Europe dominated the market in 2017 and Asia Pacific is projected to be the fastest growing region in the global luxury jewelry market over the forecast period.

 

Worldwide luxury jewelry market is profoundly divided and generally determined by purchaser conduct and style. In this way, jewelry makers should be centered around changing patterns and advancements to contend in worldwide and nearby market. Mix of new advances like Computer Aided System (CAD) in the assembling of jewelry is relied upon to support development of the market. Computer aided design innovation makes complex plans conceivable and permits producers to make new jewelry plans, which is generally difficult to plan physically.

A few organizations that fabricate luxury jewelry are taking on different natural and inorganic development methodologies, to support their market position. Consolidations, acquisitions, extensions in different geologies, and new item dispatches are some of key methodologies followed by central parts in the market. For example, in September 2018, Fosun Group, a China-based venture and working combination, obtained 80% of the International Gemological Institute (IGI). Since 1975, IGI offers gemmological preparing, precious stone reviewing, and pearl and jewelry affirmation through 23 research centers and schools around the world.

Market Dynamics

Among material, diamond segment accounted for largest revenue share in the luxury jewelry market in 2017, owing to rising demand for diamonds in rings. To cater to this demand, key players are introducing diamond engagement ring collections. For instance, in September 2018, Tiffany & Co. introduced new engagement ring line consisting of diamond rings. Among product type, necklace segment accounted for the largest market share in 2017 and is expected to retain its dominance, owing to lucrative demand for neckwear in Asian countries such as China, India, and Japan.

Europe dominated the market in 2017 and Asia Pacific is projected to be the fastest growing region in the global luxury jewelry market over the forecast period. Government initiatives are playing important role in growth of luxury jewelry in Asia Pacific. For instance, in India, The Gems and Jewelry Export Promotion Council (GJEPC) signed a Memorandum of Understanding with Maharashtra Industrial Development Corporation (MIDC) to build India’s largest jewelry park in Mumbai with overall investment of US$ 2.1 billion in 2018.

Some of the major players operating in the global luxury jewelry market include Gucciogucci S.P.A., Harry Winston, Inc., Societe Cartier, Tiffany & Co., Compagnie Financiere Richemont SA, Buccellati Holding Italia SpA, Graff Diamonds Corporation, Bulgari S.p.A, K. Mikimoto & Co., Ltd., and Chopard International SA among others.