Major companies in the global jewelry market are Chow Tai Fook, LVMH, Malabar Gold & Diamonds, Richemont, Swarovski, Tiffany & Co., Pandora, Signet Jewelers Ltd., H. Stern, among others. These players are set to bolster the development of the global Jewelry market.
According to analysts at Facts and Factors, the global Jewelry market accounted for USD 252.74 Billion in 2020 and is expected to reach more than USD 435.65 Billion by 2028, growing at a CAGR of 7.4% from 2021 to 2028.
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Increasing jewelry in the men section and the Asia Pacific to Spur Growth
In the hip-hop world, heavy bracelets and gold chains, mouth grills, medallions, earrings, rings, mobile phone covers, and tooth caps in precious stones and metals have become prevailing style expressions. This subcultural catch-on style also draws on the improvisation and informality of the street. Men are increasingly spending on themselves and are progressively interested in accessories other than watches.
In this 21st century, men are adorning themselves once again with jewelry that is less splashy but more innovative and expressive, possibly reflecting more modern beliefs of today’s cognizant consumer.
Level of sales for jewelry in the Asia Pacific is much influenced by anniversaries and festivals. Many people purchases jewelry as a token or gift to celebrate festivals and birthdays, especially Valentine’s Day and Lunar New Year.
Shopping malls also arrange promotional activities near these festivals.
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Presence of big players to Support Asia Pacific Dominance
Rising trend of synthetic and American diamonds among the lower-middle-class groups in the region will support the growth of the jewelry market. Synthetic diamonds have a resemblance close to natural diamonds because they have the same internal structure. These diamonds are 20%-40% cheaper in comparison to natural diamonds. The Asia Pacific is the most populous region in the world and is also the highest consumer of gold so far. The top three highest consumers of diamonds in the world are the USA, China and India.
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