Luxury jewelry are items created by artisans or experts for the elite class. They are created using high-end gemstones and raw materials. The global luxury jewelry market report by Market Research Future (MRFR) contains useful insights and foresights for jewelry manufacturers for the period of 2018 to 2023 (forecast period). The outbreak of the COVID-19 virus and its impact on production and distribution has been discussed in the report.
The global Luxury Jewelry Industry is expected to expand at a steady rate during the forecast period owing to its purchase by the affluent class. Improved standards of living and penchant for artistic pieces can trigger a high demand. Jewelry stores practicing customer satisfaction and encouraging innovation and design are likely to stay in the top position. In addition, the expansion of luxury jewelry brand stores in elite locations can culminate in high sales.
The outbreak of the COVID-19 pandemic has dampened the influx of customers to stores and putting a wrench in sales. However, the smartphone penetration in major cities and adoption of augmented reality can entice gold and diamond lovers in purchasing new items. The huge disposable income levels of customers and willingness to spend on high jewelry can influence the market growth.
The global luxury jewelry market has been segmented by type, material, end-user, and distribution channel.
By type, the global market has been classified as necklace, ring, bracelet, earrings and others.
The global luxury jewelry industry has also been segregated, on the basis of material, into gold, silver, platinum and others.
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Based on end-user market is further segmented into men & women. Women are expected to dominate the market owing to their penchant for fine jewelry. The improved living standards of women and marketing strategies directed at women can spur the segment growth. Influences by fashion and movie industries can assist the segment as well.
On the basis of distribution channel, the global market has been divided into store-based and non-store-based. Store-based is further divided into multi-brand store, specialty store and others. Non-store-based is also further segmented into e-commerce.
The global luxury jewelry industry has been studied with regard to four key regions—North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
APAC is expected to lead the market owing to the preference of customers for branded jewelry. Rise in purchase of high jewelry owing to influence of social media influencers and offering of fusion jewelry to match with apparel in India and China can drive the regional luxury jewelry market till 2023.
Europe can capture a significant market share of the market owing to the large number of high net worth individuals (HNWIs). Presence of prominent fashion designers, upward sartorial tastes of women and men, and contribution by countries of France, Germany, and Italy.
North America is predicted to score the highest growth rate during the forecast period owing to the spending power of the people in accessories and clothing. Presence of HNWIs in the U.S. and Canada can drive the regional luxury jewelry market.
Société Cartier, Bulgari S.p.A., Graff Diamonds Corporation, Guccio Gucci S.p.A., Chopard International SA, K. Mikimoto & Co., Ltd., Compagnie Financière Richemont SA, Harry Winston, Inc., Buccellati Holding Italia SpA, and Tiffany & Co. are key players of the global luxury jewelry market.
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