The GMI Research report projects that the Jewelry Market will exhibit a surge of 3.7% over the forecast period. The expansion in the international economy attributed to the rising spending power and high per capita income has fuelled the demand for exclusive jewelry.
Jewelry Market Dynamics
The surge in the jewelry market size is attributed to the growing prominence of exquisite jewelry among money-making groups. The branded jewelry acts as a status symbol and has raised the expenditure on exclusive jewelry made of platinum and diamond. Also, the rising income levels stand to be the primary driver propelling the market growth. The growing emphasis of customers, mainly women, to exalt their look or highlight specific features of the body by wearing trendy jewelry such as nose pins or necklaces has strengthened the market growth. Furthermore, producers also provide different cross-cultural jewelry to captivate a huge consumer base. For example, the designs galvanized by tribal women of Brazil and Greek or Roman culture have gained immense prominence.
Additionally, the introduction of smart pieces of jewelry in the market to track activities, monitor sleep, and remove stress will raise the market's growth. For example, Ringly introduced a Ringly Luxe Smart Ring embellished by a large gemstone on its head with a 14k gold-plated base. However, the aggravating demand for artificial jewelry has restrained the market growth. Imitation jewelry refers to accessories made using different artificial materials.
Based on regional analysis, the APAC region is likely to encounter a faster growth over the forecast period. This is because of the increasing expenditure on exquisite jewelry such as diamonds and gold in nations like China and India. The China Gold Association in 2020 stated that the actual consumption of gold was recorded to be 820.98 tons. Additionally, the customs and historical cultures of gifting ornaments have driven the Jewelry Market size.
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