Jewelry and silverware refer to goods that include ornamental items worn for personal decoration, whereas silverware is a class of products that includes everything made of silver in a home, particularly the cutlery and dishes. Jewelry and silverware is used to produce engrave, chase or etch jewelry, novelties or precious metal flatware, stamp coins, cut, slab, tumble, carve, engrave, polish or facet or recut, repolish or reset precious or semiprecious stones.
Sizing and Forecast
The jewelry and silverware market size has grown strongly in recent years. It will grow from $231.43 billion in 2023 to $248.49 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to cultural significance, economic prosperity, celebratory occasions, craftsmanship and artistry, precious metal prices, globalization of markets, marketing and branding.
The jewelry and silverware market size is expected to see strong growth in the next few years. It will grow to $325.68 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to sustainability practices, influence of social media, shift in consumer demographics, smart jewelry integration, global luxury markets, popularity of vintage and antique styles. Major trends in the forecast period include artisanal and handcrafted jewelr, innovations in jewelry design, smart jewelry and wearables, mixed materials and textures in jewelry, online and direct-to-consumer sales.
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Segmentation & Regional Insights
The jewelry and silverware market covered in this report is segmented –
1) By Type: Jewelry, Silverware
2) By Distribution Channel: Online Stores, Speciality Stores, Hypermarkets, Other Distribution Channels
3) By End-User Sex: Men, Women
Asia-Pacific was the largest region in the jewelry and silverware market in 2023. Western Europe was the second largest region accounting in The jewelry and silverware market. The regions covered in the jewelry and silverware market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing number of weddings is expected to drive the jewelry and silverware market. Bridal jewelry: high expenditures on wedding ceremonies and celebrations generate demand for gold, silver, diamonds, and other jewelry. For example, according to data from a Netherlands-based statistical institution, Statistics Netherlands (CBS), in the first seven months of 2022, in the Netherlands, nearly 40.5 thousand couples got married, which was an increase of nearly 38% from 29.3 thousand in 2021 during the same period. In addition, it was estimated that there were nearly 2.5 million weddings in 2022, which was the highest in the US since 1984, with people spending an average of approximately $24,500 on each wedding. Hence, the increasing number of marriages globally is expected to drive the jewelry and silverware market.
Key Industry Players
Major companies operating in the jewelry and silverware market report are Berkshire Hathaway Inc., Tiffany & Co., Christian Dior SE, Compagnie Financiere Richemont SA, Kering SA, Pandora A/S, Rajesh Exports, James Avery Craftsman Inc., The Swatch Group, Crysobel, Titan Ring Designs LLC, Silvesto India Private Limited, Reed & Barton, Wheeler Manufacturing Co. Inc., Lunt Silversmiths, Rockleigh Industries Inc., DM Jewelry Design Studio, Mangla International, Gorham Company, International Silver Company, Custom Fashion Jewels, Navika USA Inc., Kole Design, Lavie Jewels, Towle Manufacturing Company, Lee’s Manufacturing Co. Inc., Derewala Industries Limited, Steel Threads, Frank Smith Silver Company, Kirk-Steiff Company, Akrati Jewels Inc, Dwarka Jewel, Kanhai Jewels, Gayatri Gems And Jewels Private Limited, Tokan Inc, Sun Diamonds Pvt. Ltd., Tuttle Silver Company, Wallace Silversmiths
The jewelry and silverware market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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