Jewelry Market is to grow at a 5.28 % CAGR, with Asia-Pacific leading the market through 2032

Jewelry Market is expected to reach USD 413.86 Bn by 2032. This growth is primarily driven by as consumers become more conscious about environmental and ethical concerns, lab-grown diamonds are seen as a more responsible alternative to mined diamonds.

Market to Hit USD 413.86 Bn by 2032

Jewelry Market was USD 274.21 Bn in 2024 and is expected to expand at a compound annual growth rate (CAGR) of 5.28 % from 2025 to 2032, reaching USD 413.86 Bn by 2032. Due to a considerable change in the diamond business, the jewelry market is expanding significantly. As low-cost laboratory-grown diamonds gain market share, the demand for mined stones is being reduced, and family heirloom jewelry is losing value, hastening the fall of diamonds as a store of wealth. In comparison to the 112 million carats of newly mined diamonds, lab-grown diamonds made up an estimated 14.3% of the world's diamond supply last year, or 16 million carats. Lab-grown diamonds are forecast to boost their market share to 18% in 2025 and 21.3% by 2026, indicating that this trend will pick up speed. The supply of mined diamonds is flat or in decline, while lab-grown supply, mainly from China and India, continues to grow. China alone produced 9.3% of the total supply last year, with that share increasing to 12.7% in 2024.

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Market Segmentation

By Product Type: In the past, rings particularly wedding bands and engagement rings—have dominated the market. The rings market is predicted to remain at the forefront due to the worldwide habit of giving jewelry as gifts for significant life events like anniversaries and engagements. Customers' preference for distinctive designs and priceless jewels when customizing engagement rings adds to the rising demand.

By Material: Gold continues to dominate the market due to its cultural and emotional significance in various societies. Whether for weddings, engagements, or as a long-term investment, gold jewelry appeals to a broad consumer base. As an investment asset, particularly in regions where gold acts as a form of savings, its value continues to drive demand.

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Regional Analysis

Europe, continues to be a crucial market region, with major players including Italy and the United Kingdom. Italy, known for its fine craftsmanship and high-end jewelry manufacturers, is a major contributor to industry expansion. Consumers' growing demands for ethically sourced and transparent production procedures, as well as developments in eco-friendly materials and sustainable jewelry, have an impact on the European market.

North America, comprises a sizable portion of the global jewelry business, especially in the US. Due to changing fashion trends and rising disposable money, there is a strong demand for luxury and fine jewelry. In this area, wedding bands, engagement rings, and fashion jewelry are important factors. The expansion of the jewelry sector in the United States has also been aided by the growth of online jewelry purchasing and personalization.

Asia Pacific, is a dominant force in the jewelry business worldwide, propelled by nations like China, Thailand, and India. Given its strong cultural significance in India, especially at religious events and weddings, gold jewelry plays a major role in the local economy. China's increasing wealth and appetite for luxury have led to a spike in demand for expensive jewelry, especially platinum and diamonds.

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Market Competitive Landscape

Tiffany & Co.: On March 2025, has revealed intentions to expand its footprint in Asia's luxury industry by opening five new flagship stores in strategic Chinese cities.

Pandora’s: On February 2025, as part of its dedication to ethical sourcing and ecological methods, the brand unveiled its new line, which features 100% recycled silver.

Louis Vuitton: On December 2024, the new jewelry collection from Louis Vuitton now allows customers to customize their purchases online using a variety of materials, such as gold, diamonds, and precious stones.

Key Company Analysis

Graff, is a 1960-founded luxury jeweler in Britain that is well-known for its exceptional craftsmanship and unusual jewels. Graff has a vertically integrated business approach from design to retail and specializes in high-end, customized items. The company generates $615 million in revenue annually. With plans to open 11 additional locations throughout Asia in the next two years, including eight in China, the London-based company is now situated for major growth. Graff's successful $1 billion Hong Kong initial public offering (IPO) was followed by this expansion.

Harry Winston, is well-known for its luxury jewelry and diamond expertise, having been founded in 1932. Often referred to as the "King of Diamonds," it brings in $274 million annually. The brand stands out because to its distinctive designs and close connections to celebrities and monarchy.

Conclusion

• Digital platforms and AR/VR are improving customer experiences.
• Fashion-driven designs, eco-friendly procedures, and ethical sources are influencing market trends.
• Businesses that embrace sustainability, innovation, and customer-focused strategies will prosper.

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