How Are Sustainability and Gender-Neutral Designs Shaping the Future of Luxury Jewelry?
The global luxury jewelry market is expected to register a CAGR of 7.85% from 2023 to 2030 and hold a value of over USD 95.8 billion by 2030.
The global luxury jewelry market size is anticipated to rise due to rising living standards, increasing urbanization, expansion of online retailing, an increase in online customers, and major improvements in logistics services in developed and developing nations. The luxury jewelry market is expanding due to rising demand for gender-neutral jewelry and jewelry made from sustainable materials. Many customers seek out distinctive and significant items since luxury jewelry has evolved into a vehicle for self-expression. Jewelry collections now include items made of unconventional forms, shapes, and materials. A layer of personality that appealed to clients' sense of individuality was added through asymmetrical cuts, gemstone flaws, useful products, and opaque gems. The US Vice President Kamala Harris, A-list actors, musicians, and members of the British Royal Family gave pearl jewelry their enthusiastic support at high-profile public events. The COVID-19 pandemic's effects on manufacturing facility closures, product sales, and marketing have all hurt the market's expansion.