The Future of the Jewellery Industry: Trends & Insights | Matter Of Form (2024)


Written by MOF Team

March 2022

The Future of the Jewellery Industry: Trends & Insights | Matter Of Form (1)
The Future of the Jewellery Industry: Trends & Insights | Matter Of Form (2)



Written by

MOF Team

Read time 8 mins

Prior to the worldwide COVID-19 outbreak, research estimated the jewellery industry to reach $480.5 billion by 2025. And, despite the challenges presented by the pandemic, (Watch and jewellery makers saw a 25% dip in sales in 2020) , luxury spending is rebounding confidently and this sector shows no signs of slowing down.

Consumers are increasingly comfortable shopping online for jewellery — more so since the pandemic — and are much more likely to make high-ticket purchases online than five years ago. From 2012 to 2021, online jewellery sales increased by an average of 3.9% each year, with the market expected to reach £21.4 billion in 2022. According to Gartner L2, the share of online sales across the US and Western European jewellery sales doubled over 2019 to the detriment of brick-and-mortar brands. While the UK industry—despite suffering tough trading conditions on the UK high street, not helped by 2020’s lockdowns—still looks to be thriving, largely due to the enduring demand for luxury goods.

But mid-market jewellery brands and retailers are too suffering from declining footfall and consumer uncertainty, and the competition from niche independent brands is rising. Specialist retailers and brands must, therefore, work much harder to stand out from the crowd, avoiding the fate of retailers like Links of London, who succumbed to the threats in 2019.

But despite the fragility of the high street, purchasing of jewellery has gone up: the UK jewellery industry’s projected value in 2022 is £3.3 billion, while the global demand for gold jewellery recovered to its 2019 size in 2021.

Factors cited as contributors to the global growth of the market include a growing number of digital buyers, an increasing female population, an increasing middle-class population and growing tourism. That said, there are challenges in the form of declining rough-diamond mine supplies, e-Commerce fraud and even delayed marriages.

Additionally, new perceptions of prestige (online, virtual and IRL) mean new priorities and opportunities in jewellery for the coming years. Yes, that means NFTs, AR and the metaverse.

So what jewellery market trends can we expect to see in 2022 and beyond? How can brands understand the drivers and behaviours from different demographics in order to form effective growth strategies?

Top Jewellery Market Trends: 2022 & Beyond

NFT Drip: Jewellery’s New Frontier

2021 was the year that NFTs and the Metaverse caught fire. During this time, Facebook changed its name to Meta, NFT sales grew from almost zero to £30B in total sales (almost as much as the global market), and any company that sells online was forced to examine what NFTs and the Metaverse might mean for their business in the future.

The hype surrounding non-fungible tokens (NFTs) – digital tokens of blockchain-registered ownership – is spilling into jewellery with an increasing number of brands jumping on the trend, from indie cool kids to established major players, including British jeweller with a royal warrant, Asprey.

“NFTs are perfect for us, because they capture everything about the product, forever, when the information is part of a blockchain,” Asprey’s executive chairman John Rigas tells Vogue Business.

Asprey will launch both digital physical pairs and a line of digital-only NFTs, in a move that Rigas believes will bolster the authenticity of Asprey products, documenting their ownership history and guaranteeing their authenticity.

NFTs for Authenticity

To this end, Richemont, Cartier’s parent company, along with LVMH and Prada Group, recently unveiled the Aura Blockchain Consortium, which employs blockchain to trace a luxury good’s product history and authenticity.

Not for consumer sale as a luxury good, Aura NFTs are created to track information only, such as jewellery in for repair and diamond traceability – progress also seen at blockchain-Based Diamond NFT Marketplace, Icecap. Using Ethereum-based NFTs to represent ownership of individual diamonds, Icecap allows owners to trade the tokens without friction while the diamonds are vaulted, insured and periodically audited.

This new type of marketplace for diamonds is selling NFTs that include “investment-class” diamonds, offered between $5,000 and $15,000, and rare pieces, such as a necklace featuring a 70 carat diamond offered at $3.6 million and a ring featuring a rare purplish-red diamond offered at $3 million. (Vogue Business)

“With NFTs, we can make a tradeable representation of the diamond on the blockchain, which can then be freely traded while the diamonds remain safely in a vaulted environment,” explains Icecap CEO, Jacques Voorhees. “In this way the diamond can be bought and sold at the same price level, which thus creates a two-way, publicly accessible marketplace for investors.”

Abu Dhabi-based decentralised technology firm Ammbr has been listening to the NFT chatter too, and has responded by partnering with Bangalore-based Toqn Modular Jewellery to launch an NFT jewellery collection, a move echoed by both Simone Faurschou, who has unveiled a fine jewellery collection in digital format to marry with physical pieces and Myka, a Canadian brand selling limited edition, customisable NFTs based on a hand-drawn illustration of the chosen jewellery design that pair with a physical product.

Chains is trying to break through the blockchain, too, extending the reach of its blinging jewellery beyond the digital realm and into phygital, as well as creating the Metaverse's first luxury jewellery outlet, with a digital boutique packed with opulent accessories. Chains promises further perks, such as passive income from sales generated at Chains' Sandbox shop and exclusive IRL "Holder’s Only" events at hotspots around the world.

NFTs for Community

NFTs can be used as a phenomenal way to build community. Consumers don’t always want to engage with a branded physical product, they want to experiment with NFTs too, which can be flexed in various games or worn in metaverses, such as Decentraland.

For jewellery brands, NFTs can be an easier and sometimes lower cost way for consumers to engage with a brand, as seen at Gucci, which launched a virtual shoe retailing at just $9. It’ available for virtual try-on and users have up to 25 customisable options.

A bold move, this is an ultra-accessible entry point to the brand which has potential to win over a legion of new fans.

So, how should a jewellery brand go about launching an NFT?

We’ve asked Threekit (3D & AR Tech Gurus) to give us their top tips for brands looking to enter the space:

Make it about the community

Successful Brand NFTs start – and continue – to gain steam based on an audience that is truly engaged. Take the time to understand your audience and make the NFT focused on what is truly unique about your brand and your audience.

Make the NFT useful

NFTs will be better received if there are clear benefits to ownership – think access to discounts, early access to new products and exclusive access at events.

Have an evolving roadmap

The best NFTs are evolving. Storylines and uses evolve and grow, which make owning the NFT more rewarding. Some brands will “airdrop” additional NFTs or benefits to NFT owners as an incentive.

Consider the environment when choosing which blockchain to mint your NFT

Certain blockchains, such as Ethereum and Bitcoin, use what’s called “proof of work”, which is highly energy intensive and has a serious negative impact on the environment. They are also much more expensive to mint. Other blockchains – Ethereum 2 and Polygon – for example, are “proof of stake”. Not only are these 10-100x better for the environment, they are also cheaper to mint.

With legions of jewellery brands transforming their goods into digital every day, we could go on – but you get the picture: NFTs are a big deal and the reason is more than just hype. Over the past year, gold has seen a sharp fall in sales volume. Globally, there was 34% less trade in the material compared with the previous 12 months. India saw a bigger decline still, with sales down 42%, so there couldn’t be a more logical time to dive into jewellery NFTs.

Re-Commerce x Ethical Investments

Sales of second-hand jewellery skyrocketed during lockdown, particularly impacting on the fine vintage segment, speaking of desire for sustainable purchases as well as potential bargains. In 2022, the combined rise of re-commerce and pushback against relentless new-season products and a desire for more meaningful luxury against the backdrop of the climate crisis is propelling an obsession with pre-loved jewels and archive culture.

While 2021 saw the Noughties dominate vintage shopping headlines, this year sees a shift towards pieces that will transcend trends. Investment buying is top priority, with fashion fans sharpening their elbows to score rare collectibles, exquisite couture and statement jewellery that can be customised and made even more unique. (Vogue)

“People are now asking themselves: is this another overpriced object, or does it have a mythology attached to it?” Luxury brand expert and author Mark Tungate

The allure of vintage products and archive-based materials and experiences is feeding an uptick in auction concepts, inherently connected to the thrill of storytelling through goods and hustling to find a gem – something missing from the accessibility of items in today’s world.

In May 2021, auction house Sotheby’s launched a physical flagship The Emporium, which hosts 5,000+ luxury items, including cars, sneakers, watches, artworks, handbags, and even first-edition novels listed on Sotheby’s Buy Now platform (a site that’s won Sotheby’s a new customer type: 68% have been first-time shoppers).

Federica Carlotto, social anthropologist, Sotheby’s Institute of Art

“Post-pandemic, there’s a heightened understanding that nothing in life is stable, that you’re only as good as your latest [social media] post. Something with historic value, definitively connected to a time and place, offers some kind of psychological stability: things that transpass time mean more.”

Meanwhile, in November 2021, vintage sales site 1stDibs introduced 1stDibs Auctions for acquisition via bidding, in the model of eBay or Sotheby’s above.

Sophie Hill, CEO of social media-based e-commerce platform Threads Styling, which has grown 160% year-on-year in the Asia-Pacific region since launching in 2019 and 500% in the US since 2020, says: “The Threads community has become more interested in vintage, not only with past collections but also bespoke vintage pieces – especially bags and watches.” (Stylus)

It is well known that jewellery by well-known names tends to best hold and even increase its value,” Clare O’Donnell of Depop platform @edenvintage_ tell Vogue. Always on the lookout for iconic pieces by Christian Lacroix and Chanel, she continues: “Bold costume jewellery has made a huge comeback thanks to Daniel Roseberry at Schiaparelli so I think we can expect to see the prices increase this year.” At Rewind Vintage Affairs Limited, meanwhile, it’s all about ’80s and ’90s couture jewellery.

Even NFTs are being given a vintage overhaul, says Karinna Grand, co-founder of The Dematerialised, a platform for shopping digital fashions. “In our consumer research almost everyone asks for iconic pieces – nobody asks for new season, men nor women,” she says.

Life is short. Buy the ring 💍

In March and April 2020, amid early pandemic store closures, retail jewellery sales in the U.S fell by $3.8billion compared to the same period in 2019. Once lockdowns eased in mid-late summer though, it was a different story. Sales grew by $1billion year over year: in no small part, attributable to engagement rings.

The pandemic made people reevaluate their priorities. And some of those who were due to be married in 2020/21 put the savings into upgrading their ring.

Fine jewellery’s main competitor – travel – was off-limits in 2020 and early 2021, meaning affluent couples had more disposable income than usual.

But with nearly a third (32%) of women disappointed in the engagement ring chosen by their partner, some jewellers are offering solutions to ensure that customers find The One. With Clarity, which stocks both natural and lab-grown diamonds, offers 3D-printing technology to create a replica ring to try before making a commitment.

The pandemic influenced consumer tastes in rings, with a notable rise in minimalist, timeless styles. It seems this period of uncertainty led to a desire for rational purchases to offset the sense of unease.

Create opportunities for rich storytelling

With jewellery being such a personal and symbolic purchase, the experience should be as thorough, and multidimensional, as possible. Storytelling helps consumers connect with individual pieces in the absence of physical proximity.

Jewellery is a tactile and often high-value purchase, so it’s brick and mortar sales in physical stores that have always been the industry standard. But with the explosion of e-commerce and advancements in tech, new opportunities exist for brands to capture digital jewellery sales, as seen throughout the luxury segment. Buyers, it seems, are keen: a report by Retail Perceptions reveals an appetite for AR to help make purchase decisions, and the tech is now being embraced by jewellery brands such as Tanishq, De Beers, and Kalyan Jewellers.

Facilitating the pioneering move into AR is the likes of ThreeKit, a company that creates incredible 3D and augmented reality for eCommerce, with the aim of improving the landscape and providing better customer experiences for shoppers and business buyers everywhere.

The team has revolutionised the online experience for jewellery brands such as Lindsey Coggins via next gen AR aka the 3D product configurator. This allows customers the opportunity to build and view their dream jewellery in real time, customising and personalising a rendering of their chosen design ring, which in turn helps them preview their custom jewellery before purchase.

The German-based online watch marketplace, Chrono24, also allows customers to ‘try on’ popular watches using AR technology on their smartphones.

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Chrono 24 AR watch service

IWC’s ‘virtual boutique’ takes the in-store experience online, through an interactive tour of a real boutique. Customers can explore different collections and even book an appointment to chat with an advisor for a highly personalised shopping experience.

“At a time where virtual connections are more frequent and accessible than physical ones, visitors can now enjoy the IWC experience, outside the traditional retail infrastructure. This endeavour also affirms our determination in extending the world of IWC to new friends, while strengthening engagements with existing fans of the brand.” Stanislas Rambaud, IWC chief in Southeast Asia

But should online experiences seek to take ‘IRL’ stores and reverse-engineer them into Google Earth-style digital tours? Sometimes it can be more impactful to create powerful, digital-first content that is designed for its medium.

Transitioning heritage luxury brands online can be a challenge, but by playing to the strengths of a digital medium you can use it to your advantage. In the absence of touch, how can you dial up the visual experience? What about bringing the stories behind each piece to life through compelling copywriting?

Jewellery brands go social-first

And talking of digital-first – never underestimate the value of bespoke social media content.

Social media has never been more important to all brands, across all sectors than it is now. Developing a social-first approach to campaigns is one of the most effective strategies in increasing brand awareness and reaching new audiences.

Missoma, a demi-fine jewellery brand targeted at women in their 20s and 30s, transformed from a majority wholesale brand to 95% online in 2015. This, says its founder Marisa Hordern, helped the brand understand its audience and where to find them (hint: Instagram). The brand implemented a robust influencer strategy, gifting pieces to carefully-selected women who fit the brand’s aesthetic and values. Not only that, they were one of the first brands to take it a step further and produce an original collection with an influencer. Today, the brand’s one-off partnerships with celebrities such as Claudia Schiffer, as well long-standing collaborations with influencers – Lucy Willams, Tamara Kalinic, Nadia Anya – prove to serve the brand very well indeed.

Their Missoma x Lucy Williams collection has been a staple of Missoma’s offering for six years, consistently selling out and even attracting a celebrity following in the form of Bella Hadid and Alexa Chung.

Missoma Team

"Lucy’s alignment with the brand values, industry connections and solid engagement rates made her the perfect partner for Missoma, and the commercial success of the enduring relationship highlights the importance of seeking long-term influencer partnerships over short bursts."

Monica Vinader is another demi-fine brand that continues to bridge the gap between fine jewellery and luxury styling; its sustainably-made #MVxDoina collection clearly spoke to the brand’s loyal audience. For instance, Cece (@ceceldn)’s post celebrating the brand’s 100% recycled silver and vermeil collection achieved a 16.5% Engagement Rate, which is more than 5x the industry average.

High-end fashion jewellery lines

As one of the fastest-growing divisions of luxury, it’s no surprise that fashion houses are rushing to enter the market. And what high-end fashion houses lack in high jewellery experience, they make up for in brand power. Asian consumers in particular seek products that are “instantly recognisable across a bar or a restaurant” — something that these groups can provide.

Giorgio Armani Privé, Prada, Dolce & Gabbana and Hermès all debuted their first high jewellery collections in 2019. Gucci, owned by Kering, also entered the high jewellery market, debuting a garden-themed haute joaillerie collection during the twice-yearly couture shows in Paris with a dedicated space in the Place Vendôme. The Hortus Deliciarum collection, Latin for “Garden of Delights,” consists of more than 200 pieces, the majority of which are one-of-a-kind.

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A piece from Gucci’s Hortus Deliciarum, or ‘Garden of Delights’.

Louis Vuitton entered the fine jewellery market in 2012, where it competes with the LVMH-owned Bulgari and Richemont’s Cartier. Michael Burke, chairman and chief executive of Louis Vuitton told the Financial Times, “It’s the biggest potential we have right now,” noting that jewellery is currently “one of the highest-growth categories we have, if not the highest”.

And Louis Vuitton is certainly putting its money where its mouth is. Following the $16.2 billion purchase of Tiffany by LVMH, the French behemoth signalled that it is set to dominate the high-end jewellery market by purchasing the ultimate status symbol: the largest rough diamond discovered since 1905, the 1,758-carat Sewelo diamond. Estimated at being worth between $6.5 million and $19.5 million, it was displayed at the Louis Vuitton Place Vendôme store in Paris and was presented to clients and press during a preview and 80-person dinner at the couture shows in Paris, before embarking on a “world tour” (First stop: Taiwan).

Crystal clear production

Ethical transparency around jewellery production is critical now, especially among millennials, who favour products and businesses that have a conscience.

A recent study concluded that over 80% of customers want conflict-free environmentally friendly safe jewellery, confirming that the 4 Cs will no longer cut it –– millennials want to be assured that what they are buying has not had a negative impact on humans or the environment. Not only did the pandemic have disastrous effects on workers and communities worldwide in the mining sector, illegal gold mining in Africa and Latin America threatens the environment too.

In a survey of 15 major jewellery companies by Human Rights Watch, it was found that only few had taken concrete steps to protect workers’ rights or abuses around the world as a result of the pandemic. It is vital jewellery brands redefine this narrative.

When it comes to stones, provenance is key.

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Large diamonds remain the subject of public fascination.

There’s a clear shift here in the previously mysterious world of diamonds. A fascination with the stone, coupled with the increasing demand for sustainable production processes and traceable, ethical supply chains, means new procedures are coming into play.

Nanotechnology is helping on the mission to make the diamond industry more traceable, with the purpose of clearing the supply chain of counterfeits and conflict stones.

In March 2021, New York-based Nano Innovator Holdings (NIH) unveiled a prototype platform for end-to-end identification of rough and polished diamonds. It uses nanotechnology applications to place a proprietary nano-tag under the diamond’s surface using femtosecond laser technology, without changing the diamond’s clarity or colour.

Bruno Scarselli, CEO, Nano Innovator Holdings

“It’s been a long road, but we finally have a scientific, mine-to-market, chain of custody solution that everyone in the diamond pipeline has been seeking.”

Customers can use a (patent-pending) app to detect the tag and discover the lifecycle of their diamond. Low-impact materials are also increasingly on the agenda for more conscious consumers who seek out lab-made diamonds as well as recycled gems and metals. According to the Antwerp World Diamond Center, the demand for man-made stones is expected to grow by up to 20% annually.

Pandora, the world's largest jeweller, sent shockwaves through the diamond industry in 2021, when it announced that it would no longer sell mined diamonds, opting instead for lab-grown gems. The Copenhagen-based is the latest major industry player to make the switch, citing sustainability and environmental concerns as the impetus for change. Today, the brand states that its lab-grown diamonds are produced using 60% renewable energy, a figure it hopes to increase to 100% by 2025.

Sustainable jewellery manufacturing

Mintel’s report demonstrates that sustainability and ethics are top of mind for 55% of UK jewellery buyers, who say it’s important for them that the jewellery and watches they purchase are made ethically.

With an increased awareness of sustainability comes a desire for recycled materials: many contemporary jewellers have been using mainly recycled gold for years, while others –– such as Lilian Von Trapp and Vieri –– work exclusively with it.

Breitling x Outerknown’s NATO straps are crafted from regenerated nylon waste, some of which is sourced from fishing nets from the world’s oceans.

British brand Lylie’s uses precious metal salvaged from technology waste, dental waste and clients’ unwanted scrap: a process known as ‘e-mining’.

We can expect to see more jewellers shaking off the drab connotations of ‘recycling’ and elevating it to a luxury practice in 2021 and beyond.

During the annual ChangeNow summit in January, Kering announced it had achieved 88% traceability for key raw materials, an important metric for brands to use to verify their environmental impacts and sustainability claims. Kering is investing in technology and innovation to support its sustainability initiatives and has established a materials innovation lab for sustainable innovation in jewellery and watches.

Jewellery trends: the fifth ‘C’: customisation

Rising demand for bespoke commissions reflects the luxury-wide demand for personalisation, with retailers such as Metal Pressions offering a service for customers to design their own jewellery online. The trends is also linked directly to upcycling.

“Year on year, our bespoke department is growing as customers like to have their own choices incorporated into the design of the ring. Upcycling is also showing no signs of abating with the redesign and use of old stones key, whether it’s a family piece remodelled for the next generation or instead of having lots of jewellery pieces, one large piece of jewellery is made and the stones are reused.” –– Carol Sinfield, Hockley Mint

Lylie’s storied approach to the history of their recycled raw materials gives each piece a unique backstory, which is desirable to customers who are seeking a piece with meaning.

Louis Vuitton traditionally bought cut gems but has started buying rough stones after seeing a surge in demand for unique creations, working with clients directly to determine their final forms.

The brand’s recent hire of Francesca Amfitheatrof, the former design director of Tiffany, as artistic director of watches and jewellery, signals their intention to stand out. A trained metalsmith, Amfitheatrof creates bold, daring designs for customers keen to assert their strength and independence. Her debut haute joaillerie collection took inspiration from medieval heroines such as Joan of Arc and Eleanor of Aquitaine.

Francesca Amfitheatrof, Jewellery Designer, Louis Vuitton

“We’re not specialising in rings with a centre stone, surrounded by pavé diamonds — others do that very well”. If we are going to exist in this métier, we have to have a different creative approach.”

In addition to unique designs, brands also want to offer unique takes on the diamonds themselves. LVMH patented two proprietary diamond cuts in the form of its monogram, a flower and a star. A brilliant-cut diamond has 57 facets –– Louis Vuitton’s have between 61 and 77. Of course.

Trending: genderfluid jewellery

As gender fluidity becomes more commonplace (35% of Gen Z know someone identifying as they/them, a 2020 Pew study found), boundaries are being broken in jewellery trends, from watches to wedding rings and beyond.

While male jewellery has always existed, more unisex pieces are coming to the fore –– for example, Gucci’s first jewellery collection is targeted at no specific gender, and Bugari’s B.Zero1 Rock collections are contemporary, cool and unisex.

Tiffany’s recently released a collection in collaboration with streetwear brand Supreme, named “Return to Tiffany”, featuring several gender-fluid designs echoing the likes of Louis Vuitton and Dior who both announced unisex lines in November 2020 and March 2021 respectively.

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Harry Styles at the Met Gala

Instead of buying for special occasions, people of all genders are buying for themselves. Generation Z is particularly resistant to classifications or labels. This presents an opportunity for brands to target products at all types of individuals as well as relationships or occasions.

Celebrity Stylist Mickey Freeman recently styled actor Woody McClain for Esquire Middle East in Amethyst Cluster bracelets, gold hoop earrings, chunky gold rings, and a gold anklet over his sock, a look inspired by a post by Rihanna on her Instagram. Freeman refers to Pharell Williams as the pioneer and purveyor of gender-fluid styling. Noting his “conspicuous women’s vintage Chanel pearl necklaces, while still managing to exude the air of a distinguished gentleman.” (Vogue India)

London-based Shaun Leane is a pioneer in genderfluid jewels. The designer, who founded his brand in 1999 after designing jewellery for Alexander McQueen, has reported a rise in bespoke engagement rings for gay couples.

Shaun Leane’s 5-carat cognac pear-shape diamond surrounded by black diamonds

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The Rise of Demi-Fine Jewellery

‘Demi-fine’ is an emerging jewellery category that nestles neatly between fine and costume. Incorporating precious and semi-precious stones, and made from precious metals, it has intrinsic value without the price tag of high or fine jewellery. It is expected to grow at a prolific rate due to the contemporary, trend-led designs and accessible prices. The growing e-commerce industry, increasing presence of brands online, and rising usage of social media and apps has resulted in a lucrative opportunity for the market to expand its customer base.

We are seeing established houses from Cartier to Boucheron doubling down on entry-level, affordable ranges to boost their top lines.

New jewellery sales models

Retailers are relying less on ‘special occasion’ purchases. According to Gartner L2, the share of online sales across US and Western European jewellery doubled over 2019.

Subscription services, like Switch, MintGoose and Pura Vida jewellery club allow customers to loan high jewellery, for a fraction of the cost of purchasing.

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Switch: Subscription Jewellery Service

Disruption in the jewellery industry

Jewellery has been disrupted by the big marketing budgets and social media capability of fashion brands. But there is further scope for eCommerce advancement, particularly across social media channels, AR and the metaverse. How about partnering with existing gaming platforms, such as Roblox, or immersive content specialists, such as Yahoo Ryot Lab, to explore the possibilities? New digital tools, particularly NFTs, present innovative ways to add the halo of scarcity luxury needs by incorporating a tiered system of access into your brand and giving only certain consumers admission to products, networks and experiences.

For businesses looking to optimise social commerce, focus on great product imagery, shoppable features on visually-led social networks, and an optimised eCommerce site that is ready for social media users being funnelled through. As customers are often taken from social media to the checkout page, particular attention should be paid to this area — especially considering that overly-long and complicated checkout processes are a common cause of shopping cart abandonment.

Consumers need to also see reflections of themselves in jewellery marketing. We are in the midst of a second revolution in gender, LGBTQ+, racial and age equality. This needs to be visible across the industry, with transparency over price and ethics.

A regeneration is underway as new players take to the fore, and distinctive category trends take shape. Enduring though it may be, the category is undergoing change. Customers will, and do, purchase jewellery online: the key is leaning in to new tech to continue creating a seamless customer journey that conveys the storied history of each piece.

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The Future of the Jewellery Industry: Trends & Insights | Matter Of Form (2024)


What is happening in the jewellery industry? ›

Jewellery industry estimated to register 60% growth in Q2 FY 2023. ICRA expects the industry's contraction to moderate to 10% YoY in Q3 FY2023, against the earlier expectations of 15% YoY contraction in the ...

What are the challenges faced by the jewellery industry? ›

Supply Chain and Inventory Management

Various retailers use separate systems to manage their store inventory, online orders, and manufacturing units. This results in an incomplete view of total inventory across trade channels, and because of this, retailers will have fewer sales, stock-outs, and overstock issues.

Is the jewellery industry growing? ›

The global jewelry market size is expected to reach USD 459.43 billion by 2030, according to a new study. The report gives a detailed insight into current market dynamics and provides analysis on future market growth.

Is there a demand for jewellery? ›

It is expected to grow at a prolific rate due to the contemporary, trend-led designs and accessible prices. The growing e-commerce industry, increasing presence of brands online, and rising usage of social media and apps has resulted in a lucrative opportunity for the market to expand its customer base.

What is the trend in jewelry? ›

Jewelry Trend: Chunky Gold Chains

Larger-than-life links are among the top 2022 jewelry trends, as seen on the runways at Valentino and Hermès, to name a few. This season, go with oversized gold chains that make a bold statement solo or when layered with other over-the-top pieces.

What is the main purpose of jewellery? ›

functional, generally to fix clothing or hair in place. as a marker of social status and personal status, as with a wedding ring. as a signifier of some form of affiliation, whether ethnic, religious or social. to provide talismanic protection (in the form of amulets)

How can jewellery be sustainable? ›

Use more recycled metal

As a jeweller, you have many opportunities to use recycled metal. For example, here at Kernowcraft we offer a range of recycled metal including wire, sheet, solder, bezel, chain and more. This means you can feel confident that your handmade jewellery designs are sustainable.

What are the benefits of jewelry? ›

Here are five reasons jewellery is important to modern-day women:
  • It's an essential accessory for special occasions. ...
  • It can be a good investment. ...
  • It makes them feel good and gives them self-confidence. ...
  • It's often one of the most expensive and valuable gifts a woman gets from her husband. ...
  • It can have sentimental value.
2 Sept 2020

Why is jewellery industry important? ›

Being one of the largest exporting sectors, the gems and jewellery (G&J) industry plays a key role in India's economy, contributing a large percentage of the total foreign reserves of the country.

Is jewelry a smart investment? ›

Jewelry is always a good investment, plain and simple. Materials such as gold and diamonds have been in high demand for centuries, regardless of any other trends, problems, or economic factors happening. This high demand keeps your jewelry valuable and profitable in case you have to resell it.

Is jewelry a good industry? ›

With consumers earning more than $100,000 comprising an estimated 55.0% of industry revenue in 2022, the industry has benefited from an increase in the number of households earning more than $100,000 over the past five years.

What type of industry is jewelry? ›

It is its own industry, especially where fine jewelry is considered. However, the jewelry industry is closely linked to the fashion industry.

Where is jewelry most popular? ›

Which country spends the most on jewelry?
CountryJewelry Market Value (USD)% Of Total Jewelry Market
1. China$111.5 billion41.5%
2. United States$61.76 billion23%
3. India$40.44 billion15%
4. Hong Kong$9.64 billion3.6%
6 more rows
10 Sept 2022

Who controls the jewelry industry? ›

Leading retailers

Signet Jewelers generates the majority of its sales through bridal and fashion jewelry. LVMH Group attributes nine percent of its total revenue to jewelry and watches, which amounted to around 9 billion U.S. dollars in 2021. LMVH owns the brands Bulgari, Hublot, Chaumet, and acquired Tiffany and Co.

What is the jewelry trend for 2022? ›

Pearlcore isn't slowing down for the winter, and mixed-pearl pieces will be especially popular for the season ahead. “This season, you'll definitely see me rocking colorful enamel pieces,” says Maguire, who names candy-hued jewelry as a must-know winter 2022 jewelry trend.

What is the most important jewelry? ›

The Most Famous Jewels in the World
  • The Koh-I-Noor Diamond.
  • Napoleon Diamond Necklace.
  • La Peregrina.
  • The Dresden Green.
  • The Hope Diamond.
  • The Hutton-Mdivani Jadeite Necklace.
  • The Pink Star.
  • The Tiffany Diamond.
7 Jun 2022

Which country is famous for jewellery? ›

In the fourth quarter of 2019, India and China accounted for 57% of gold jewelry consumption globally.
Gold Jewelry Consumption Q4 2019.
6 more rows

Why is it called jewelry? ›

The Origin of the Word

The word “Jewellery” comes from the word “Jewel”, which was anglicized from “Jouel” (Old French). Before that, it came from the Latin word “Jocale,” which means “Plaything.”

Why do people love jewelry? ›

Jewels symbolize the beauty and classicism, the nature of valuing beauty is a trait that all humans have and women in particular. The feeling of being desired is increased through the daily use of different items of jewelry to enhance their beauty and charm.

Why is ethical jewellery important? ›

As mentioned above, ethical jewellery refers to jewellery that is fully traceable to its source, leaving no negative impact on the people or the environment in which it is produced. This can cover a variety of aspects: Limiting environmental impact through the use of 100% recycled silver.

Why is recycled jewellery important? ›

Recycling Jewellery With Precious Metals

To recycle them, they can be melted down and used to create a new piece of jewellery, something more fashionable and your style. Silver and solid gold jewellery have relatively lower melting temperatures than platinum, which makes them easier to melt down and reuse.

Why is sustainable jewellery important? ›

Sustainable jewellery is jewellery manufactured in an environmentally and socially responsible manner. This means that it is made with sustainable materials which reduce its waste, energy and water usage. Sustainable jewellery is not only better for our planet, but also kinder to the people who make it.

What skills are needed for jewelry? ›

Do I Have What it Takes?
  • An eye for detail. Creating jewelry requires concentration and patience. ...
  • Arm and hand steadiness and control, plus finger dexterity. ...
  • 3-D visualization skills. ...
  • Interpersonal skills. ...
  • Artistic ability and a knowledge of popular jewelry styles. ...
  • A strong sense of integrity and honesty.

How does the jewelry industry affect the environment? ›

Any industrial jewelry mining can have numerous harmful negative impacts on the environment, ranging from erosion of the land, to leakage of harmful chemicals into the water supply, to the alteration of an entire ecosystem.

What is the benefit of the jewelry Industry Development Act? ›

Yap said Republic Act 8502 otherwise known as the Jewelry Industry Development Act of 1998, states the granting of tax and duty relief to jewelry manufacturing including importation of gemstones and raw materials components and equipment.

Why jewelry is the best investment? ›

It is Very Durable and Long-Lasting

Unlike low-value metals and alloys, fine jewelry does not get rusted, water damaged, or tarnished. They are difficult to break and can last you for years – making them an excellent investment. You can sell at any time in your life, even after years, and it will still be valuable.

How do you attract customers to buy jewelry? ›

12 Tips to Increase Retail Jewellery Sales (and Outdo Competitors)
  1. Focus on specific segments. ...
  2. Offer attractive discounts. ...
  3. Train your sales team. ...
  4. Tap on social media ads. ...
  5. Focus on Building Brand. ...
  6. Personalize your communication. ...
  7. Listen more (and better) ...
  8. Don't Forget Existing Customers.
24 Jun 2021

Which state is famous for jewellery making? ›

Kolkata is a major manufacturing centre for diamond, gold and other precious and semi-precious jewellery in India.

Is jewelry business a good business? ›

Is a Jewelry Business Profitable? Yes, a store where you sell your jewelry can be profitable. In fact, the average gross margin for jewelers in the global jewelry market is about 42.6%. That means for every $100 worth of product sold, the jeweler makes approximately $42.60 in profit.

Is jewelry a safe investment? ›

Unlike other business opportunities, jewelry is a safe investment. People have always and will continue to desire jewelry made of gold and silver. Stock bought now will not decrease in value, but likely increase over time.

Is jewellery an asset or investment? ›

Answer: Jewelry is treated as capital asset and any profit made on sale of a capital asset is taxed as capital gain. It can be taxed as short term capital gains or long term capital gains depending on the period for which the jewelry was held.

What makes a jewelry brand successful? ›

They communicate value and price accordingly. Communicating value is like second nature to successful brands. Their pricing model not only considers cost of materials and labour, but the types of materials they are using, their proprietary design process, artistic talent, and originality.

Does jewelry maintain value? ›

The True Value of Jewelry

Fine jewelry does not usually depreciate. In fact, it can even increase in value in the future. Artificial, low-quality costume jewelry will lose value at a much quicker rate. The most valuable type of jewelry is rare and old jewelry that hasn't been damaged in any way.

Does jewelry rise in value? ›

Like fine wine, jewelry tends to age well. Although the value of precious metals fluctuates over time—and even from one day to the next—gold jewelry often increases in value.

Which material is used as jewelry? ›

In addition to gold, silver, and platinum, the precious materials most widely used in jewelry are gems—any precious or semiprecious stone. By definition this group also includes some animal and vegetable products with precious characteristics, such as amber, pearls, and coral.

What is an example of jewelry? ›

Jewelry is ornaments that people wear, such as rings, bracelets, and necklaces. It is often made of a valuable metal such as gold, and sometimes decorated with precious stones.

Is the jewelry industry growing or shrinking? ›

In 2021, we estimate the U.S. jewelry market grew 35%–40% versus 2019.

How do I make my jewelry business successful? ›

Having a successful jewelry business can look different to each person.
  1. Create an Identifiable Brand. When someone sees your jewelry (whether in person or online), they should be able to immediately identify it as yours. ...
  2. Know Your Target Market. ...
  3. Know Your Competition. ...
  4. Develop Strategic Pricing. ...
  5. Make a Business Plan.
6 May 2022

How can I expand my Jewellery business? ›

Tips to Increase Retail Jewellery Sales- 2022 Guide
  1. Focus on specific segments. Trying to sell to everyone is a big strategic mistake. ...
  2. Offer attractive discounts. ...
  3. Train your sales team. ...
  4. Tap on social media ads. ...
  5. Focus on Building Brand. ...
  6. Personalize your communication. ...
  7. Listen more (and better)
1 Aug 2022

Which is the largest jewellery company in the world? ›

10 Largest Jewelry Companies in the World
  • LVMH. Paris, France. 2021 Annual Revenue: $66.32 billion. ...
  • Rajesh Exports. Bangalore, India. ...
  • Chanel. London, United Kingdom. ...
  • Chow Tai f*ck. Hong Kong. ...
  • Cartier. Paris, France. ...
  • Signet. Ohio, USA. ...
  • Tiffany & Co. New York City, USA. ...
  • Pandora Jewelry. Copenhagen, Denmark.
30 Aug 2022

Who is the best jewellery maker in the world? ›

The Top 15 Jewelry Designers - Tiffany, Mikimoto, Dior, Chanel, Cartier, Harry Winston, and more... Classic, elegant, and timeless style are the unique trademarks of the top jewelry designers list below.

How large is the jewelry industry? ›

The global jewelry industry is valued at $249.02 billion as of 2021. The U.S. jewelry market is expected to grow by a CAGR of 1.31% from 2021 to 2026 and earn $61.868 billion in revenue by 2026. Online jewelry sales amounted to almost $7.6 billion in 2021 in the U.S.

What kind of jewelry is trending for 2022? ›

Pearlcore isn't slowing down for the winter, and mixed-pearl pieces will be especially popular for the season ahead. “This season, you'll definitely see me rocking colorful enamel pieces,” says Maguire, who names candy-hued jewelry as a must-know winter 2022 jewelry trend.

Why are jewelers going out of business? ›

Baby Boomers Are Retiring, Young Jewelers Are Few and Far Between. The baby boomer generation of retail jewelers are reaching, or are past, retirement age. This means they will inevitably close up shop. They could pass on the business, but the motivation simply isn't there for their children or millennial grandchildren ...

Are jewelry sales declining? ›

Once again, when the times seem hard, consumers buy less for more. And yet, while sales rose year over year, the quantity of jewelry sales declined 3% in the first half of 2022. The decline in number of units sold reflects a change in what American consumers are buying – or rather not buying.

What are the trends this 2022? ›

2022 Fashion Trend: Voluminous Silhouettes

From oversize shirting to ballooned silhouettes and a continuation of the puff sleeve trend, dresses and tops will retain their volume through the end of the year. If anything, the latter will spice up all the soft pants you'll probably still be rocking on the bottom.

Who buys jewelry the most? ›

With an expenditure of USD 111.5 billion, China buys, produces, and consumes the most jewelry. The United States valued at $61.8 billion, is the second biggest jewelry market in the world, while India is the third-largest jewelry market with $40.5 billion.

Who is the most successful jeweler? ›

Harry Winston

Of all the most famous jewelers in the world, the Harry Winston Jewelry Company is one the few whose fame and reputation was built by a single brilliant individual. Harry Winston, who lived from 1896 until 1978, was one of the finest jewelry designers and craftsmen the world has ever seen.

Who is the largest jewelry retailer? ›

In 2018, Signet Jewelers generated retail sales of about 5.1 billion U.S. dollars. Signet Jewelers and Tiffany & Co. are two of the leading jewelry and accessory retailers in the United States. Signet Jewelers is headquartered in Akron, Ohio, United States.
CompanyRetail sales in billion U.S. dollars
3 more rows
13 Jan 2022

Does jewellery increase in value over time? ›

A newly purchased jewellery item will instantly depreciate by thirty per cent in value as soon as it is acquired. An antique jewellery item will increase in value over time if it is uncommon, the first of its kind, and if it is adorned with precious stones. It does take a few years.

What jewelry will increases in value? ›

While the price of a fancy piece might even decrease with time, prices of gold and diamonds tend to increase.

Does inflation affect jewellery prices? ›

Did you know? The U.S. Bureau of Labor Statistics reported that jewelry prices between 1986 and 2021 were 82.21% higher. Inflation went up around 1.73% per year on jewelry. A $100 purchase in 1986 was worth $182.21 in 2021.

Why do people buy expensive jewellery? ›

One major factor that drives the price of luxury jewelry is the exceptional materials used to make them. From 18 carat gold to vibrant eye-clean gemstones, and conflict-free diamonds, acquiring the best raw materials and crafting them to perfection takes serious monetary investment and fine artisan skills.

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