The world market for jewelry has been dominating the apparel industry for the last few decades. Diamonds are forever, and the fashion jewelry industry will have a bright and shiny future!
This is the reason why the largest jewelry companies never cease to invest in opening brand new stores across the world. In the end, it seems that diamonds and jewels are indeed a girl’s best friend.
That’s why we decided to take a closer look at the latest jewelry trends for 2020 and see where the industry is heading.
Let’s dive right in.
Sparkling Jewelry Industry Statistics (Editor’s Picks)
- China is at the top when it comes to demand for gold jewelry. The demand was 83.8 tons in 2016 and has kept growing ever since.
- LVMH – Moet Hennessy Louis Vuitton is the number one jewelry company in the world. Its revenue of 2017 was estimated to be $52.9 billion, and every year it keeps on growing even more.
- The most expensive and most popular jewel in the world is The Hope Diamond, a 45.52 carat blue stone worth $250 million.
- Princess Diana’s engagement ring, now worn by Kate Middleton, was originally worth just $60,000. Today, it’s priceless.
- The most valuable gemstones in the world are Tanzanite, Black Opal, Ruby, Alexandrite, and Emerald.
- The cheapest Rolex watch, Oyster Perpetual, costs $5,000.
- Some of the cheapest gemstones are Amethyst, Rose Quartz, Turquoise, Onyx, Hematite, and Jasper.
Recent Jewelry Industry Trends
In order to talk about the current and future jewelry trends, let’s briefly walk through the recent history of the world’s most valuable jewels, such as diamonds, gold, silver, and so on.
1. According to jewelry industry statistics 2017, the diamond jewelry market was worth $82 billion.
The most iconic gemstone, the diamond, seems to exponentially grow its price and worth. So, the 25 leading diamond mines have been making huge profits. For instance, in 2017, the Jwaneng mine in Botswana produced diamonds worth $2.31 billion.
Other key statistics for 2017 revolve around gold, silver, and platinum, which came after diamonds on the list of the most expensive gemstones. To meet customer demand in 2017, the fashion jewelry market used around 2.1 thousand metric tons of gold.
Famous fashion houses and stores got a significant part of their profit thanks to jewelry. In 2017, the LVMH group credited 9% of its total revenue to jewels. In other words, the brands of LVMH group – Bulgari, Chaumet, and Hublot brought $3.8 billion to the group.
2. According to jewelry industry statistics 2018, US Jewelry Stores generated $39.7 billion in sales.
Jewelry store industry statistics show that 2018 was a fruitful year in the jewelry world. The global market size was valued at a whopping $279 billion and projected to grow even more.
What’s more, 2018 was all about innovation and novelty for some companies. There was a great struggle to stay on top of the game, grab customers’ attention, and stand out from the competition while keeping up with current trends.
For example, Tiffany & Co. introduced a unique design in engagement rings, which differed markedly from its previous collections and styles. Once Pantone released its color palette, it was clear the color purple would dominate throughout the year.
It was quite the purple rain, with Ultra Violet, Spring Crocus, and Pink Lavender also part of the mix. Jewelers had a really fun time mixing and matching all the different hues, gemstones, and shapes.
3. According to jewelry industry statistics 2019, the luxury group LVMH bought Tiffany & Co. for $135 per share. The transaction was approximately $16 billion.
The decision by LVMH to buy Tiffany & Co. left a clear mark on 2019. In fact, the 2019 jewelry market analysis showed that by acquiring Tiffany & Co., the LVMH group increased its presence in this sector considerably.
Here are some other significant statistics for 2019:
- The purchase of watches went up by 5%.
- Mintel, a top jewelry market research provider, estimated that two-thirds of the population bought jewelry or a watch for themselves or a friend in 2019. Watches and costume jewelry were the two most popular categories when it comes to personal purchases.
- The introduction of piercing studios in jewelry stores was a major step in 2019. Some of the pioneers were Astrid and Miyu, followed by Dinny Hall, Accessorize and Lark & Berry.
- Necklaces held the throne as the most popular piece of jewelry in 2019.
- There was a remarkable rise in the purchases of men’s jewellery.
So far, we’ve learned about the trends for the last three years. But what about the state of the jewelry industry 2020?
Here’s the thing:
4. Branded jewelry will account for up to 40% of the market in 2020.
(McKinsey & Company)
Experts claim 2020 will be all about the rise of the branded jewelry.
The main players are also likely to change:
Up until recently, Pandora, David Yurman, Cartier, and Tiffany & Co dominated the sector. In 2020, high-end fashion houses will enter the fray, as the likes of Dior, Louis Vuitton, Hermes, and others are slowly introducing jewelry as part of their brand.
So, we expect the jewelry industry growth rate to double thanks to the presence of such major fashion players.
Online Jewelry Industry Statistics and the Ecommerce Global Market
5. According to online jewelry sales statistics, the jewels ecommerce business grew by 14.2% in 2018.
(Digital Commerce 360)
To be specific, this percentage amounts to $5 billion in online sales. Some of the most successful online jewelry retailers are James Allen, Super Jeweler, Blue Nile, and Ross Simons. They generate about 45% of their profit through web sales.
6. The global jewelry market is valued at $348.5 billion per year.
In economic terms, the global jewelry market is equal to the GDP of South Africa, the 32nd largest economy in the world.
Let that sink in for a minute…
According to the latest global jewelry industry statistics, the top countries that go for fashion jewelry are the US, India, China, Hong Kong, and Japan. When it comes to purchasing luxury jewelry, the US also dominates, followed by France, Japan, China, and Italy.
Out of the $348.5 billion annual spend on jewelry, around $41 billion is spent on luxury jewelry, including gemstones and precious metals.
US Jewelry Industry Statistics
As mentioned above, the US is the biggest jewelry consumer in the world. With that in mind, let’s look at some of the most remarkable US jewelry market statistics.
7. The jewelry revenue in the US is $18.823 billion in 2020.
The US jewelry market size is expected to keep expanding in the next few years (2020 to 2023) at an annual growth rate of 0.8%. When it comes to the luxury revenue share, in 2020 it will account for 29% of all jewelry sales.
8. Between 2014 and 2019, the average jewelry industry growth rate was 2.4%.
This jewelry industry analysis also tells us the annual growth from 2010 to 2014 was slightly higher at 2.6%, which means that lately there’s been a minor decrease in the demand for high-end pieces. Bear in mind that this fact refers to the fashion jewelry industry statistics USA, so it differs from the global rates, where we can see a rise.
Costume Jewelry Industry Statistics
9. The trend shifts to costume jewelry with the rise in prices of natural metals (gold, silver, and platinum).
(Allied Market Research)
Experts expect the global costume jewelry market to reach $40.6 billion by 2022. There has been a significant rise of 6.9% within the industry from 2016 that will continue until at least 2022.
Here’s the scoop:
Costume jewelry is all about creations that consist of inexpensive materials and imitation gems. At the same time, this type of jewelry looks good and preserves the limited resources of the high-end materials.
So, people are slowly embracing the alternative of buying an affordable replica of a luxury jewel. And that’s great news for the costume jewelry industry!
10. The women’s segment within the costume jewelry industry held the largest share in 2018 (59%).
(Grand View Research)
Compared to men’s costume jewelry, we can see that the women’s segment dominated in 2018 and still does. Many women like to wear a different piece of jewelry every time there is a different occasion. So, they’ll choose costume jewelry as an affordable and convenient option.
Handmade Jewelry Industry Statistics
11. The oldest handmade jewelry trademark dates back to 1369, in Florence Italy.
Today, handcrafted jewelry can be very expensive because it takes a lot of time and effort to be craft.
There several awards for successful handcrafted jewels:
- De Beers Award
- American Gem Trade Association Spectrum Award
- Gem Center Idar Oberstein Awards, named for Idar Oberstein
Now that you’re familiar with most of the jewelry industry statistics, we hope that we have answered all of your questions.
However, if you still have some doubts, check out the answers to the top four questions concerning the fashion jewelry industry statistics.
Q: What industry is jewelry in?
The jewelry industry is within the apparel industry.
Statistically, the jewelry industry saw a growth rate of 9% every year between 1997 and 2012. In comparison, the apparel industry grew by 5% each year during this period.
Q: How big is the jewelry industry?
In order to get a clear picture, we’ll help you better understand how big the jewelry industry is when compared to other industries. The apparel industry is ten times bigger than the jewelry market size when it comes to annual sales.
Also, jewelry industry statistics show that the jewelry industry is still mostly local. The big jewelry companies capture only around 12% of the market.
Q: How much is the jewelry industry worth?
The jewelry industry reached $202.780 billion in 2019 and to 2025 it’s expected to reach $218.750 billion. Brands such as Pandora and Swarovski have doubled and even tripled their worth and size in the last five to ten years. All of the profit and growth of the jewelry industry lately is based on consumer shopping preferences.
For instance, rings were the top jewelry product that consumers were inclined to buy in 2018. From 2020 and onwards, it’s expected bracelets will get the most attention and worth. All of this is due to the convenience of wearing bracelets by working women as a part of their daily style.
Q: Who buys the most jewelry?
According to Business Insider, the top 10 countries that buy the most gold jewelry are the following:
- China – 612.5 metric tons
- India – 463.1 metric tons
- United States – 138.2 metric tons
- United Arab Emirates – 46.2 metric tons
- Iran – 39.7 metric tons
- Turkey – 39.7 metric tons
- Saudi Arabia – 38.1 metric tons
- Indonesia – 34.2 metric tons
- Russia – 30.2 metric tons
- Egypt – 27.9 metric tons
When it comes to a certain age group, a quarter of jewelry consumers are under 35, while two-thirds are between 35 and 55. Customers who have an income higher than $150,000 make only 7% of the jewelry buyers. Most of the income (about 30%) that jewelers get is from consumers who earn between $50,000 and $100,000.
Also, it’s worth mentioning that Asian American households spend the most on jewelry, an average of $623 per household.
So, now that you know the latest jewelry industry statistics and have a clear idea of how much jewelry giants earn:
Are you going to enter the market with your handmade rings?
Or perhaps you’ve finally decided on that perfect engagement ring?
Or you’ve decided to save money and simply re-watch the 1971 classic Bond film Diamonds Are Forever?
Which statistics did you find most surprising?
Let us know in the comments below.
- Tharawat Magazine
- Friedman’s Jewelers
- The Pearl Source
- The Watch Company
- Grand View Research
- Professional Jeweller
- McKinsey & Company
- Digital Commerce 360
- Allied Market Research
- Grand View Research
- Allied Market Research
- Industry Research
- Business Insider
- Rough and Polished
- Common Objective