Pune, India, Feb. 22, 2021 (GLOBE NEWSWIRE) -- According to Fortune Business Insights™, the global jewelry market size is expected to reach USD 266.53 billion while exhibiting a CAGR of 3.7% between 2020 and 2027. This is attributable to the increasing adoption of technology and the remarkable emergence of digital media platforms that propel the demand for luxury jewelry globally. Fortune Business Insights, published this information in its latest report, titled, “Jewelry Market Size, Share & COVID-19 Impact Analysis, By Product (Necklace, Earrings, Ring, Bracelet, and Others), Material Type (Gold, Platinum, Diamond, and Others), End-user (Men and Women), and Regional Forecast, 2020-2027.” The report further mentions that the jewelry industry stood at USD 330.0 billion in 2019 and is projected to gain momentum in the forthcoming years.
KEY DRIVING FACTORS
The emergence of Digital Media Platforms to Promote Growth
The growing influence through reality shows, music videos, and movies enables digital media platforms to play a pivotal role in propelling the sales of luxurious jewelry products globally. In addition to this, the adoption of technology in the manufacturing of ornaments is anticipated to bode well for the global jewelry industry growth during the forecast period. For instance, the products such as Luxe Smart Ring by The Ringly are equipped with several technological features such as health and fitness monitoring and GPS, along with being equipped with large gemstones.
Reduce Number of Labor Workforce amid COVID-19 to Hinder Growth
The global pandemic has led to a lockdown announced by government agencies across the globe. This has led to a partial lockdown of industrial operations and has left several laborers unemployed. Owing to the reduced number of jobs, the workforce has opted to return to their native places that has severely affected the market growth. However, collective efforts by the manufacturers and government to ensure a safe working environment by taking measures to contain the widespread effect of COVID-19 is expected to drive the jewelry market in the near future.
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Jewelry products mainly consist of gold, silver, diamonds, and other exotic gemstones. They have been a symbol of luxury for centuries and adorn by people for beautification and enhancing their overall appearance. Additionally, the high demand for bridal ornaments and the different festivities and traditions followed by people globally boosts the consumption of exotic gemstones and other products.
What does the Report Include?
The market report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Furthermore, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. Moreover, the report includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027.
List of the Leading Companies Profiled in the Global Jewelry Market are:
- Harry Winston, Inc., (New York, USA)
- Chopard (Meyrin - Geneva, Switzerland)
- Pandora Jewelry, LLC. (Oakland, California, USA)
- Chow Tai Fook Jewellery Company Limited (Central & Western, Hong Kong)
- Tiffany & Co (New York, USA)
- Rajesh Exports Ltd (Bengaluru, Karnataka, India)
- Cartier International SNC (Paris, France)
- Signet Jewelers Limited (Hamilton, Bermuda)
- Chanel (Paris, France)
- LVMH Moët Hennessy (Paris, France)
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Necklace Segment Held a 22.70% Market Share
The necklace segment, based on the product, held a jewelry industry share of about 22.70% in 2019 and is likely to showcase considerable growth during the forecast period. This is ascribable to factors such as the increasing adoption of jewelry products by women consumers across the globe.
TOP REGIONAL INSIGHTS
Presence of Established Manufacturers in Asia-Pacific to Favor Growth
Among all the regions, Asia-Pacific is expected to remain dominant and hold the highest position in the global jewelry market during the forecast period. This dominance is attributable to the presence of established manufacturers such as Tanishq, Queelin, and others in countries such as India and China in the region. Asia-Pacific generated USD 130.49 in terms of revenue in 2019.
The market in North America is expected to experience significant growth owing to the presence of several millionaires in countries such as the U.S. that propels the sales of exotic and premium jewelry in the region. For instance, as per the Global Wealth Report 2019, 40% of the total millionaires globally are present in the United States.
Major Companies Focus on Expansion Strategies to Leverage Market Opportunities
The global jewelry industry is experiencing stiff competition owing to the presence of several major companies that are focusing on expanding their facilities to cater to the increasing demand for luxury jewelry products globally. In addition to this, key players are adopting strategies such as merger and acquisition, partnership, and collaboration to maintain a market stronghold in the forthcoming years.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Analysis (in relation to COVID-19)
- 4.5.1 Impact of COVID-19
- 4.5.2 Supply Chain Challenges
- 4.5.3 Potential Opportunities due to COVID-19
- Global Jewelry Market Analysis, Insights, and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product (Value)
- By Material Use (Value)
- By End-User (Value)
- By Region (Value)
- North America
- Asia Pacific
- South America
- Middle East & Africa
- By Product (Value)
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Key Industry Development:
October 2020 – Blue Nile, the largest online retailer of diamonds, announced its massive expansion plan in 2020. The company is expected to open three brick-and-mortar showrooms in Q4 of 2020, and further plans to open over 50 showrooms in the top 50 market over the three years.
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