According to Future Market Insights, the global luxury fine jewellery market size is projected to expand at a CAGR of 6.5% over the forecast period (2022-2032), reaching a valuation of US$ 85,887.5 Mn by the end of 2032.
Growth in the market is driven by changing consumer behavior and fashion trends, growing demand for used jewellery, and the trend of jewellery businesses prioritizing social media and celebrity collaborations.
During the shutdown, sales of used jewellery increased, especially in the fine vintage market, reflecting consumers' desire for ethical purchasing as well as potential savings. A preoccupation with vintage jewellery and archival culture is on the increase in 2022, due to the advent of e-commerce, resistance to incessant new-season products, and a yearning for more meaningful luxury.
Fashion lovers are working hard to get rare collectibles, fine couture, and statement jewellery that can be customized and made even more distinctive as investment purchases. An increase in auction concepts is being fueled by the allure of vintage goods and archive-based materials and experiences. These concepts are intrinsically linked to the thrill of telling a story through objects and scrambling to find a treasure, something that is missing from the accessibility of objects in today's world.
Never before has social media been more crucial to all brands, across all industries. One of the best methods for boosting brand recognition and reaching new audiences is to design campaigns with a social media focus.
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Companies are employing many tactics to expand their customer base and transform the jewellery industry. For instance, in 2015, Missoma, a demi-fine jewellery company aimed at women in their 20s and 30s, switched from being mostly a wholesale brand to being 95% online. According to the brand's founder Marisa Hordern, this helped the company identify and understand its target market.
The company used a strong influencer approach, giving gifts to women who were properly vetted and matched the brand's look and ideals. Additionally, they were among the first brands to go a step further and create a unique collection in collaboration with an influencer.
Key Takeaways from the Luxury Fine Jewellery Market Study
By raw material, gold segment currently dominates the global luxury fine jewellery market and it is expected to grow at 8.2%v CAGR between 2022 and 2032.
Based on product type, the ring segment will continue to lead the global market over the assessment period.
By sales channel, individual jewellery stores segment holds a major share of the market and is further anticipated to grow at a CAGR of 3.5% during the forecast period.
North America and Europe together hold the major share of around 46.5% in the global luxury fine jewellery market.
The U.S. luxury fine jewellery market is forecast to grow at 4.3% CAGR through 2033.
Demand for luxury fine jewellery across China is anticipated to surge at a robust pace over the next ten years.
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“Key luxury fine jewellery companies are branding through social media platforms and celebrity endorsements to expand their global reach. Besides this, they are offering customized products to increase their customer base”, says an FMI analyst.
Who is Winning?
Leading manufacturers of luxury fine jewellery are focused on new product launches, aggressive promotional strategies, and advertisements to gain a competitive edge in the global market
Leading players operating in the global luxury fine jewellery market are Richemont, Guccio Gucci S.p.A., The Swatch Group Ltd., Pandora Jewelry, LLC, GRAFF, Louis Vuitton SE, Signet Jewelers Limited, Chopard International SA, MIKIMOTO, Tiffany Co., and Chopard International SA among others.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the global luxury fine jewellery market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the luxury fine jewellery market based on raw material (gold, platinum, diamond, precious pearls, gemstones, others) product type (necklaces, ring, earrings, bracelets, pendants, anklets, broches, others), consumer orientation (men, women, children), and sales channel (individual jewellery stores, specialist stores, online retailers, other sales channel), across seven major regions.
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