The jewelry industry is a huge business, but it’s also full of competition. To stay on top of the market, you have to be aware of all the latest statistics and trends in the industry.
According to a 2021 report, the global jewelry industry is estimated to be worth $38.23 billion. In 2020, the fashion jewelry market experienced a growth of $2.6 billion.
In 2020, the market was valued at $35.5 billion, which increased in 2021 and is estimated to continue growing in the coming years.
In this post, we’ll discuss some interesting jewelry-related stats that are worth knowing about if you’re running a jewelry business.
Online Jewelry Market Statistics
- By the year 2024, the online jewelry market is expected to be worth about 19.88 billion dollars.
- Based on internet jewelry market data, the CAGR should rise by more than 15% from 2020 to 2024.
- According to internet jewelry sales statistics, some of the most successful online jewelry retailers are James Allen, Super Jeweler, Blue Nile, and Ross-Simons.
- The most popular items in 2020, according to Google searches, were silver anklets, which generated about 45% of their revenue through web sales. Surprisingly, the most looked-for product in 2020 was silver anklets, with a 108 percent increase.
- The North American market will have a significant impact on growth (42%). HANEL Ltd., Graff Diamonds Ltd., Signet Jewelers Ltd., The Swatch Group Ltd., and other major market actors will all have their say.
- In 2018, women’s purchases accounted for 78 percent of women’s jewelry on Lyst. The statistics from Lyst show that women buy more jewelry than men. This is because women are interested in fashion and men usually don’t care that much.
- Since women became financially independent, they buy more jewelry. They are the most important group in the market.
- The majority of jewelry-purchasing women are 35–55 years old. They have steady employment and are willing to spend money from their credit cards to pamper themselves.
- People between the ages of 25 and 34 make up 35% of all jewelry buyers. They are then followed by 16- to 24-year-olds, who make up 27 percent of jewelry buyers.
- Jewelry appears to be a much more popular purchase for those aged 35-44 (20%). Jewelry purchases are less popular among people over the age of 55 (4%).
- It’s estimated that celebrity endorsements account for 26% of jewelry purchases.
- Given that 65% of customers will be influenced by expert views before deciding to purchase, influencer marketing has a lot of power when it comes to jewelry and apparel.
Millennial Jewelry Buying Statistics
- According to jewelry industry data, 51% of millennial women buy their own jewelry.
- The survey also revealed that 63 percent of millennials buy gifts for others as a result of their own experience and only 16% do it to show appreciation or reciprocity.
- The top reasons for making the purchase were commemorating an occurrence and rewarding oneself for a goal achieved, according to millennial shopping trends.
- Jewelry is the greatest-selling item for millennial women, with 12% purchasing it as a present for themselves and 14% receiving jewelry as a gift from their partner.
- On a final note, 50% of high-income customers stopped shopping at jewelry stores. However, 16% visited them more often.
- According to a recent survey, trust is the most important factor in determining which company they’ll buy from. A whopping 57% of millennials claim that their faith in a firm has an impact on their purchasing decisions.
World Jewelry Industry Statistics
- Russia has the largest diamond reserves globally. Russia was the world’s leading diamond producer in 2020.
- The country has 650 million carats of natural diamond reserves, making it the largest natural diamond source.
- Botswana has the second-lowest gemstone wealth, with only 310 million carats. DR Kongo and South Africa have about half of that amount.
- Australia is third with a total of 25 million carats. 56.7% of global jewel exportation occurs in Asian countries.
- Jewelry industry statistics also show that second place belongs to the European exporters. That’s because they make up 33%, while the US market lags with 9.1%. That said, South America, Australia, and Africa contribute less than 1 percent.
- The worldwide market for jewelry exports reached $108.2 billion in 2019, which means that it rose by just 0.2% between 2015 and 2019.
- Gold is commonly used in industrial processes, though the price of gold has seen some volatility. China consumes three times as much gold as it produces.
- The global jewelry market is worth approximately $140 billion a year, and the Indian jewelry industry accounts for about 29% of worldwide jewelry sales.
Overall, the jewelry industry is profitable, professional, and has a promising future. Therefore, it’s not such a bad idea to consider investing in this industry, considering the growth trajectory that is being anticipated in the coming years.