelling, will play crucial roles in shaping future growth. Sustainability and ethical sourcing are also gaining importance; consumer preference for eco-friendly and responsibly sourced precious metals will influence brand success. Furthermore, the rising adoption of personalized and customized jewelry, reflecting individual styles and preferences, presents an exciting growth opportunity for jewelers who can successfully integrate technology and personalized design elements into their offerings. The integration of advanced technologies in production and retail processes, including online platforms and 3D printing, will also impact market efficiency and reach.

Forecast: Jewelry and Silverware Sales in the US 2024 - 2028 Discover more data with ReportLinker!

Global Minimalist Jewelry market size 2025 is $105000 Million whereas according out published study it will reach to $144809 Million by 2033. Minimalist Jewelry market will be growing at a CAGR of 4.1% during 2025 to 2033.

In February 2021, U.S. jewelry retail store sales amounted to 3.42 billion U.S. dollars. Jewelry store sales in the U.S. tend to peak in December of each year, with retail sales often more than double those of any other month of the year.

In 2023, the jewelry market in China reached approximately 820 billion yuan, increasing from around 719 billion yuan in the previous year. The market was expected to reach a value of 1.14 trillion yuan in 2028.

Middle East and Africa Gems and Jewelry market will be USD 5539.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.5% from 2024 to 2031. The market is foreseen to reach USD10497.3 million by 2031 owing to an increasing disposable incomes, a growing young population.

The watches & jewelry market is riding high on the robust demand in the overall luxury market. China led the watches & jewelry market with a revenue of 90.9 billion U.S. dollars in 2018, followed by the U.S., Japan, India and Russia. These large volumes are driving related advertising with leading brands such as PGI, Laofengxiang and Chow Tai Fook cumulatively spending as much as almost 800 million Yuan on brand promotion, back in 2012. Yellow gold is the most popular jewelry segment in the country, followed by karat gold and diamonds, jade jewelry and platinum jewelry. Share of branded jewelry is rising across the globe Though unbranded jewelry is expected to account for the major share of the overall jewelry market, branded jewelry is projected to slowly gather momentum with its share increasing from 10% in 2003 to 35% by 2020. This is mainly due to greater brand awareness, especially among millennials across the country. While the market for branded jewelry is currently driven by legacy companies such as Cartier and Tiffany and new entrants including Pandora and David Yurman, the future is expected to witness the foray of non-jewelry players such as Dior, Hermes and Louis Vuitton.

The global men’s jewelry market is estimated to attain USD 71,809.77 million by 2032, exhibiting a CAGR of 8.4% during the forecast period.