The oldest surviving jewelry was dated to over 40,000 years into our past. Throughout its history, jewelry has been a status symbol—gold, diamonds, platinum, and gems complemented the attires of those who ranked high on the social ladder. Contemporary jewelry industry statistics reveal that the times have changed in some ways. While precious materials are still used to paint a picture of wealth and lavishness, the market dictates a need for ever-changing styles to keep up with the fashion industry trends.
If you are considering buying a piece of jewelry, or you are just wondering how jewelry became so integrated into our everyday lives, keep reading. We gathered the most important statistics about the jewelry industry’s size, segmentation, and recent trends, so you don’t have to.
Top 10 Jewelry Industry Facts for All Occasions
- The jewelry industry is worth $325.51 billion.
- Women make up 78% of women’s jewelry purchases on Lyst.
- White gold is the first choice of 35% of women who buy jewelry for themselves.
- 38% of surveyed jewelry companies saw a custom-made jewelry sales increase in 2020.
- Revenue of the world’s largest jewelry company amounted to $53.7 billion in 2019.
- 83% of engagement rings have diamonds as the center gem.
- 51% of millennial women buy their own jewelry.
- The fashion jewelry industry is worth $32.9 billion.
- Indian jewelry market has a 29% share in the global jewelry consumption.
- 51% of millennials make a decision based on their trust in the retailer.
World Market Jewelry Stats Explained
1. Jewelry industry is worth $325.51 billion.
The available jewelry industry statistics for 2019 show that the market worth was $301.12 billion. Based on these numbers and the recent trends, it is estimated that the market will reach $480.5 billion by 2025.
2. The fashion jewels industry is worth $32.9 billion.
(Allied Market Research)
Costume or fashion jewelry is mostly made of less expensive materials than the standard gold/diamond/gem combinations. Costume jewelry pieces include everything from glass and aluminum to semi-precious stones. That being said, these pieces have an affordable retail price, which is the main reason behind the fashion jewelry industry statistics which indicate that the value of this market could reach $59.7 billion by 2027.
As the name itself suggests, the main purpose of fashion jewelry is to complement different fashion styles. We all know that styles change from season to season, so it comes as no surprise that the fashion industry sales statistics show that more than 50% of this market is aimed at women.
3. 38% of surveyed jewelry companies reported an increase in sales of custom-made jewelry in 2020.
A recent survey on the jewelry industry trends for 2020 indicates that 23% of the companies that participated in the survey saw an increase in sales of bridal jewelry and colored stones.
It is interesting to note that one in five retailers also reported a rise in diamond jewelry demand.
4. Women account for 78% of purchases of women’s jewelry on Lyst.
Statistics from Lyst, one of the world’s biggest fashion platforms, show that women broke the cliché of chivalrous men buying jewelry to surprise women they are interested in.
Since they entered the labor force and became financially independent, the female purchasing power increased, making them the most prominent demographic in the jewelry market segmentation. The available data shows that most jewelry-purchasing women are 35-55, with stable careers and willing to spend it on treating themselves.
5. 51% of millennial women buy their own jewelry.
Millennial shopping trends suggest that top reasons for making the purchase were commemorating an event and rewarding themselves for a goal they achieved. Another 14% of millennial female shoppers bought jewelry as a gift, while 18% stated that the jewelry they wear came as a gift from their significant other.
6. White gold is the first choice of 35% of women who buy jewelry for themselves.
While yellow gold has been the precious metal preferred by humankind for thousands of years, jewelry industry trends show that today only 11% of people opt for it. Rose gold is the choice of a slightly higher number of jewelry lovers with 13%. Platinum ranks third with 15%, and silver is in the second place on the preferred metals list with 17%.
7. 51% of millennials make a decision based on their trust in the retailer.
Trust and the feeling of comfort are the prevailing reasons behind the fact that 40% of millennials choose to get their jewelry from department stores. Given that almost 70% of the customer experience depends on how the buyers feel they are being treated, jewelry stores have to adapt their customer service to younger generations if they wish to stay in sight of the highest-spending generation.
8. Russia mines 19 million carats a year.
Jewelry industry statistics reveal that Russia was the world’s largest diamond producer in 2019 and that they also have the biggest natural diamond reserves—650 million carats.
Number two on this list is occupied by the Democratic Republic of Congo with only 150 million carats.
9. Asian countries cover 56.7% of the global jewel exportation.
(World Stop Exports)
European markets followed by 33% while the US market is lagging with 9.1%. South America, Australia, and Africa all contribute less than 1%.
Global jewelry export in 2019 reached $108.2 billion, which means that the market grew by only 0.2% since 2015, when it was estimated to be $108 billion. The market did expand, but the worth of exported jewelry experienced a 2.3% drop in 2018, making it hard to see the big picture. Jewelry industry segmentation data indicates that Asian countries participated with $61.3 billion of shipment value.
10. China consumes 3x more gold than it produces.
China is the number one producer of gold in the world, with an output of 355 metric tons a year. However, the country consumes 984 metric tons a year, thus having to import large quantities of the precious metal.
Looking into the list of top consumers of gold among major jewelry markets, India is right behind China, with around 849 metric tons of gold used mainly for jewelry.
11. Indian jewelry market has a 29% share in the global jewelry consumption.
India has more than 300,000 gem traders and a jewelry industry that currently provides jobs for 4.46 million people. The fast-growing market is predicted to reach $103.06 billion by 2023 and almost double the number of employees to over 8.23 million.
Indian jewelry industry trends for 2019 reveal that their export of gems/jewelry reached $29.07 billion, with $18.66 billion of it coming from cut and polished diamonds.
12. The UK jewelry industry is growing at a pace of up to 2.9% a year.
According to the jewelry industry statistics from 2019, the UK has seen several consecutive years of increased interest in jewelry purchases, jumping from £5.7 billion ($7,421,542,500) in 2018 to £6 billion ($7,811,478,000) in 2019.
13. Revenue of the world’s largest jewelry company amounted to $53.7 billion in 2019.
When it comes to jewelry retailing, the undisputed market leader is the French giant LVMH which rose in 1987 as a merger of Louis Vuitton and the liquor industry’s Moët Hennessy. Because it’s all about the branding, isn’t it? After all, 59% of people prefer buying products of a familiar brand to switching to a new one.
Today, the company owns 4,910 jewelry stores worldwide, offering 75 well-known, prestigious jewelry brands and employing over 145,000 people. LVMH’s CEO is the richest man in France, Bernard Arnault, whose personal net worth is estimated at $95 billion.
For comparison, the second-largest company among the trending jewelry brands is Chanel, with a reported $9.6 billion of revenue in 2017 and 20,000 employees.
14. The most expensive diamond necklace is worth $55 million.
L’Incomparable Diamond necklace holds the Guinness World Record at 637 carats. The reason behind its dizzying worth is a yellow 407.48-carat pendant that, as the name suggests, is the biggest flawless diamond ever to be examined at the Gemological Institute of America.
US Jewelry Industry Statistics
15. The US diamond jewelry sales totaled around $41.2 billion in 2018.
If we assume a 4.5% growth in the 2018 sales, the estimates are that an average US household spent $352 on diamond jewelry in 2019.
The available data indicates that the US jewelry market has experienced a stable growth of expenditure on jewelry and watches by 6.2%, while the demand for diamond jewelry only went up by 3.4%.
16. There are 55,124 jewelry stores in the US.
When it comes to the US, jewelry industry statistics show that around 55,124 businesses connected to this industry provide 137,141 jobs across America and account for $29 billion of the overall American jewelry industry’s worth.
17. 77% of people surveyed wore less jewelry in 2020.
This year’s challenges and the worldwide pandemic caused serious problems to industries and markets across the world, so it comes as no surprise that the jewelry industry in 2020 is faced with 22% of people buying less jewelry than before in the US.
However, at the same time, 10% of customers (mostly millennials) report buying more jewelry during the pandemic, which is actually more in line with the emerging online shopping trends.
18. 83% of engagement rings have diamonds as the center gem.
No matter how the market changes, the US jewelry industry statistics for 2019 suggest that diamonds are not likely to go away soon. In 2019, the average cost of an engagement ring was $5,900, and it’s reported that 85% of couples decided to get a new ring, while 45% went with custom-designed jewelry.
19. High-income households spend an average of $2,440 a year on jewelry.
(Idex Online) (IBIS)
Despite the jewelry industry statistics in 2020 indicating a slow but constant 3.7% drop since 2015, the one thing that remains constant is the role of wealthy jewelry lovers. Data shows that high-earning individuals with more than $100,000 of yearly income are more involved in jewelry purchases, and responsible for 64.1% of revenue made by stores across the US.
Furthermore, jewelry industry trends reveal that households with lower income ($25,000) usually spend around $188 a year on different jewelry pieces. For reference, in 2018, the median domestic income in the US was $63,179.
20. People over 55 spend $1,231 a year on jewelry.
The US Bureau of Labor Statistics conducted a Consumer Expenditure Survey, which revealed the latest trend in the jewelry industry, i.e., that well-educated, older citizens are spending more money on jewelry than other demographics. The figures also show that those who live alone spend an additional 2.6 times more than the average consumer.
What is the future of the jewelry industry?
(Research and Markets) (Matter of Form)
The global jewelry industry is one of the fastest-growing areas of the luxury market. It keeps growing and expanding owing to the doubled increase in online sales of fashion jewelry in Western Europe and the US in 2019. The forecast is that by 2025 this number will climb to $480.5 billion.
What jewelry sells the best?
Recent data shows that brooches are currently the best selling jewelry with a 36% increase in sales. Meanwhile, the sales of bracelets (-2.7%), rings (-3.2%), and necklaces (-8.6%) are in decline.
Apart from these traditional categories, there is a significant rise in singular earring sales over the years due to an increase in lobe piercings. Statistics show that the sales have jumped by almost 29.5% in just two years.
Who has the most gold in the world?
If we disregard the production and consumption data and look closely at the gold reserves of the nations worldwide, it becomes clear that the United States has the most gold in the world. They currently own staggering 8,133.5 tons, with 79% of foreign reserves.
Germany and Italy take the next two places on the list with 3,363.6 and 2,451.8 tons, respectively.
We hope that these jewelry industry statistics provided you with enough information to help you make a purchasing decision or, at least, to satiate your thirst for some trivia. If you did decide to go ahead and buy something for yourself or a loved one, what will you go with, fashion jewelry, or white gold?