Page 7 - Craftcil Mar 2024

n ews highlights

Global jewellery market anticipated to rise at considerable rate between 2024

and 2032

The global jewellery market size attained a value of 327.28 or signet rings), and
billion in 2023. The market is expected to grow at a CAGR of personal milestones.
4.70% between 2024 and 2032, reaching almost 494.81 billion While women
by 2032. Silver is more abundant and less expensive, making it traditionally dominate
a popular choice for fashion jewellery and trendy designs. The the jewellery market,
durability and longevity of gold make it a preferred choice for men are also expected
everyday wear and heirloom pieces. Platinum is naturally to hold a significant
hypoallergenic, making it an excellent choice for people with market share, a trend
sensitive skin or allergies to certain metals. that has been growing

The growing popularity of classy pearls and maximalist over time. There is a
cuffs and their increasing launch by high jewellery brands like shift in societal attitudes towards masculinity and self-
Van Cleef & Arpels, Tiffany & Co., and Harry Winston reflect a expression, with a growing acceptance that jewellery can be a
broader trend in the luxury fashion and jewellery sector. part of men’s fashion. This change has encouraged more men to
explore jewellery as a way to accentuate their personal style
Further, there is an increasing focus on adopting production
and express their individuality.
methods and materials that conform to principles of sustainable
development. In January 2024, Pandora announced that it is The market players are adopting innovative and sustainable
using recycled silver and gold in its product lines. This practices, including the use of recycled materials for jewellery
commitment to using 100% recycled silver and gold reflects a production, and expanding their offline and online presence to
significant step towards sustainability in the jewellery market. gain a competitive edge in the market.
This move not only reduces the environmental impact associated North America accounts for a significant share of the global
with mining new materials but also aligns with growing market for jewellery and is anticipated to remain one of the
consumer demand for ethically sourced and environmentally leading regions in the forecast period owing to the aggressive
friendly products. advertising and branding of the products. The region boasts a

Earrings hold a significant share of the total market value, mature and diverse retail landscape that includes a mix of luxury
driven by their universal appeal, versatility, and the wide array boutiques, department stores, online retailers, and speciality
of designs that cater to diverse consumer tastes and cultural jewellery stores. This variety offers consumers easy access to a
traditions. Earrings are a fundamental accessory in fashion wide range of jewellery products, from high-end designer pieces
and personal styling, offering individuals a way to express their to more affordable fashion jewellery, catering to a broad
personal style, mood, or identity. From subtle studs to elaborate spectrum of tastes and budgets.
statement pieces, earrings can complement various outfits and Meanwhile, parts of the Asia Pacific, which include India
occasions, making them a staple in personal adornment. Other and China, are rapidly growing in terms of revenue and
jewellery pieces like ring also enjoy considerable popularity. consumption. Gold is consumed on a large scale in China due
Engagement rings and wedding bands, in particular, are to its rapidly developing economy. The growth of the Indian
universal symbols of union and partnership, making them jewellery market can be attributed to the high significance of
essential purchases for couples around the world. Beyond jewellery in Indian culture, rising living standards, and the
matrimonial significance, rings also symbolise achievements growing influence of social media on consumers. „ Source :
(such as graduation rings), memberships (such as class rings Expert Market Research

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