Gems and Jewellery Market was valued at USD 349.45 Billion in 2022 and is projected to reach USD 480.50 Billion by 2030, growing at a CAGR of 4.0% from 2024 to 2030.

Key Market Insights on the Gems and Jewellery Market

The gems and jewellery market is undergoing significant transformations, influenced by shifting consumer preferences, economic fluctuations, and technological advancements. This article delves into the current state of the industry, highlighting key trends, challenges, and future prospects.

Global Market Dynamics

The global luxury goods sector has witnessed notable shifts, particularly in the performance of major players. Richemont, the parent company of Cartier and Van Cleef & Arpels, reported a 10% year-on-year sales increase to €6.15 billion in Q3 2024. This growth was primarily driven by strong demand in the Americas and Europe, with sales in these regions growing by 22% and 19% respectively. However, the Asia-Pacific region experienced a 7% decline, with Mainland China, Hong Kong, and Macau seeing an 18% drop.

Shifting Focus to the U.S. Market

With China's economic slowdown and property crisis dampening its demand for luxury goods, global luxury brands are increasingly focusing on the U.S. market. Companies like LVMH and Kering aim to leverage the increased purchasing power of U.S. consumers, bolstered by a strong stock market and rising cryptocurrencies. December marked a positive turn for U.S. credit card spending on luxury goods, posting a 1% year-on-year rise, indicating a potential rebound in the sector.

India's Market Outlook

India's gems and jewellery industry is poised for substantial growth, with expectations to reach $100 billion in sales by 2025. This optimistic outlook is driven by strong domestic demand, promising export potential, and strategic initiatives focusing on digitization and sustainability. The sector is anticipated to achieve a compound annual growth rate (CAGR) of 5-6%, contributing significantly to the country's GDP and job creation.

Challenges in the Diamond Sector

The diamond industry faces challenges, notably with De Beers accumulating its largest stockpile since the 2008 financial crisis, valued at approximately $2 billion. This stockpiling results from declining demand due to factors such as a slump in the Chinese market, competition from lab-grown diamonds, and the impact of the COVID-19 pandemic on marriage rates. In response, De Beers has reduced diamond production by 20% and lowered prices at recent sales events.

Rise of Lab-Grown Diamonds

Lab-grown diamonds are gaining popularity as a sustainable and affordable alternative to natural diamonds. Created within sophisticated machines that replicate natural conditions, these diamonds offer better color, quality, and clarity at a more accessible price point. Brands like Blue Nile, With Clarity, and Brilliant Earth emphasize ethical sourcing and sustainability, catering to a growing audience seeking eco-friendly options.

Gold Market Trends in India

In India, the rising price of gold, which has increased by 24% in the last year, is affecting traditional gold purchasing, particularly for weddings. High costs have led consumers to buy lower quantities or opt for lower purity gold. The World Gold Council reported a 6% drop in gold jewellery demand in India last year. Despite a cultural passion for gold, many families are now favoring more affordable artificial jewellery.

Future Prospects

The gems and jewellery market is at a pivotal juncture, balancing traditional practices with modern innovations. The industry's future will likely be shaped by:

• Consumer Preferences: A growing inclination towards sustainable and ethically sourced products.
• Technological Advancements: Increased adoption of lab-grown diamonds and digital platforms for purchasing jewellery.
• Economic Factors: Fluctuations in global economies influencing purchasing power and demand.

In conclusion, staying attuned to these evolving trends and adapting strategies accordingly will be crucial for stakeholders aiming to thrive in the dynamic gems and jewellery market.

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Who are the largest Global manufacturers in the Gems and Jewellery industry?

• Chow Tai Fook Jewellery
• LVMH
• Rajesh Exports
• Richemont
• Signet Jewelers

By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.

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What are the factors driving the growth of the Global Gems and Jewellery Market?

Growing demand for below applications around the world has had a direct impact on the growth of the Global Gems and Jewellery Market

• Online
• Retail
• Jewelry Stores

What are the types of Gems and Jewellery available in the Market?

Based on Types the Market is categorized into Below types that held the largest Gems and Jewellery market share In 2023.

• Gold
• Diamond
• Platinum
• Gems
• Others

Which regions are leading the Global Gems and Jewellery Market?

• Global (United States, Global and Mexico)
• Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
• Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
• South America (Brazil, Argentina, Columbia, etc.)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

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Detailed TOC of Global Gems and Jewellery Market Research Report, 2024-2032

1. Introduction of the Global Gems and Jewellery Market

• Overview of the Market
• Scope of Report
• Assumptions

2. Executive Summary

3. Research Methodology of Verified Market Reports

• Data Mining
• Validation
• Primary Interviews
• List of Data Sources

4. Global Gems and Jewellery Market Outlook

• Overview
• Market Dynamics
• Drivers
• Restraints
• Opportunities
• Porters Five Force Model
• Value Chain Analysis

5. Global Gems and Jewellery Market, By Type

6. Global Gems and Jewellery Market, By Application

7. Global Gems and Jewellery Market, By Geography

• Global
• Europe
• Asia Pacific
• Rest of the World

8. Global Gems and Jewellery Market Competitive Landscape

• Overview
• Company Market Ranking
• Key Development Strategies

9. Company Profiles

10. Appendix

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