Luxury Jewelry Market to Grow Exponentially in Emerging Nations as Tiffany & Co. launches its first ever 2,600-square feet retail shop in New Delhi, India

 

Luxury jewelry is highly demanded and highly-priced in different countries throughout the world. Its demand is increasing on a daily basis in most parts of the world due to its varied features and attractive features. It has become one of the major industries in different countries of the world and major export industry for many. A jeweler requires a high level of skill and equipment to create original pieces made of precious metals and precious gemstones. Fine jewelry is often delicate and smaller in design and style, owing to the cost of producing it. Tiffany & Co., Van Cleef & Arpels, Cartier, Piaget, and Harry Winston are some of the established luxurious jewelry brands.

Rapid growth of the jewelry and gems sector is expected to drive growth of the global luxury jewelry market during the forecast period. The sector for jewelry and gems has expanded over the years in both developed and emerging economies. According to the India Brand Equity Foundation (IBEF), India’s gem and jewelry market size is expected to grow by US$ 103.06 billion during 2019-2023. According to the same source, the gold demand in India reached 690.4 tons in 2019. The rapid growth of the jewelry sector has increased demand for luxury jewelry. Hence, these factors are expected to drive growth of the global jewelry market during the forecast period. Furthermore, increasing purchasing power in urban populations is expected to propel the global luxury jewelry market growth over the forecast period. According to the World Bank, adjusted net national income per capita increased from US$ 7,180 to US$ US$ 9,290 in 2018. Thus, such factors are expected to boost the global luxury jewelry market in the near future.

However, currency fluctuations and fewer brand outlets in emerging regions are expected to hinder the global luxury jewelry market in the near future. Furthermore, rising presence of legacy brands in e-commerce influencing the younger population can present lucrative growth opportunities in the global luxury jewelry market. Among regions, Asia Pacific is expected to be the fastest-growing region in the global luxury jewelry market over the forecast period. This is owing to increasing demand generated by emerging economies such as China, India, and Bangladesh. Besides, premium jewelry has witnessed significant demand in Europe and North America in the recent past.

Major companies involved in the global luxury jewelry market are Societe Cartier, Guccio Gucci S.p.A., Graff Diamonds Corporation, Harry Winston, Inc., Chopard International SA, Tiffany & Co., Compagnie Financiere Richemont SA, Buccellati Holding SPA, K. Mikimoto & Co., Ltd., and Bulgari SPA.

For instance, in February 2020, Tiffany & Co., a U.S.-based luxury jewelry company, launched its first store in New Delhi, India, spread over 2,600 square feet.