South Korea Gems and Jewelry Market Overview, 2028

South Korea Gems and Jewelry Market Overview, 2028
The gems and jewellery market in South Korea has experienced a remarkable transformation in recent years. Long known for its rich cultural heritage and a penchant for intricate craftsmanship, South Korea has emerged as a dynamic player in the global jewellery industry. South Korea's history with jewellery can be traced back over a thousand years, with traditional Korean accessories like ""norigae"" and ""hwaum"" reflecting the intricate artistry and cultural symbolism of the era. However, it was during the mid-20th century that South Korea witnessed a surge in jewellery manufacturing, primarily focused on crafting gold jewellery. This growth was driven by a thriving economy and changing consumer preferences. The global phenomenon of Hallyu, or the Korean Wave, has significantly impacted South Korea's gems and jewellery market. K-pop stars and Korean drama actors are often seen adorned with stylish and contemporary jewellery, influencing young consumers' preferences. This cultural export has propelled Korean jewellery designers onto the international stage. While traditional designs remain popular, South Korea has embraced contemporary jewellery styles, characterised by minimalist and innovative designs. This shift appeals to younger generations seeking unique and fashion-forward pieces that reflect their individuality. Independent designers and boutique stores specialising in contemporary jewellery have flourished in trendy neighbourhoods like Seoul's Garosugil.

According to the research report ""South Korea Gems and Jewellery Market Overview, 2028,"" published by Bonafide Research, the South Korea gems and jewellery market is projected to reach a market size of more than USD 7 billion by 2028. South Korean consumers place a strong emphasis on quality and craftsmanship when purchasing jewellery. Local jewellers are known for their precision and attention to detail. High-quality materials, such as 14K and 18K gold, are often used, and craftsmanship is backed by certifications and guarantees. South Korean consumers are increasingly conscious of ethical and sustainable practises in the jewellery industry. Jewellers are responding by sourcing conflict-free gemstones and using eco-friendly materials, aligning with consumer values. South Korea has a small but significant domestic production of gems and jewellery. This includes the mining of gemstones such as amethyst, turquoise, and jadeite. Some South Korean jewellery designers and manufacturers also create unique pieces using domestically sourced materials. South Korea is engaged in the international trade of gems and jewellery. The country both imports and exports jewellery items. Korean jewellery manufacturers export their products to global markets while also importing raw materials and finished pieces. The government of South Korea has regulations and standards in place to ensure the authenticity and quality of imported gems and jewellery. Certifications from recognised gemological laboratories are often required for high-value items. Based on the material types, these include gold, silver, platinum, diamonds, and others. In South Korea, diamonds will grow at the highest CAGR rate by 2028. Diamonds have long been associated with status, luxury, and prestige. As South Korea's economy has grown and the middle and upper classes have expanded, there has been an increased demand for luxury items, including diamond jewellery. South Korea's exposure to Western culture, particularly through media and entertainment (K-pop, movies, and TV shows), has popularised the idea of gifting and wearing diamond jewellery. Celebrities often wear diamond accessories, influencing fashion trends. South Korean consumers value the quality and authenticity of diamonds. They often seek diamonds with internationally recognised certifications, such as those from the Gemological Institute of America (GIA), to ensure quality.

Based on the product types, there are rings, necklaces, earrings, bracelets, chains, pendants, and others. In South Korea, the bracelet market is growing. Bracelets are versatile fashion accessories that can be easily incorporated into various outfits. The evolving fashion trends in South Korea often emphasise layering and accessorising, which includes wearing multiple bracelets together to create a fashionable and personalised look. The global popularity of K-pop and Korean dramas has a significant influence on fashion trends in South Korea. Celebrities often wear stylish bracelets, which can drive consumer interest in similar accessories. The trend of stacking multiple bracelets on one wrist has gained popularity. This trend allows individuals to mix and match different bracelet styles, materials, and colours to create a unique and layered look. Based on the application segment, this includes weddings, collections, festive blessings, fashions, and others. In South Korea, the fashion segment will grow at the highest CAGR rate by 2028. South Korea is known for its fashion-forward culture, where trends change rapidly and personal style is highly valued. Fashion-conscious consumers seek jewellery that complements their outfits and helps them express their individuality. The global popularity of K-pop music and Korean dramas has had a profound impact on fashion trends in South Korea. Celebrities in the entertainment industry often wear stylish and eye-catching jewellery, setting trends that fans aspire to emulate. South Korea has a relatively youthful population, and younger generations are more likely to experiment with fashion and jewellery styles. This demographic is more open to trying new and unique jewellery designs.

Jewellery Stores, Multi Branded Stores, Standalone and Online are the distribution channels. In South Korea, jewellery stores are the leading distribution channel. Jewellery stores typically employ knowledgeable staff who are well-versed in gemology, jewellery design, and craftsmanship. Customers can receive expert guidance and advice when making their jewellery purchases, which is especially important for high-value items like diamonds. Jewellery stores offer a wide range of jewellery items, including rings, necklaces, bracelets, earrings, and more. Customers can explore a diverse selection of styles, materials, and designs, catering to various tastes and preferences. Jewellery stores often provide certifications and appraisals for high-value items, giving customers assurance about the quality and value of their purchases, especially when it comes to diamonds and other precious gemstones.

Considered in this report

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

Aspects covered in this report

• South Korea 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.