Asia-Pacific Gems & Jewelry Market Outlook, 2028

Asia-Pacific Gems & Jewelry Market Outlook, 2028
Asia Pacific consist of the world’s largest jewelry market, with the main contributors being China and India, who are largest consumers of jewelry in the world having large number of processing and manufacturing industry. The demand for symbolic jewelry is strongly coming from Asian countries and few European regions. The jewelry market in India is one of the largest in the world. With a multitude of players in both organized and unorganized spaces, consumers are spoilt for choice. In India, tourists are also participating in the growing demand of symbolic jewelry market. It is found that people are less focused on buying branded jewelry as they prefer local ones more. Due to the adoption of the Western lifestyle, Asia-Pacific's gem and jewelry business is undergoing shifts in consumer preferences. Branded jewelers are better able to meet shifting consumer needs for new jewelry designs and variety than regional, unorganized businesses. Additionally, in nations like India, where jewelry is regarded as a status symbol, an increase in per capita income has resulted in an increase in jewelry sales. The demand for fine jewelry, particularly gold jewelry, is rising across the nation. The Asian jewelry market is anticipated to be driven by the real jewelry segment's excellent performance. Asia Pacific has a rich cultural heritage with a deep-rooted tradition of jewelry craftsmanship and appreciation. Countries such as India, China, and Thailand have a long history of producing exquisite jewelry pieces, often embedded with cultural and symbolic significance. This heritage, combined with the region's skilled artisans and craftsmanship, is creating a strong foundation for the growth and prominence of the jewelry market in Asia Pacific. Moreover, the rising consumer base with a growing middle class and increasing disposable income represents another major growth-inducing factor. Besides this, Asia Pacific has become a global hub for jewelry manufacturing and trade. The region's competitive advantage in terms of low-cost labor and access to raw materials has attracted international jewelry brands to establish production facilities and sourcing networks in Asia Pacific countries further creating a positive market outlook.

According to the research report, “Asia-Pacific Gems & Jewelry Market Outlook, 2028” published by Bonafide Research, the market is anticipated to grow with more than 9% CAGR by 2023-28. The story of gems and jewelry is one of enduring fascination and timeless allure. From the resplendent sparkle of precious gemstones to the intricate artistry of traditional craftsmanship, the Asia-Pacific gems and jewelry market is a testament to the region's rich heritage and unwavering love for beauty. The Asia-Pacific gems and jewelry market is a dazzling panorama that encompasses an array of materials, designs, and styles. The region's diverse cultures and economic dynamism contribute to a unique blend of traditions and contemporary influences. Asia-Pacific is renowned for its rich deposits of precious gemstones such as rubies, sapphires, and jade. Countries like Myanmar, Sri Lanka, and Thailand are celebrated for producing some of the world's most exquisite gemstones. These gemstones not only hold intrinsic value but are also deeply intertwined with cultural beliefs and practices. The Asia-Pacific market is a testament to the juxtaposition of ancient traditions and modern influences. Traditional craftsmanship techniques are still revered and practiced, allowing artisans to create intricate and ornate pieces that pay homage to their cultural roots. Simultaneously, contemporary designers are reimagining jewelry aesthetics, blending traditional motifs with modern design elements to cater to evolving consumer tastes. Gems and jewelry have profound cultural and symbolic importance across the Asia-Pacific region. The exchange of gold jewelry during weddings is a customary practice that represents blessings and the promise of a prosperous life ahead. In China, jade holds immense significance and is believed to bring luck, longevity, and protection.

China has seen significant growth in its gems and jewelry market over the years, driven by various factors including increasing disposable income, changing consumer preferences, urbanization, and a growing middle class with a penchant for luxury goods. China's rapid economic development has led to an increase in disposable income for a significant portion of the population. As a result, consumers have been able to allocate more funds towards discretionary purchases, including gems and jewelry. Urbanization has brought about changes in lifestyle and preferences among Chinese consumers. Younger generations are more exposed to global trends and are inclined towards modern and fashionable jewelry designs. Also, there is a growing appetite for luxury goods among Chinese consumers. High-end brands and designer jewelry have gained popularity, both for personal use and as gifts. China has a robust e-commerce ecosystem, and online platforms have played a significant role in the growth of the gems and jewelry market. Online shopping offers consumers convenience, a wide variety of options, and access to both domestic and international brands. Also, China's participation in international jewelry exhibitions and events has allowed it to showcase its own designs and brands on a global stage, contributing to the expansion of its presence in the international jewelry market.

In Asia-Pacific, diamonds are deeply rooted in cultural symbolism and are often associated with prosperity, purity, and eternal love. They hold a significant place in traditional ceremonies, especially weddings. The Koh-i-Noor diamond, once one of the largest known diamonds in the world, has a rich history in the Indian subcontinent. It has passed through various hands and is now part of the British Crown Jewels. While colorless diamonds are the most well-known, colored diamonds, such as pink, blue, and yellow diamonds, have gained popularity in the Asia-Pacific market due to their rarity and uniqueness. Many consumers in the Asia-Pacific region prefer custom-made or bespoke diamond jewelry. This trend reflects the desire for unique pieces that hold personal significance. The Asia-Pacific market is influenced by celebrity endorsements. When prominent figures wear or endorse diamond jewelry, it often leads to increased demand for similar pieces. Cities like Mumbai (India) and Hong Kong (China) serve as important diamond trading hubs in the Asia-Pacific region. These cities facilitate diamond cutting, trading, and jewelry manufacturing. The segment is growing with more than 10% CAGR by 2023-28.

Based on the product type, rings hold significant importance in the Asia-Pacific gems & jewelry market for a variety of cultural, social, and economic reasons. This region has a rich history of using jewelry, including rings, as symbols of status, culture, and personal expression. Rings are often deeply intertwined with cultural traditions and ceremonies in the Asia-Pacific region. They are commonly worn to symbolize marital status, family lineage, and religious affiliations. For example, in many Asian cultures, rings are an essential part of wedding ceremonies and are considered symbols of commitment, unity, and love. In many Asian societies, jewelry, including rings, is associated with social status and wealth. The ownership of high-quality rings made from precious metals and gemstones can signify affluence and success. In addition to that, the Asia-Pacific region has a strong culture of gift-giving, and rings are often exchanged as meaningful gifts for various occasions, such as weddings, birthdays, anniversaries, and festivals. The act of gifting rings holds sentimental value and strengthens relationships.
Manufacturers of gems and jewelry in the region are more focused on developing new and innovative designs to fulfill the changing needs and demands of consumers by using advanced technologies, such as computer-aided design (CAD) and rapid prototyping (RP) that play a vital role in incorporating 3D printing in jewelry. Additionally, gems & jewelry manufacturers are developing and updating their e-commerce platforms with the aim of increasing sales of gems & jewelry to consumers via e-commerce platforms in order to increase their profits. For instance, in December 2022, in an effort to elevate jewelry shopping experiences, Perfect Corp., a Taiwan-based company, developed high-precision real-time live AR and AI-powered virtual try-on technology that allows customers to experience 3D necklaces in real time. Based on the distribution channel, e-commerce has seen remarkable growth in the Asia-Pacific Gems & Jewelry Market. Online platforms provide convenience, a wide variety of choices, and the ability to compare prices and designs. Virtual try-ons, customer reviews, and secure payment options enhance the online jewelry shopping experience.

Market Dynamics

• Growing Middle-Class Population: One of the primary drivers of the Asia-Pacific gems and jewelry market is the region's rapidly growing middle-class population and their increasing disposable income. Countries like China, India, and Southeast Asian nations are witnessing a significant expansion of their middle-class demographic, leading to higher purchasing power and an increased demand for luxury goods, including gems and jewelry. This trend is driven by urbanization, economic growth, and a shift towards more consumer-oriented economies.

• Geopolitical and Economic Uncertainties: The Asia-Pacific region is not immune to geopolitical tensions and economic uncertainties. Factors such as trade disputes, currency fluctuations, and political instability can impact consumer sentiment and purchasing behavior. Jewelry businesses must have contingency plans in place to mitigate potential disruptions to their supply chains and sales. As the digital landscape expands, the risk of online security breaches and fraudulent transactions also increases. Jewelry is a high-value item, making it an attractive target for cybercriminals. Ensuring the security of online transactions, protecting customer data, and preventing fraudulent activities are ongoing challenges for e-commerce platforms in the industry.

• Digital Transformation and E-Commerce Expansion: The trend of digital transformation is reshaping the gems and jewelry market in the Asia-Pacific region. With the widespread adoption of smartphones and internet connectivity, there's a growing trend of consumers turning to online platforms for purchasing jewelry. E-commerce provides a convenient and accessible way for consumers to explore a wide range of products, compare prices, and make informed decisions. This trend is particularly relevant in markets like China and India, where e-commerce platforms have gained immense popularity.

Key Players Insights

Key players like LVMH Moët Hennessy Louis Vuitton, Kering S.A., Compagnie Financière Richemont S.A, Ralph Lauren Corporation, Burberry Group plc, D. Swarovski KG, Prada S.p.A., Giorgio Armani S.p.A., Chanel Limited, Rajesh Exports, Titan Company Limited, Chow Tai Fook group, Hare Krishna Exports Pvt. Ltd compete fiercely in the gems and jewelry market. To enhance their geographic reach and consumer base, major businesses are concentrating on online distribution channels for the online marketing and branding of their products. Due to their rising income levels and cultural traditions, wherein people in China and India view giving jewelry ornaments as auspicious, leading manufacturers in the gems and jewelry industry are concentrating on utilizing the opportunities presented by these emerging markets to increase their revenue. To give their product offers a luxurious feel and flawless craftsmanship, the leading brands are launching innovative projects and new product advancements.

Considered in this report

• Geography: Asia-Pacific
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report

• Asia-Pacific Gems & Jewelry with its value and forecast along with its segments
• Country-wise Gems & Jewelry market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Countries covered in the report:

• China
• Japan
• India
• Australia
• South Korea

By Material

• Gold
• Silver
• Platinum
• Diamond
• Others (Gemstones, palladium, titanium, bronze, copper, brass)

By Product

• Rings
• Necklaces
• Earrings
• Bracelets
• Chains and Pendants
• Others (brooches, cufflinks, and hair accessories)

By Application

• Weddings
• Collections
• Festive Blessing
• Fashions
• Others (birthdays, graduations, or religious holidays)

By Distribution Channel

• Jewelry Stores
• Multi Branded Stores
• Standalone
• Online

The approach of the report:

This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations and organizations related to the Gems & Jewelry industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.

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