Luxury jewelry is a style statement among the consumers, which leads to increasing demand for different styles and designs in the Luxury Jewelry Market. Implementation of new technologies such as Computer Aided System (CAD) in the jewelry creation is expected to boost the growth of the Luxury Jewelry Market. CAD technology helps manufacturers to create new and unique jewelry designs, which in comparison to manual designs is challenging. Hence, shifting trend of consumers towards new and fusion designs is expected to boost the luxury jewelry market.
Based on type, the global luxury jewelry market has been segmented into necklace, ring, bracelet, earrings and others. The earring segment accounted for the maximum market share in 2017 and is expected to grow at a high rate during the forecast period as there is an increasing fashion trend where women prefer earring as the statement jewelry with their outfit, owing to the factor that earrings are easier to carry and match to the outfit. Ring segment also held a substantial share as these, products are mostly preferred by consumers as an investment and also as gift product.
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The global luxury jewelry market has been segregated, by material, into gold, silver, platinum and others. The gold segment is expected to dominate the global luxury jewelry market during the assessment period, as gold is most preferred metal in luxury jewelry market. According to the World Gold Council, in 2018, 48% of the gold was utilized to manufacture jewelry. Additionally, gold jewelry is very popular in countries such as India and China.
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