NEW YORK, Feb. 27, 2024 /PRNewswire/ — The gems and jewelry market size is set to grow by USD 137.48 billion from 2022 to 2027 progressing at a CAGR of 7.55% during the forecast period. Download a Sample Report!
Market Insights –
- Vendors: 15+, Including Aurum designer jewellers, CHANEL Ltd., Chow Tai Fook Jewellery Group Ltd., Compagnie Financiere Richemont SA, Emperor Watch and Jewelry Ltd, Graff Diamonds Ltd., Hstern Jewellery Ltd., Kalyan Jewellers India Ltd., Kering SA, LVMH Moet Hennessy Louis Vuitton SE, Malabar Gold and Diamonds, Pandora AS, PC Jeweller Ltd., Rajesh Exports Ltd., Riddles Group Inc., Signet Jewelers Ltd., Stuller Inc., Swarovski AG, Tata Sons Pvt. Ltd., and The Swatch Group Ltd., among others
- Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
- Segments: Distribution Channel (Offline and Online), Type (Gold, Platinum, Silver, Diamond, and Gemstones), and Geography (APAC, North America, Europe, Middle East and Africa, and South America) To understand more about the information services market, request a sample report
Vendor Insights
The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market’s competitive landscape and offers information on several market vendors including Aurum designer jewellers, CHANEL Ltd., Chow Tai Fook Jewellery Group Ltd., Compagnie Financiere Richemont SA, Emperor Watch and Jewelry Ltd, Graff Diamonds Ltd., Hstern Jewellery Ltd., Kalyan Jewellers India Ltd., Kering SA, LVMH Moet Hennessy Louis Vuitton SE, Malabar Gold and Diamonds, Pandora AS, PC Jeweller Ltd., Rajesh Exports Ltd., Riddles Group Inc., Signet Jewelers Ltd., Stuller Inc., Swarovski AG, Tata Sons Pvt. Ltd., and The Swatch Group Ltd. request a sample report
Market Dynamics
Major Drivers –
Growing demand for wedding jewelry prominently drives the market growth of the gems and jewelry market during the forecast period. Jewelry is mostly purchased for special occasions, especially weddings. This will contribute significantly to the global gems and jewelry market. Bridal jewelry, such as necklaces, wedding bands, and engagement rings, is in high demand worldwide.
Moreover, India is a major market for wedding jewelry, with increasing expenditure on bridal collections driven by the expanding middle-class population and their rising disposable income. Hence, such high demand for wedding jewelry drives the market growth during the forecast period.
- The introduction of AR in the gems and jewelry market is an emerging trend influencing market growth.
- The decline in demand for gold jewelry as an investment option is a major challenge hindering market growth. request a sample report
Analyst Review
The Gems and Jewellery market in India is a vibrant and crucial sector contributing significantly to the country’s Gross Domestic Product (GDP). Renowned for its craftsmanship and heritage, India holds a prominent position in both gold and diamond industries. The sector plays a pivotal role in merchandise exports, with organizations like the Gems and Jewellery Export Promotion Council (GJEPC) facilitating trade agreements such as the Comprehensive Economic Partnership Agreement (CEPA), strengthening ties with nations like the United Arab Emirates (UAE).
Key figures in this domain include Virendra Singh, Kirit Bhansali, Vijay Mangukiya, and Smit Patel, who lead the industry’s growth and innovation. Surat emerges as a hub for diamond cutting and polishing, while Hyderabad and Dubai host significant trade events like the International Jewellery Show Signature 2022.
Market players such as Tanishq, Malabar Group, and Reliance Jewels cater to diverse consumer demands through platforms like JioMart, expanding their reach globally. Government initiatives like the Gold Monetisation Scheme overseen by the Reserve Bank and Department for Promotion of Industry and Internal Trade (DPIIT) ensure regulatory support for the sector while complying with laws like the Prevention of Money Laundering Act (PMLA).
Anupriya Patel, the Minister of State for Commerce and Industry, collaborates with stakeholders like the Gem & Jewellery Export Promotion Council (GJEPC) and All India Gem and Jewellery Domestic Council (GJC) to foster growth and address challenges, including market fluctuations and compliance issues. Through strategic partnerships and innovative approaches, India’s gems and jewellery market continues to shine on the global stage, driven by tradition, innovation, and entrepreneurship. request a sample report
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Table of Contents
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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