Canada Gems and Jewelry Market Overview, 2028

Canada Gems and Jewelry Market Overview, 2028
The Canadian gems and jewellery market is a captivating fusion of tradition, innovation, and cultural diversity. From exquisite diamonds mined in the Arctic tundra to indigenous-inspired designs that echo the nation's rich heritage, Canada's jewellery industry is a reflection of its multi-faceted identity. Indigenous communities have a longstanding tradition of crafting jewellery that incorporates natural materials like bone, wood, and semiprecious stones. These designs, passed down through generations, encapsulate spiritual beliefs and a connection to the land. Today, contemporary jewellers often draw inspiration from these indigenous aesthetics, infusing their designs with cultural symbolism and a sense of reverence for nature. One of the market's defining features is the prominence of Canadian diamonds. Mined primarily in the remote regions of the Arctic, these diamonds are celebrated for their exceptional quality and ethical sourcing practises. The Canadian industry is committed to environmental stewardship, ensuring that the mining process minimises its impact on fragile ecosystems. This commitment to sustainability resonates with conscious consumers seeking ethically sourced luxury. Canada's multicultural landscape is mirrored in its jewellery market, where global influences blend seamlessly with local craftsmanship. Urban centres like Toronto, Vancouver, and Montreal are home to diverse communities that inspire a fusion of styles. From Asian-inspired designs to European elegance, the market reflects the country's openness to cultural exchange.

According to the research report ""Canada Gems and Jewellery Market Overview, 2028,"" published by Bonafide Research, the Canadian Gems and jewellery market is projected to reach a market size of more than USD 7 Billion by 2028. Economic conditions play a crucial role in the demand for luxury items like gems and jewellery. During periods of economic growth, consumers often have higher disposable incomes, which can lead to increased spending on high-value items such as jewellery. Economic stability fosters consumer confidence and a willingness to invest in luxury pieces. Canada's multicultural society is a significant driver of the gem and jewellery market. The market draws influence from a rich tapestry of cultural traditions and artistic expressions. This diversity is reflected in the variety of designs, materials, and styles available, catering to different cultural preferences and celebrations. Furthermore, the conscious consumer movement is growing in Canada, with consumers increasingly concerned about the ethical and environmental impact of their purchases. As a result, there's a rising demand for responsibly sourced gemstones and metals. Jewellery brands that prioritise transparency and sustainable practises gain favour among socially conscious consumers. Based on the material types, they include gold, silver, platinum, diamonds, and others. In Canada, gold is the leading type of material in the country. Gold has been valued for centuries as a symbol of wealth, prestige, and beauty. In Canada, as in many cultures around the world, gold has held a special place in jewellery and ornamentation for generations. This historical significance has contributed to the enduring popularity of gold jewellery. Gold is often associated with cultural traditions and celebrations, including weddings, festivals, and religious ceremonies. Many Canadian communities have a strong cultural connection to gold jewellery, making it an integral part of their customs and identity. Furthermore, In addition to its role in jewellery, gold is often purchased as an investment. This dual function as both a valuable asset and a cherished ornament adds to its appeal.

Based on the product types, there are rings, necklaces, earrings, bracelets, chains, pendants, and others. In Canada, Necklaces have the second highest market share among the product types. Necklaces offer a versatile canvas for self-expression and personalization. They can be worn on various occasions, from casual outings to formal events. Different chain lengths, pendant styles, and materials allow individuals to tailor necklaces to their unique preferences and styles. Furthermore, Canada's multicultural landscape is reflected in its jewellery preferences. Necklaces offer a canvas to showcase a wide range of cultural influences, from traditional designs to modern interpretations, making them appealing to a diverse population. Necklaces are a popular choice for gift-giving due to their broad appeal and versatility. Gifting a necklace allows the giver to convey sentiments of affection, appreciation, or celebration. Furthermore, Celebrities and social media influencers often showcase their necklace choices, sparking trends and encouraging consumers to emulate their styles. This influence can contribute to the popularity of specific necklace designs. Layering multiple necklaces of varying lengths and styles was a prominent trend. This trend allowed individuals to create a personalised and unique look by combining different necklaces, whether they were delicate chains, pendants, or statement pieces. Furthermore, Necklaces featuring initials, names, or monograms were on-trend. These personalised necklaces allowed wearers to showcase their identity or the names of loved ones in a stylish and sentimental way.

Distribution channels include jewellery stores, multi-brand stores, stand-alone stores, and Online. In Canada, multi-branded stores are growing as a distribution channel. Multi-branded stores offer a curated collection of jewellery from various brands and designers under one roof. This diversity of options allows consumers to explore a wide range of styles, aesthetics, and price points in a single shopping destination. Furthermore, Multi-branded stores often curate their offerings based on current fashion trends and consumer preferences. This ensures that shoppers can find the latest and most fashionable jewellery pieces without extensive research. Multi-branded stores can contribute to the growth of smaller, independent jewellery brands by giving them access to a broader consumer base and more visibility.

Considered in this report

• Geography: Canada
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report

• Canada Gems & Jewelry with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

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.