Global Gems & Jewelry Market to Grow with a CAGR of 7.1% through 2028

The global gems and jewelry market has experienced rapid growth driven by evolving consumer preferences, economic factors, and technological advancements.

According to the TechSci Research report, “Gems & Jewelry Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F”, the Global Gems & Jewelry market stood at USD136.45 billion in 2022 and is anticipated to grow with a CAGR of 7.1% in the forecast period, 2024-2028. The global gems and jewelry market is a multifaceted industry that combines the artistry of design with the allure of precious gemstones and metals. It has a long history dating back millennia and continues to be a symbol of wealth, love, and personal expression.

The history of gems and jewelry can be traced back to ancient civilizations, where these precious items held significant cultural, religious, and economic value. From the opulent jewelry of ancient Egypt to the intricate pieces of the Roman Empire, adornments made from gemstones and precious metals have been coveted throughout history.

In the modern era, the gems and jewelry market evolved with the discovery of new sources of gemstones, advancements in gem-cutting techniques, and innovations in jewelry design. The rise of European royalty and aristocracy in the 17th and 18th centuries led to the creation of elaborate jewelry pieces that showcased the exquisite craftsmanship of the time. The 19th century witnessed a surge in demand for gemstones, particularly diamonds, thanks to major discoveries in South Africa. The De Beers mining company capitalized on this by successfully marketing diamonds as symbols of love and commitment, famously coining the phrase "A Diamond is Forever."

The 20th century brought further transformations, with the emergence of prominent jewelry houses like Cartier, Tiffany & Co., and Bulgari, which set the stage for the global luxury jewelry market. Moreover, advancements in gemological sciences led to better understanding and grading of gemstones, enhancing their value and authenticity in the market.

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The global gems and jewelry market is a thriving and diverse industry encompassing the production, trade, and consumption of precious gemstones and ornamental jewelry. This market has experienced significant growth over the years, driven by a multitude of factors.

First and foremost, consumer preferences for gems and jewelry have evolved, with a growing demand for customized and contemporary designs, alongside the enduring appeal of traditional pieces. Rising disposable incomes, particularly in emerging economies, have empowered consumers to invest in luxury items like jewelry.

Asia, including countries such as India and China, has emerged as a prominent player in the global gems and jewelry market. These nations have a rich cultural heritage of jewelry craftsmanship and a growing middle class with a penchant for ornate jewelry pieces.

Technological advancements have also played a role in the industry's growth, particularly in gemstone cutting and jewelry manufacturing. Innovative techniques and tools have enhanced the quality of finished products and allowed for greater creativity in design.

However, the gems and jewelry market faces its share of challenges, including ethical concerns related to sourcing, sustainability, and the presence of synthetic or counterfeit gemstones in the market. Despite these challenges, the global gems and jewelry market remains resilient, driven by its intrinsic value, cultural significance, and the enduring allure of precious gemstones and ornamental jewelry. 

The global gems & jewelry market is segmented based on type, distribution channel, and region. Based on the type, the market is segmented into gold, diamond, silver, gemstones, and others (pearl, platinum, etc.). Among these, the diamond segment has a significant share in the global Gems & Jewelry market during the forecast period. Diamonds have a timeless and universal appeal. Their beauty, durability, and rarity have made them a symbol of love, commitment, and luxury for centuries. This enduring appeal ensures a consistent demand for diamond jewelry, especially for occasions like engagements and weddings.

Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Among these, the Asia Pacific region has a significant share of the global Gems & Jewelry market during the forecast period. Jewelry has deep cultural roots in many countries across the Asia Pacific region. From intricate Indian bridal jewelry to the symbolism of jade in Chinese culture, the significance of jewelry as a symbol of tradition, wealth, and spirituality is deeply ingrained. This cultural attachment drives a consistent demand for gems and jewelry in the region.

Major companies operating in the global gems & jewelry market are:

• Compagnie Financiere Richemont SA
• Emperor Watch and Jewelry Ltd
• Graff Diamonds Ltd.
• Kering SA
• LVMH Moet Hennessy Louis Vuitton SE
• Malabar Gold and Diamonds
• Pandora AS
• PC Jeweller Ltd.
• Swarovski AG
• Tata Sons Pvt. Ltd.

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“The global gems and jewelry market is heavily influenced by increasing affluence and disposable income, particularly in emerging economies. As individuals and households accumulate wealth, they are more inclined to invest in luxury items like jewelry. Gems and jewelry have deep cultural significance worldwide. From engagement rings to traditional ornaments, they are integral to rituals, celebrations, and self-expression. This cultural relevance drives consistent demand. Jewelry plays a prominent role in celebrating special occasions, such as weddings, anniversaries, and milestone events. This creates periodic surges in demand, especially for engagement rings and gift items.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Gems & Jewelry Market  – Global Industry Size, Share, Trends Opportunity, and Forecast, By Type (Gold, Diamond, Silver, Gemstones, and Others (Pearl, Platinum, etc.)), By Distribution Channel (Online and Offline), By Region, By Competition Forecast & Opportunities, 2018-2028F, has evaluated the future growth potential of the gems & jewelry market globally and provides statistics and information on market structure, size, share, and future growth. The report provides cutting-edge market intelligence and helps decision-makers to make sound investment decisions. Besides, the report also identifies the emerging trends along with essential drivers, challenges, and opportunities present in the market of gems & jewelry globally.

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