Jewellery and watches aren't essential, so sales depend on people's confidence in the economy and how much they have to spend. Uncertainty surrounding near-term economic prospects has weighed on sales, and price-sensitive consumers have reduced their spending on luxury goods. More affluent shoppers have sustained sales, as they are less susceptible to economic conditions. High inflation and economic uncertainty during 2023-24 have constrained spending on luxury items. In response, retailers have focused on international growth opportunities. However, improving economic conditions in 2024-25 have boosted the market. Shoppers are feeling more confident about spending, thanks to easing inflation pressures and better financial stability. Retailers can take advantage by offering exclusive product launches, personalised customer service or loyalty rewards. These steps help attract new shoppers and keep current customers coming back. Moreover, an increased focus on sustainability, driven by rising environmental consciousness, is transforming the industry. Key players like Pandora have adopted recycled materials and lab-grown diamonds, appealing to eco-conscious consumers. As macroeconomic conditions improve in 2024-25, the UK market is poised for renewed sales. Over the five years through 2024-25, revenue is expected to grow at a compound annual rate of 1.5% to £7.8 billion, with revenue expected to grow by 0.4% in 2024-25. The operating profit margin is anticipated to recover to 6% in 2024-25. Revenue is expected to climb at a compound annual rate of 0.7% over the five years through 2029-30 to £8.1 billion. Economic conditions are expected to stabilise in the coming years, supporting renewed spending growth and increasing demand for mid-range products. The future outlook for the UK Jewellery and Watch Stores industry will be shaped by growing online shopping trends and the perception of luxury watches as investment assets. Companies like Watches of Switzerland will enhance digital platforms to replicate in-store experiences. While demand for high-end brands remains strong, the industry faces authenticity challenges due to counterfeit crises from cheaper replicas and rising gold prices will create obstacles for many businesses in the industry.

The UK jewelry market rose rapidly to $1B in 2023, growing by 7.5% against the previous year. Overall, consumption continues to indicate a abrupt setback. Jewelry consumption peaked at $3.2B in 2015; however, from 2016 to 2023, consumption stood at a somewhat lower figure.

The revenue in the 'Watches & Jewelry' segment of the accessories market in the United Kingdom was forecast to continuously increase between 2024 and 2029 by in total 1.3 billion U.S. dollars (+13.46 percent). After the seventh consecutive increasing year, the revenue is estimated to reach 10.94 billion U.S. dollars and therefore a new peak in 2029. Find further information concerning the revenue in the accessories market in India and the average revenue per capita in the 'Watches' segment of the accessories market in Switzerland. The Statista Market Insights cover a broad range of additional markets.

This statistic shows the total annual expenditure on jewelry, clocks and watches in the United Kingdom (UK) from 2005 to 2023, based on volume. In 2023, UK households purchased approximately 10.8 billion British pounds worth of jewelry, clocks and watches.

Discover how the UK jewelry market is set to experience growth driven by rising demand, with market volume projected to reach 610 tons and market value to hit $1.8B by 2035.

This statistic shows the quarterly value of jewelry, bijouterie and related articles imported to the United Kingdom (UK) between 2nd quarter 2015 and 2nd quarter 2024. In the second quarter of 2024, UK imports of jewelry amounted to approximately 956 million British pounds.

Learn about the expected upward consumption trend in the UK jewelry market over the next decade, with forecasted increases in both market volume and value. By 2035, the market volume is projected to reach 610 tons, and the market value is anticipated to reach $1.8B.

Snapshot img

Diamond Jewelry Market Size 2025-2029

The diamond jewelry market size is forecast to increase by USD 18.77 billion at a CAGR of 3.2% between 2024 and 2029.

The market is experiencing significant growth, driven by innovation in design and manufacturing technology. The increasing use of computer-aided design (CAD) tools and precious metals like platinum in jewelry production is revolutionizing the industry. Additionally, the adoption of omnichannel strategies is expanding market reach and enhancing customer experience. However, challenges persist, including the presence of counterfeit products in the e-commerce space and the emergence of synthetic diamonds. Consumers continue to seek authenticity and quality in their diamond jewelry purchases, particularly in popular items such as rings and pear shapes. LED technology is also transforming the industry, with innovative applications in jewelry design and display. The market is expected to remain dynamic, with ongoing trends shaping the future of diamond jewelry.

What will be the Size of the Diamond Jewelry Market During the Forecast Period?

Request Free Sample

The market is a global industry characterized by continuous growth and innovation. Valued at billions of dollars, this market caters to diverse consumer preferences, encompassing various types of diamond jewelry such as engagement rings, necklaces, earrings, bracelets, hoop earrings, and heirlooms. Key factors driving market expansion include the timeless appeal of diamond and the endless possibilities for design, with innovations in cut, color, clarity, and carat weight. Consumers seek out a range of diamond cuts, including princess, emerald, radiant, cushion, oval, and round brilliant, among others. Carat weights vary, with popular choices being the 1-carat and 0.50-carat diamonds. The market is also influenced by the increasing use of precious metals and the integration of technology, such as 3D jewelry printing, in the creation of diamond jewelry.
Social media platforms have become essential marketing tools for diamond companies, enabling them to reach wider audiences and showcase their latest offerings. Near-colorless diamonds remain a top choice for many consumers due to their affordability and versatility. Overall, the market continues to evolve, catering to the ever-changing demands of consumers and the industry.

How is the Diamond Jewelry Industry segmented and which is the largest segment?

The industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Product Type

  Rings
  Necklaces
  Earrings
  Bangles
  Pendants


Distribution Channel

  Specialty stores
  Department stores
  Discounters
  Online retailers
  Others


Type

  Natural
  Lab-grown


Geography

  North America

    Canada
    US


  APAC

    China
    India
    Japan
    South Korea


  Europe

    Germany
    UK
    France


  Middle East and Africa



  South America

By Product Type Insights

The rings segment is estimated to witness significant growth during the forecast period. The market experienced significant growth in 2024, with the rings segment leading the market. Notable companies dominate this sector, providing diamond rings for various occasions, including weddings and engagements. Tanishq alone offers over three thousand unique ring designs. The increasing affluence of the middle class population has driven demand for premium diamond jewelry, particularly during special events. Companies are responding by expanding their offerings to include high-end, luxury products. Innovative designs in diamond jewelry, such as those in hoop earrings, chain jewelry, and pendants, are also gaining popularity.
Companies are utilizing social media platforms, 3D jewelry printing, and online marketing to reach customers. Additionally, there is a growing trend towards sustainable and ethically sourced diamonds, including lab-grown and natural diamonds, as well as precious metal settings in gold, platinum, and silver. Diamond certifications from recognized laboratories add credibility to these products. Jewelry retailers and certification laboratories continue to collaborate to ensure the authenticity and quality of diamond jewelry. Millennials are a significant market for diamond jewelry, with preferences leaning towards near-colorless diamonds and innovative cuts, such as the Princess, Emerald, Radiant, Cushion, Oval, Asscher, Marquise, and Pear cuts.

Get a glance at the market report of share of various segments Request Free Sample

The Rings segment was valued at USD 50.4 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 44% to the growth of the global market

The revenue in the 'Luxury Jewelry' segment of the luxury goods market in the United Kingdom was forecast to continuously increase between 2024 and 2029 by in total 125.6 million U.S. dollars (+8.04 percent). After the seventh consecutive increasing year, the revenue is estimated to reach 1.7 billion U.S. dollars and therefore a new peak in 2029. Find further information concerning the average revenue per capita in the 'Luxury Watches & Jewelry' segment of the luxury goods market in the United Arab Emirates and the revenue in the 'Prestige Cosmetics' segment of the luxury goods market in Indonesia. The Statista Market Insights cover a broad range of additional markets.

Discover the projected growth of the jewelry market in the UK over the next decade, with an expected increase in market volume and value. By 2035, the market volume is forecasted to reach 610 tons and the market value to $1.8B, driven by a rising demand for jewelry in the country.

In 2017, articles of jewellery imports into the UK totaled X tons, going down by -X% against the previous year. Overall, articles of jewellery imports continue to indicate a deep shrinkage. The most prominent rate of growth was recorded in 2013, an increase of X% against the previous year.

The UK Beaded Jewelry Market is valued at USD 265 million, driven by the high demand for unique, handcrafted jewelry pieces.

In 2024, the UK imitation jewellery market decreased by -7.5% to $318M for the first time since 2020, thus ending a three-year rising trend. Overall, consumption continues to indicate a relatively flat trend pattern. Imitation jewellery consumption peaked at $344M in 2023, and then dropped in the following year.

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 Statista estimates, the market for shared luxury jewelry in the United Kingdom (UK) made up approximately just over two percent of the luxury jewelry market in 2020. The share of this market over traditional market is forecast to increase overall in the next five years, reaching to about 2.67 percent in 2025.

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%.

Attribute	Key Insights
Estimated Luxury Fine Jewellery Market Size 2022	US$ 45,700.0 million
Projected Market Size (2032)	US$ 85,887.5 million
Value-based CAGR (2022 to 2032)	~6.5%
Top Players Share in 2021	~5%-10%

Scope of Report

Attribute	Details
Estimated Market Value (2022)	US$ 45,700.0 million
Projected Market Value (2032)	US$ 85,887.5 million
Anticipated Growth Rate (2022-2032)	~6.5% CAGR
Forecast Period	2022 to 2032
Historical Data Available for	2017 to 2021
Market Analysis	US$ Million for Value
Key Regions Covered	North America, Latin America, Europe, East Asia, South Asia, Oceania & Middle East and Africa (MEA)
Key Countries Covered	The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Benelux, South Africa, Northern Africa GCC Countries, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia & New Zealand
Key Segments Covered	Raw Material, Product Type, Consumer Orientation, Sales Channel and Region
Key Companies Profiled	Guccio Gucci S.p.A. The Swatch Group Ltd. Richemont Tiffany & Co. GRAFF Louis Vuitton SE Signet Jewelers Limited Chopard International SA MIKIMOTO Pandora Jewelry, LLC Chopard International SA Others
Report Coverage	Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives

Expert industry market research on the Imitation Jewellery Manufacturing in the UK (2011-2030). Make better business decisions, faster with IBISWorld's industry market research reports, statistics, analysis, data, trends and forecasts.

Jewelry Price in the UK - 2023. Find the latest marketing data on the IndexBox platform.

8790 Active Global Jewellery buyers list and Global Jewellery importers directory compiled from actual Global import shipments of Jewellery.

This statistic shows the quarterly value of jewelry, bijouterie and related articles exported from the United Kingdom (UK) between 2nd quarter 2015 and 2nd quarter 2024. In the second quarter of 2024, UK exports of jewelry were worth nearly 800 billion British pounds.