Luxury Jewelry Market Size, Share and Trend Analysis Report by Application, Raw Material, Product, Distribution Channel, Region and Segment Forecast, 2021
Luxury Jewelry Market Size, Share and Trend Analysis Report by Application, by Raw Material (Diamond, Gold, Platinum), by Product (Necklace, Ring, Earring), by Channel distribution, by region and segment forecast, 2021-2028
New York, September 20, 2021 (GLOBE NEWSWIRE) – Reportlinker.com Announces the Publication of the “Luxury Jewelry Market Size, Share and Trend Analysis Report by Application, by Raw Material, by Product, By Distribution Channel, By Region And Segment Forecast, 2021 – 2028 “- https://www.reportlinker.com/p06151347/?utm_source=GNW
Luxury jewelry market growth and trends
The global luxury jewelry market size is expected to reach USD 70.2 billion by 2028. The market is expected to grow at a CAGR of 8.2% from 2021 to 2028. The market growth is expected to be driven by increased demand for high-end products. fashion items and increased disposable income. The demand for the products is also expected to be driven by the growing desire of customers for branded jewelry. Consumers are willing to spend more money on designer and high-end jewelry to express their personal style.
The growing demand for bespoke projects reflects the luxury industry’s need for personalization, but it is also directly linked to upcycling. Louis Vuitton used to buy cut gemstones, but after observing a boom in demand for unique pieces, they started off gemstones and working directly with clients to select their final shapes.
Brands are also looking to come up with new versions of the diamonds themselves, in addition to innovative designs. LVMH has patented two distinctive diamond cuts in the shape of a flower and a star, as well as its monogram.
Many contemporary jewelers have used recycled gold for years, while others, such as Lilian Von Trapp and Vieri, work entirely with it. Kering reported 88% traceability of key raw materials at the annual ChangeNow summit in January, a crucial metric for companies to use to verify their environmental impacts and sustainability claims.
Kering invests in technology and innovation to support its sustainability goals, and has built a Materials Innovation Lab for both sustainable and innovative jewelry and watch innovation.
Retailers are less dependent on purchases made for “special occasions”. The share of online jewelry sales in the United States and Western Europe doubled in 2019. Subscription companies such as Switch, MintGoose, and Pura Vida Jewelry Club allow buyers to borrow high-end jewelry for a fraction. of the price of the purchase outright.
Highlights of the Luxury Jewelry Market Report
• Gold segment accounted for the largest revenue share of 38.9% in 2020 and is expected to grow at a CAGR of 8.4% during the forecast period 2021 to 2028
• Rings segment accounted for the largest revenue share of 32.2% in 2020 and is expected to experience a CAGR of 8.6% during the forecast period
• The offline segment dominated the market and accounted for the largest revenue share of 81.9% in 2020
• Asia-Pacific accounted for the largest revenue share of 65.4% in 2020
Read the full report: https://www.reportlinker.com/p06151347/?utm_source=GNW
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