Amid the pandemic, many industries faced economic hardships—and the jewellery industry was no exception. With people around the world spending most of their time at home, the demand for jewellery was down, and the latest jewellery industry statistics reflect this.
In this comprehensive overview, we’ll see exactly how severe an effect the pandemic had on the industry. We’ll also examine how the UK market held up. Finally, we’ll discuss the most recent industry trends and find out what experts say about the jewellery sector’s imminent future.
Top Jewellery Industry Statistics (Editor’s Choice)
- Asia-Pacific is the biggest jewellery market in the world.
- Five countries are responsible for nearly 80% of all silver jewellery production.
- The global jewellery industry could reach £360.6 billion in value by 2026.
- The UK jewellery industry’s projected value in 2022 is £3.3 billion.
- The global demand for gold jewellery recovered to its 2019 size in 2021.
- The costume jewellery segment is projected to reach $37 billion in 2022.
- The demand for silver jewellery is expected to grow by 11% in 2022.
- The online jewellery market size is expected to reach £21.4 billion in 2022.
Jewellery Industry Stats: The State of the Market
1. The global jewellery industry could be worth £360.6 billion by 2026.
(Facts & Factors, Grand View Research)
Despite the turbulence the pandemic brought, the jewellery industry ended 2020 with a value of £234.1 billion. Analysts predict the market will maintain the upward trend over the next four years, growing at a compound annual rate of about 8.5%. This projection also includes two of the industry’s key segments — luxury and fashion jewellery.
2. The luxury jewellery segment was worth £15.3 billion in 2020.
Luxury jewellery is part of the personal luxury goods market. It is the market’s smallest segment, along with luxury shoes (£16.2 billion) and watches (£23 billion). In 2020, they all experienced a significant decline in sales. However, according to McKinsey’s 2022 report, branded fine jewellery is projected to keep growing at a 8% to 12% rate between 2019 and 2025.
3. The costume jewellery segment is projected to reach $37 billion in 2022.
(Research and Markets, Allied Market Research, Statista)
Costume or fashion jewellery refers to jewellery not made from precious metals, whose primary purpose is fashion. Although initially projected to grow by 7.6% in 2020, this market segment saw an unprecedented 59.5% decline amid the pandemic.
Luckily, fashion jewellery industry statistics show the market recovering and growing, with projections putting it at $60 billion in 2026.
4. Asia-Pacific is the biggest jewellery market in the world.
(Facts & Factors, Mondaq)
The region is currently responsible for more than 60% of the industry’s revenue, and experts predict it will retain its lead until at least 2026. Unsurprisingly, the main contributor to this trend is China, due to its size, economic power, and increasing consumer demand. Looking at the data on jewellery market size by country, India is another significant player in the region. A lot of this is cultural, as jewellery remains an integral part of many of the country’s traditions to this day.
Over the coming years, industry insiders expect the Middle East and Africa region to also play a pivotal role in the global market. The presence of numerous goldmines across the region will be the main growth driver. In addition, the United Arab Emirates ranks among the top diamond trading hubs, attracting buyers from all over the world with its low-priced, high-quality gems.
5. Five countries are responsible for nearly 80% of all silver jewellery production.
(The Silver Institute)
Jewellery industry stats show that India is the world’s leading manufacturer of silver jewellery. The country is currently responsible for about 35% of the global silver jewellery production.
Thailand ranks second, in large part because big industry players like Pandora Jewellery have moved their production there. China, which used to top the list until 2013, ranks third, followed by Italy in fourth. With about a 5% share in global production, the US rounds out the top five.
6. France’s LVMH leads the list of the world’s top jewellery brands.
The company — the result of a merger between Louis Vuitton and Moet Hennessy — ended 2020 with £39.2 billion in revenue. Although this number was 17% down from 2019 due to the pandemic, the company’s vast portfolio helped it retain the lead. As of January 2021, LMVH’s portfolio also includes New York City’s Tiffany & Co., another world-renowned jewellery brand.
India’s Rajesh Exports came in second place with £19.6 billion in revenue, up by 9.7% from 2019. According to an annual jewellery industry analysis, it was also one of only three top 10 brands that have achieved revenue growth in 2020 despite the economic downturn. The other two were UK’s Chanel (up by 19% year-over-year) and the Paris-based Cartier (up by 16%).
Jewellery Facts: The Demand in 2021 and 2022
7. The global demand for gold jewellery recovered to its 2019 size in 2021.
(World Gold Council)
Jewellery industry stats show the total global demand in 2020 fell to 1,411.6 tonnes, setting the record for the lowest annual demand. However, in 2021, gold jewellery demand soared by 52%, reaching 2,124 tonnes and its 2019 strength.
8. The demand for gold jewellery in China was 675 tonnes in 2021.
(World Gold Council, Statista)
The pandemic’s effects on the world’s largest gold jewellery consumer were drastic. From 637.3 tonnes in 2019, the demand for gold jewellery fell to 490.6 tonnes in 2020 — a 23% decline.
But the winds changed for China in 2021’s first quarter. All the pent-up demand equalled 191.1 tonnes, up by a staggering 212% from Q1 2020. The results at the end of 2021 show that the market recovered and exceeded its 2019 level.
9. The demand for silver jewellery is expected to grow by 11% in 2022.
(The Silver Institute)
In 2020, the demand for silver jewellery was down by 26% year-over-year. However, the demand recovered in 2021. Based on jewellery trends, experts predict the market will continue to grow positively in 2022.
10. The global demand for platinum jewellery is expected to grow by 4% in 2022.
(World Platinum Investment Council)
After the demand for jewellery dropped by 13% in 2020, it experienced positive growth of 4% in 2021. Jewellery industry statistics show the global demand will continue growing in 2022 at the same annual rate.
Jewellery Industry Statistics for the UK
11. UK consumers spent £6.55 billion in 2020 on jewellery, watches, and clocks.
This marks a considerable decrease from 2019, when UK shoppers spent £8.22 billion on these items. It’s also the lowest amount spent since 2013, when the number dipped below £6 billion.
12. The UK jewellery industry’s projected value in 2022 is £3.3 billion.
The number only applies to jewellery; it doesn’t include watches and clocks, which are usually grouped together in these statistics. If we take a look at the country’s entire population, this would amount to about £48.22 spent per person. The annual market growth from 2022 to 2026 is estimated at 1.89% a year, but it will take some time for it to recover to pre-pandemic levels.
13. There are at least 9,435 jewellery professionals in the UK.
According to the jewellery industry database from Core List UK, there are 9,435 jewellers in the country. This list is broader and includes suppliers, valuators, repair professionals, and jewellers in general — not only manufacturers. And although the list may not be complete, the data on the number of businesses and people in the sector helps paint a picture of the industry’s scope.
14. Most UK jewellery manufacturers and retailers have up to 4 employees.
A recent overview of the UK jewellery industry showed that the vast majority of manufacturing (81%) and retail enterprises (53%) had no more than 4 employees. The next largest group of manufacturers (12.6%) had 5–9 employees, suggesting that most jewellery manufacturing enterprises in the UK are relatively small businesses, at least in terms of employee count.
15. The majority of UK jewellery manufacturers make between £100,000 and £250,000 a year.
Jewellery industry statistics show that the largest portion of jewellery enterprises (36.5%) make up to £249,000. Meanwhile, 18.2% of manufacturers earn between £50,000 and £99,999, and 15.6% generate less than that. As the annual turnover grows, the number of enterprises that make this much money decreases.
Jewellery Trends to Watch Out For
16. Searches for upcycled, recycled, repurposed and reworked products increased by 117% in 2021.
The demand for better, more ethical production practices will be on the rise in 2022. Recycled, conflict-free, ethical, sustainable — the consumers are pushing brands to change their approach to manufacturing completely. Companies that are careful about every step in the production process, from mining to packaging, will drive this industry-wide shift and keep moving forward.
17. 3D printed jewellery is to grow at a 22% annual rate between 2021 and 2025.
According to jewellery industry statistics, from 2021 to 2025, the 3D printed jewellery sector will grow at a CAGR of over 22%. This means the market will gain another £1.83 billion over the next four years. As 3D printed jewellery becomes more luxurious thanks to further technological development, the demand is poised to grow, driven by lovers of intricate, modern designs.
18. Lab-grown diamond market volume could rise to 19.2 million carats by 2030.
(DiamondWorld, MVI Marketing)
China is currently the market leader, but experts project India will increase its share over the next decade. The local jewellery industry’s market size will expand so much that it will account for 10% of the global lab-grown diamond production by 2030. Young consumers are driving the surge of lab production, primarily for its affordability and sustainability. On that note, 70% of millennials recently said they would consider a lab-grown diamond for their engagement ring.
19. The online jewellery market size is expected to reach £21.4 billion in 2022.
By 2027, the online jewellery sector is projected to reach a staggering £43.1 billion. The market will grow along with the spread of smartphones, internet access, and mobile commerce. And in the post-pandemic world, consumers will rapidly become more accustomed to online shopping.
Jewellery Market Overview: Wrapping Up
The jewellery industry had another challenging year in 2021. Still, the demand recovered to its pre-pandemic size, even outgrowing it in some segments like gold. The online sector continued growing and more sustainable jewellery became even more sought for.
According to stats, the industry is expected to keep growing, with both its fashion and luxury segments experiencing an increase. If the industry manages to keep up with the challenges of 2022, stats show it will reach skyrocketing figures in the coming years.
How competitive is the jewellery industry?
The jewellery sector is difficult to get into due to the high cost of inventory and competition from big names that are already dominating the industry. Still, it is possible to enter the industry as a local competitor. It is helpful that younger consumers are more open to experimenting with brands and are more appreciative of small, transparent businesses that align with their values.
Is the jewellery industry growing?
Things are looking better into 2022. The market is growing as the demand for precious metal jewellery and fashion jewellery increases. In addition, McKinsey’s report suggests jewellery is the second-best performing fashion segment after sportswear, primarily due to a mixture of investment buying and “self-gifting”.
How big is the jewellery industry?
The jewellery industry was estimated at £234.1 billion in 2020. According to jewellery industry statistics, it could reach £360.6 billion by 2026, growing at an 8.5% annual rate. But as the previous two years have taught us, all forecasts should be taken with a grain of salt.
- Allied Market Research
- Core List
- Facts & Factors
- Grand View Research
- MVI Marketing
- PR Newswire
- Research and Markets
- The Silver Institute
- The Silver Institute
- World Gold Council
- World Gold Council
- World Platinum Investment Council