Global Gems & Jewelry Market Outlook, 2028

Gems are pieces of jewelry created from rock, mineral, or petrified material that are polished and carved to create stunning visual effects. These jewels come in the form of rings, earrings, necklaces, bracelets, and pendants. Gems and jewelry enhance attractiveness and stand for power, riches, and position. In addition, diamonds are employed in spiritual rituals and practices to balance energy fields, achieve calm, and foster love, security, and physical healing. On the other hand, jewelry can also be a form of tradition and culture for some people as well as a means of self- and creative expression. The market is being boosted by the growing fashion consciousness among young people and the trend of wearing jewelry that complements the clothing. Gems and Jewelry are ornamental pieces that are made of precious materials. The expanding middle-income level of customers in developing nations, their growing purchasing power, as well as a globalizing design trend have all significantly contributed to the rise in demand for gems and jewelry worldwide. The diamond business anticipates increasing demand for diamonds in the same manner that the gold sector does. This is mostly because a growing middle class is developing in the nation. Major players are investing and growing their retail locations as a result. International firms are starting to enter the region in order to take advantage of the growing market demand in these nations as emerging markets like India, China, Brazil, and other developing markets show optimistic potential. Additionally, one of the most recent trends that are becoming increasingly popular in the gem and jewelry sector is the rise of cross-cultural designs. Over the projected period, it is anticipated that demand for jewelry with Italian, European, and Egyptian cultural influences would dominate the market under consideration. The increase in urbanization has caused consumer behavior to change with regard to accessories, moving away from wearing more jewelry to keeping it simple and elegant while preserving the fashion statement. The demand for single-stone stud earrings, pendants, and rings has increased significantly as a result of these changing dynamics. According to the research report, “Global Gems & Jewelry Market Outlook, 2028” published by Bonafide Research, the market is expected to cross USD 460 Billion market size, increasing from USD 316.51 Billion in 2022. The global market is forecasted to grow with 6.67% CAGR by 2023-28. Consumption of jewels is on the rise as more individuals are drawn to high-end goods. The product's benefits include helping to draw attention to certain physical aspects of the body, showcasing current fashion trends and styles, enhancing appearances, and more. The product's rising ubiquity as a status symbol among high-earners is assisting in the acceleration of consumption. The market is continuing to rise as a result of rising demand for modern jewelry and an increase in the number of designers entering the industry. Today's jewelry is made with contemporary jewelry styles and materials like platinum, white gold rose gold, etc. They thus swiftly gain commercial acceptance, mostly from working women wanting for lighter, more comfortable jewelry. Including western countries, both North America and Asia-Pacific account for the majority of the demand for gems and jewelry worldwide. Despite rising global prices, there is a considerable demand for jewelry with diamonds set in gold, platinum, gold, gemstones, and pearls. Expanding urbanization, shifting lifestyles, rising e-commerce sales, increased presence of organized retail channels, growing number of premium product launches, synchronized distribution networks, etc. are the main drivers of the increase in demand. In addition to that, the wedding and bridal market has been a major driver of the gems and jewelry industry. Engagement rings, wedding bands, and other jewelry pieces are essential components of wedding ceremonies in many cultures.

Based on the regions, Asia-Pacific is dominating the market in 2022. The region, particularly India and China, has been major players in the diamond industry. India is known for its diamond processing and cutting industry, while China has been growing as a significant consumer of diamonds. Gems and jewelry have deep cultural roots in many Asia-Pacific countries. In countries like India, jewelry holds immense cultural, religious, and social significance, often being passed down through generations. Also, the Asia-Pacific region has some of the largest and most diverse wedding markets in the world. Wedding-related jewelry purchases, especially gold and diamond jewelry, contribute significantly to the market's growth. The tourism industry in countries like Thailand and Sri Lanka has boosted the demand for gemstone jewelry among tourists, as these countries are renowned for their gemstone trade and craftsmanship. Also, the Asia-Pacific region is a hub for pearl cultivation, with countries like Japan and China being renowned for their high-quality pearls. The market for pearls, including freshwater and saltwater varieties, has seen growth. However, North America, particularly the United States, is one of the largest consumers of diamonds in the world. Diamonds are often associated with engagement rings and other special occasions. There has been an increasing emphasis on ethical sourcing and sustainability in the North American jewelry market. Consumers are becoming more conscious of the origin of gemstones and the working conditions in the supply chain. Lab-grown diamonds have gained popularity in North America as a more affordable and environmentally conscious alternative to natural diamonds. This trend has prompted traditional diamond companies to diversify their offerings. Also, custom-designed jewelry has become more popular in North America, reflecting consumers' desire for unique and personalized pieces that hold sentimental value. Based on product, the gems and jewelry market is fragmented into rings, necklaces, earrings, bracelets, chains and pendants, and others. The increased demand for wedding rings and the desire for business attire are the main factors driving the rising sales of rings globally. Rising ring sales among male consumers have been a major trend engulfing the industry in recent years. This might be ascribed to advancements in the design of men's jewelry and expanding fashion consciousness among men globally. Additionally, there has been a shift in how customers view rings. With a less traditional view of marriage, younger generations frequently create a strong association between love and jewelry, whether it is promise rings, engagement rings, or commitment rings. However, it is predicted that over the forecast period, the necklaces category will continue to dominate the global market. In the upcoming years, it is anticipated that the demand for diverse necklace jewelry would rise as a result of trends that are spreading across all age groups, such as donning specially crafted jewelry or diamonds, cross-cultural necklaces, and other ornaments as a necklace.

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Manmayi Raval

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In terms of material, the gems and jewelry market is segmented into diamond in gold, silver, platinum, diamond, and others. The diamond segment is expected to grow with prominent CAGR during the forecast period. The growth of the diamond segment is attributed to increasing purchasing power and rising number of middle-income consumers in developing countries. The diamond demand is also increasing due to rising fashion trends, and growing demand for fine costume jewelry, colored gemstone, and forms of gems and. On the other hand, gold segment is expected to lead the market in coming years. Gold rings, bracelets, necklaces, and other gold-made products are popular among every age group. The rising preference for gold material for displaying fashion and lifestyle is likely to drive the segment growth in the near future. Depending on the product type of alloy used, jewelry made with yellow, white, rose, and green gold is available in various designs and shapes. For instance, yellow gold is alloyed with silver, copper, and zinc. White gold is an alloy of gold and at least one white metal, usually nickel, silver, or palladium. Rose gold is a mixture of gold, copper, and silver and green gold is a mixture of gold and silver, with traces of copper and other metals. Based on application, the gems and jewelry market is segregated into weddings, collections, festive blessings, fashion, and others. The wedding segment is expected to hold major share of the market during the forecast period. Gems and jewelry are majorly demanded for wedding purposes around the world. In addition, gifting gems and jewelry at the wedding to the bride and groom is a ritual in many countries, which is expected to support the growth of the segment during the forecast period. However, fashion segment is expected to hold the key share of the market during the forecast period. The trend of wearing jewelry as a fashion is rising across the age group, which is expected to drive the demand in the market. Moreover, the use of gems and jewelry in fashionable clothes and fashion accessories manufacturing is also projected to boost segment growth in the near future. Based on the distribution channel, multi-branded stores, also known as multi-brand boutiques, carry jewelry pieces from multiple brands within the same store. This concept allows consumers to explore a diverse range of designs, styles, and brands in one location. Multi-branded stores often curate their selection to offer a mix of established and emerging brands. On the other hand, jewelry stores are specialized retail outlets that primarily focus on selling various types of jewelry, including rings, necklaces, bracelets, earrings, and more. These stores often offer a wide variety of designs and styles to cater to different consumer preferences. Jewelry stores can range from small independent shops to larger chain stores. However, the online retail channel has grown significantly in the gems and jewelry market. Online platforms offer consumers the convenience of browsing and purchasing jewelry from the comfort of their homes. Online jewelry retailers may operate their own e-commerce websites or sell through online marketplaces. This channel also allows for easier comparison shopping and access to a global selection of jewelry. Market Drivers

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• Cultural Significance and Personalization: Gems and jewelry have held cultural and personal significance for centuries, symbolizing status, beauty, and emotional connection. In recent times, there has been a growing emphasis on personalization in jewelry design. Consumers seek pieces that reflect their individuality, experiences, and values. Customization technologies, like 3D printing and CAD software, enable jewelers to create unique, bespoke pieces that resonate with customers on a deeper level. This trend is driven by the desire to own something truly one-of-a-kind and to express one's identity through wearable art. • Changing Demographics: Shifting demographics and evolving cultural influences are driving changes in the gems and jewelry market. Millennial and Gen Z consumers have different preferences compared to previous generations. They value experiences, self-expression, and uniqueness over traditional symbols of status. Moreover, the rise of global multiculturalism has led to a growing demand for jewelry designs inspired by different cultures and traditions. Market Challenges • Counterfeit and Imitation Products: The gems and jewelry market faces the ongoing challenge of counterfeit and imitation products. Advances in technology have made it easier for counterfeiters to replicate the appearance of high-value gems and jewelry, deceiving unsuspecting buyers. This undermines consumer trust and damages the reputation of legitimate businesses. The challenge lies in implementing effective authentication methods and educating consumers about the differences between genuine and fake products. • Regulation and Compliance: The gems and jewelry industry is subject to regulations and compliance standards related to sourcing, manufacturing, and trade. Ensuring compliance with regulations such as the Kimberley Process Certification Scheme (KP) for conflict-free diamonds and regulations against money laundering is essential. The challenge lies in navigating the complex legal landscape across different countries while maintaining ethical practices. Market Trends • Digital Transformation and Technology Integration: The gems and jewelry market is undergoing a significant digital transformation, integrating technology into various aspects of the industry. Virtual try-on tools, augmented reality (AR), and virtual reality (VR) experiences allow customers to visualize how jewelry will look before purchasing. Additionally, blockchain technology is being used to establish transparent supply chains and track the journey of gemstones from mine to market, addressing concerns about provenance and authenticity. • Lab-Grown Gemstones beyond Diamonds: While lab-grown diamonds have gained attention, there's a growing trend toward lab-grown colored gemstones, including sapphires, rubies, emeralds, and more. These stones offer ethical and sustainable alternatives to their mined counterparts while expanding the range of available options for consumers. Also, artisanal jewelry aligns with the desire for unique, meaningful pieces that tell a story. It offers a counterbalance to mass production and fosters a connection between consumers and the makers of their jewelry. However, the challenge is maintaining consistency in quality while scaling up artisanal production and ensuring fair compensation for the skilled artisans. Covid-19 Impacts Lockdowns, travel restrictions, and temporary closures of mines, manufacturing units, and distribution channels disrupted the supply chain. This led to delays in production, shipment, and delivery of gems and jewelry products. The pandemic-induced economic uncertainty led to changes in consumer spending behavior. With many facing financial constraints, discretionary spending on luxury items like jewelry decreased. Demand for high-end luxury jewelry was particularly affected, while there was some resilience in the mid-range and affordable segments. The cancellation or postponement of weddings, social events, and gatherings significantly impacted the demand for bridal and occasion-specific jewelry. Many couples delayed their wedding plans or opted for smaller, intimate ceremonies, affecting the market for engagement rings and wedding jewelry. However, brick-and-mortar jewelry stores faced closures and reduced foot traffic due to lockdowns and social distancing measures. As a result, there was a notable shift towards online sales channels. Brands that already had a strong online presence were better equipped to adapt to this change. Key Players Insights Key players like LVMH Moët Hennessy Louis Vuitton, Kering S.A., Compagnie Financière Richemont S.A, Ralph Lauren Corporation, Burberry Group plc, D. Swarovski KG, Prada S.p.A., De Beers Group, The Swatch Group Ltd, Giorgio Armani S.p.A., Chanel Limited, Rajesh Exports, Signet Jewelers Ltd., Titan Company Limited, Chow Tai Fook group, Hare Krishna Exports Pvt. Ltd., Pandora A/S, Graff Diamonds International Ltd., Chopard and H. Stern compete fiercely in the gems and jewelry market. To enhance their geographic reach and consumer base, major businesses are concentrating on online distribution channels for the online marketing and branding of their products. Due to their rising income levels and cultural traditions, wherein people in China and India view giving jewelry ornaments as auspicious, leading manufacturers in the gems and jewelry industry are concentrating on utilizing the opportunities presented by these emerging markets to increase their revenue. To give their product offers a luxurious feel and flawless craftsmanship, the leading brands are launching innovative projects and new product advancements. Recent Developments • In January 2023, Tanishq, a Titan Ltd-owned jewelry brand, entered the U.S. market by opening its first store in New Jersey. The store houses over 6,500 jewels designs in 18 and 22-karat gold and diamond. • In June 2022, The Asian Institute of Gemological Sciences (AIGS) has launched what it accepts is the primary normalized colour code for sea blue. It plans to present outsider objectivity in a gemstone market where the exceedingly significant variety is frequently portrayed with vague terms like greenish blue or blue. • In May 2022, GIA India declared the launch of its new pearl distinguishing proof research facility in Mumbai. • In September 2022, Chaulaz Heritage Jewellery, an Indian designer ornament brand, strengthened its bridal portfolio by launching the ‘Basra’ collection — the hand-crafted heritage range includes nose pins, earrings, necklaces, and pendants. The brand also customizes and sells antique ornaments online through its website and social media platforms. • In August 2022, Pandora, a jewel maker, announced that the company would move ahead with its lab-made diamonds and stop selling mined diamonds. Lab-created diamonds are available to more people and also reduce carbon emissions. It launched a collection using unmined gems in North America to attract young consumers with cheaper and sustainable stones. • In January 2022, Malabar Gold & Diamonds, an India-based jewelry retailer, inaugurated six showrooms across the UAE - three in the new Dubai Gold Souq extension and one in City Centre Al Zahia, Lulu Muweilah, Sharjah, and Crown Mall, Jebel Ali. Considered in this report • Geography: Global • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • Global Gems & Jewelry with its value and forecast along with its segments • Region-wise Gems & Jewelry market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation Regions & Countries covered in the report: • North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Spain, Italy, Russia) • Asia-Pacific (China, Japan, India, Australia, South Korea) • South America (Brazil, Argentina, Colombia) • Middle-East & Africa (UAE, Saudi Arabia, South Africa) By Material • Gold • Silver • Platinum • Diamond • Others (Gemstones, palladium, titanium, bronze, copper, brass) By Product • Rings • Necklaces • Earrings • Bracelets • Chains and Pendants • Others (brooches, cufflinks, and hair accessories) By Application • Weddings • Collections • Festive Blessing • Fashions • Others (birthdays, graduations, or religious holidays) By Distribution Channel • Jewelry Stores • Multi Branded Stores • Standalone • Online The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations and organizations related to the Gems & Jewelry industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.