North America Gems & Jewelry Market Outlook, 2028

North America Gems & Jewelry Market Outlook, 2028
Gems and jewelry have held a captivating allure for humanity throughout history. From ancient civilizations adorning themselves with precious stones to modern consumers expressing personal style, the gems and jewelry market has remained a steadfast pillar of beauty, craftsmanship, and cultural significance. In North America, a region known for its diverse cultures, economic strength, and fashion-conscious consumers, the gems and jewelry market has not only thrived but also evolved to reflect changing trends and preferences. The North American gems and jewelry market is a complex ecosystem that encompasses a wide range of products, including diamonds, colored gemstones, gold, silver, platinum, and intricate designs that cater to various consumer preferences. In recent years, there has been a growing emphasis on ethical sourcing and sustainability within the gems and jewelry industry. Consumers are increasingly seeking reassurances that their purchases do not contribute to environmental degradation or human rights violations. As a response to this trend, many companies are adopting responsible sourcing practices and offering transparency in their supply chains. Also, the rise of e-commerce and digital platforms has revolutionized how consumers shop for gems and jewelry. Online retailers offer a convenient and diverse shopping experience, allowing customers to explore a wide range of designs and styles from the comfort of their homes. Personalization is another key trend, with consumers seeking custom-made pieces that reflect their individuality. Gems and jewelry have deep-rooted cultural and symbolic significance in North America. They are often used to commemorate milestones such as engagements, weddings, and anniversaries. Diamonds, for instance, symbolize eternity and enduring love, making them a popular choice for engagement rings. Indigenous cultures across North America also have rich traditions involving gems and jewelry. Native American tribes, for instance, have been creating intricate pieces using techniques passed down through generations. These pieces often carry spiritual and cultural significance, serving as a connection to their heritage.

According to the research report, “North America Gems & Jewelry Market Outlook, 2028” published by Bonafide Research, the market was valued at over USD 75 Billion in 2022. Diamonds, often dubbed ""a girl's best friend,"" remain a staple of the North American jewelry market. The region is a major consumer and importer of diamonds, with the United States leading the way. Beyond diamonds, colored gemstones like emeralds, rubies, and sapphires continue to captivate consumers with their vibrant hues and unique properties. Precious metals like gold and silver also play a crucial role, not only for their aesthetic appeal but also as investment assets. The North American gems and jewelry market is a glittering tapestry woven with threads of history, culture, and innovation. From the timeless elegance of diamonds to the vibrant allure of colored gemstones, the market continues to evolve while staying grounded in its rich traditions. As consumer preferences change and global dynamics shift, the industry's ability to adapt and innovate will determine its enduring success, ensuring that the sparkle of gems and jewelry remains as captivating as ever. While the North American gems and jewelry market is vibrant, it does face challenges that demand attention. Counterfeit products, unethical practices, and fluctuating consumer sentiment can impact the market's integrity and growth. Additionally, the COVID-19 pandemic disrupted supply chains, slowed down manufacturing, and altered consumer behavior, highlighting the need for adaptability within the industry. However, challenges often go hand in hand with opportunities. The increasing demand for sustainable and ethically sourced products presents a chance for companies to differentiate themselves and appeal to conscious consumers. Embracing technology and digitalization can open doors to new markets and customer segments, while innovative design collaborations can push the boundaries of creativity.

The North America gems & jewelry market is segmented into three major countries including United States, Canada and Mexico. Among them, United States is occupying lion’s share across the overall market. The history of gems and jewelry in the United States is deeply intertwined with its diverse cultural tapestry. Native American tribes were among the first to appreciate and utilize the natural resources found within their land. Turquoise, coral, and shell beads held spiritual significance and were used in intricate designs that reflected their rich traditions. With the arrival of European settlers, gemstones from around the world began to flow into the country, adding to the assortment of precious materials. The Gold Rush of the 19th century brought about a significant shift, both in the supply and demand for jewelry. This era saw the rise of iconic styles like the Victorian and Art Nouveau, each leaving its distinct imprint on the world of adornment. The United States Gems & Jewelry Market boasts a wide array of players, from renowned luxury brands to independent designers. Prominent names like Tiffany & Co., Cartier, and Harry Winston have established themselves as symbols of luxury and sophistication. One of the trends that have gained traction is 'wearable technology.' Jewelry infused with smart features, such as fitness trackers and notification alerts, is bridging the gap between fashion and functionality. Additionally, custom engagement rings have gained popularity, reflecting a desire for personalized and sentimental pieces that encapsulate the essence of a couple's love story.

Based on the product type, necklaces are projected to grow with more than 3% CAGR by 2023-28. In the realm of jewelry, necklaces have long held a special place as iconic pieces that accentuate the neckline, highlight personal style, and tell unique stories. Necklaces have been worn by various civilizations throughout history, each contributing to their cultural significance and symbolism. In North America, Native American tribes adorned themselves with necklaces crafted from materials like shells, stones, and bones. These necklaces often carried spiritual and cultural meanings, serving as both adornments and talismans. As European settlers arrived in North America, they brought with them their own jewelry styles, which included intricate gold and silver necklaces adorned with gemstones. Over time, the fusion of indigenous traditions and European influences led to the creation of unique necklaces that celebrated diversity. The North American Gems & Jewelry Market today is a vibrant tapestry of styles, catering to a wide range of preferences. From minimalist and delicate chains to bold statement pieces, necklaces come in various lengths, materials, and designs to suit every occasion and outfit. This diversity is a reflection of the multicultural nature of North America, where different communities bring their own aesthetics to the jewelry landscape. On the other hand, based on the material, lab-grown diamonds have gained popularity in North America as a more affordable and environmentally conscious alternative to natural diamonds. This trend has prompted traditional diamond companies to diversify their offerings.

The world of gems and jewelry has always been synonymous with beauty, luxury, and cultural expression. In recent times, a captivating trend has emerged in North America—the remarkable growth of gems and jewelry collections. This trend is not just about accumulating valuable pieces; it's a reflection of evolving tastes, personal storytelling, and the intersection of artistry and investment. The surge in collections showcases North America's deep connection to adornment and the unique ways in which individuals are embracing this trend. Collecting jewelry is an age-old practice that has been revitalized in North America. Unlike merely owning individual pieces, creating a jewelry collection involves curating a harmonious ensemble of pieces that complement each other. Based on these factors, application of gems & jewelry is expected to acquire more than 25% market share by 2028. The North America Gems & Jewelry market, renowned for its opulent elegance and cultural significance, has undergone a transformative shift in recent years with the rapid rise of online sales channels. As technology continues to reshape the landscape, the growth of online sales in this sector is not just a trend but a paradigm shift that offers convenience, accessibility, and a new dimension to the jewelry shopping experience. The advent of the digital age has brought unprecedented changes to various industries, and the Gems & Jewelry sector is no exception. Online sales channels have opened up a world of possibilities, offering consumers the opportunity to explore an extensive array of jewelry options without leaving the comfort of their homes.

Market Dynamics

• Technology-Driven Customer Experience: In the North American Gems and Jewelry market, technology is a powerful driver that is redefining the customer experience. The integration of digital tools, such as virtual try-on platforms and augmented reality, allows customers to visualize how different pieces will look on them without physically trying them on. This technology-driven approach not only enhances convenience but also addresses the challenge of buying jewelry online, where customers might be hesitant due to the inability to see and touch the product. By leveraging technology, the industry is creating immersive and interactive experiences that bridge the gap between online and offline shopping, ultimately boosting consumer confidence and engagement.

• Preserving Craftsmanship in the Digital Age: While technology brings numerous advantages, a challenge that the North American Gems and Jewelry market faces is preserving traditional craftsmanship in the face of increasing automation and digitalization. Handcrafted jewelry carries a sense of artistry and uniqueness that is deeply valued by consumers. As technology becomes more integrated into the industry, there is a concern that the art of intricate handwork might be overshadowed. Balancing the benefits of technology with the preservation of traditional skills is crucial to maintaining the authenticity and heritage of jewelry craftsmanship.

• Socially Responsible Brands and Cultural Diversity: A noteworthy trend in the North American Gems and Jewelry market is the rise of socially responsible brands and the celebration of cultural diversity. Consumers are gravitating towards brands that align with their values, whether it's supporting fair labor practices, contributing to social causes, or promoting inclusivity. Jewelry that embraces diverse cultural influences and narratives is gaining prominence as consumers seek pieces that resonate with their individual backgrounds and global outlook. This trend reflects North America's multicultural society and the increasing desire for jewelry that not only embodies personal stories but also contributes positively to society.

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., De Beers Group, The Swatch Group Ltd, Giorgio Armani S.p.A., Chanel Limited, Signet Jewelers Ltd., and Titan Company Limited 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: North America
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report

• North America 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:

• United States
• Canada
• Mexico

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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