Luxury Jewelry Market Poised for Significant Growth amid Rising Consumer Spending on Premium Products
The luxury jewelry market has witnessed considerable traction over the recent years owing to increased spending on premium products among high-net-worth individuals. Luxury jewelry comprises jewelry made of precious metals and gemstones. They incorporate fine designs, exclusive craftsmanship and use of high-quality raw materials. Luxury jewelry plays an instrumental role in portraying status, power and taste. The need for luxury jewelry mostly arises from affluent customers seeking to make a style statement and project an aura of opulence. The global luxury jewelry market is estimated to be valued at US$ 60.11 Bn in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period of 2024 to 2031. Key Takeaways Key players operating in the luxury jewelry market are 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., L...