International Jewelry Industry Overview
For millennia, humans have adorned themselves with jewelry, making it a timeless method for individual expression.
From the splendor of a diamond necklace to the simplicity of a charm bracelet, these accessories have the power to elevate one’s confidence and fashion sense.
In 2022, the international market for luxury jewelry stood at approximately 28 billion euros.
The majority of the revenue from the jewelry and watch sector in the same year was concentrated within three nations, with China at the forefront, followed by India and the United States.
The jewelry industry’s valuation is projected to grow from around 270 billion U.S. dollars in 2022 to upwards of 330 billion dollars by 2026.
A notable innovation shaking up the market is the advent of lab-grown diamonds, which rival their natural counterparts in appearance and are anticipated to become increasingly prevalent soon.
Worldwide Industry Demands
Globally, in 2022, the call for gold surged to its highest in a decade, reaching over 4,740 metric tons.
Various industries have gold requirements, and in 2021, jewelry making was the primary consumer, utilizing upwards of 2,200 metric tons and surpassing other sectors’ usage twofold.
India and China together dominate the global market demand for gold jewelry.
Diamonds retain their status as the quintessential jewel of the jewelry trade, often associated with eternal love and opulence.
The diamond jewelry sector reached a valuation close to 87 billion U.S. dollars globally in 2021.
Silver and platinum are also mainstays in jewelry making, although platinum’s popularity has been waning over time.
Global Retail Giants
Key players in the global jewelry retail market include Signet Jewelers, the Richemont Group, and LVMH Group.
Signet Jewelers’ sales are primarily driven by their bridal and fashion jewelry collections.
The LVMH Group reported that their jewelry and watch sales made up five percent of their total revenue, which was about 10.6 billion U.S. dollars in 2022.
The conglomerate is the parent company for luxury brands such as Bulgari, Hublot, Chaumet, and has been the owner of the esteemed Tiffany & Co. since 2021.
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