As per the current market research conducted by the CMI Team, the global Emerald jewellery Market size is expected to record a CAGR of 5.4% from 2023 to 2032. In 2023, the market size is projected to reach a valuation of USD 2.6 Billion. By 2032, the valuation is anticipated to reach USD 4.2 Billion.
Emerald Jewellery Market: Growth Factors and Dynamics
- Rising Consumer Affinity for Colored Gemstones: As consumers seek unique and personalized jewellery, there is a growing affinity for colored gemstones, including emeralds. Emeralds, with their vivid green color, allure customers looking for distinctive and eye-catching pieces, contributing to the market’s growth.
- Innovations in Jewellery Design and Craftsmanship: Jewellery designers and manufacturers are constantly innovating to create unique and contemporary designs that appeal to a diverse consumer base. The integration of emeralds into innovative and artistic jewellery designs enhances the market’s attractiveness, especially among younger consumers seeking modern and trendsetting pieces.
- E-commerce Boom in the Jewellery Sector: The growth of e-commerce has provided a substantial boost to the jewellery industry, including the emerald jewellery market. Online platforms offer a convenient and accessible way for consumers to explore and purchase a wide range of emerald jewellery, contributing to the market’s expansion.
- Celebrity Endorsements and Red-Carpet Trends: Celebrity endorsements and red carpet appearances featuring emerald jewellery often influence consumer trends and preferences. When celebrities showcase emerald pieces at high-profile events, it can lead to increased demand for similar styles, driving growth in the emerald jewellery market.
- Cultural Significance and Symbolism: Emeralds hold cultural significance and symbolism in various societies. In some cultures, emeralds are associated with prosperity, fertility, and rebirth. The cultural importance of emeralds as symbolic gems for special occasions, such as weddings and ceremonies, contributes to sustained demand, especially in regions where these cultural traditions are deeply rooted.
- Technological Advancements in Gemstone Treatment: Ongoing advancements in gemstone treatment technologies have allowed for the enhancement of emerald quality and appearance. Treatment processes can improve colour, clarity, and durability, making emeralds more accessible and attractive to a broader consumer base. Technological innovations in gemstone treatments contribute to the market’s growth by offering a wider range of emerald options at different price points.
- Increasing Awareness of Ethical and Sustainable Practices: A rising awareness of ethical and sustainable practices in the jewellery industry has led consumers to seek responsibly sourced gemstones. Emeralds, often associated with ethical mining practices, are benefiting from this trend as consumers show a preference for environmentally and socially responsible products.
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Emerald Jewellery Market: Partnership and Acquisitions
- In 2023, Swarovski is globally expanding its fine jewelry category to flagship stores worldwide, partnering with IGI for the certification of lab-grown diamonds in the ‘Galaxy’ collection. Designed by Global Creative Director Giovanna Engelbert, the collection will debut this fall at the opening of Swarovski’s new flagship store on 5th Avenue in New York.
- In 2023, Tata Group’s Titan Company invest $560 million to increase its stake in CaratLane. Through a share purchase agreement, Titan will acquire all 91,90,327 equity shares held by CaratLane Trading Private Limited’s founder and family members, further solidifying Titan’s position in the jewelry market.
Emerald Jewellery Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the Emerald jewellery Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Supply Chain Disruptions: The global jewellery industry, including the emerald jewellery market, experienced disruptions in the supply chain due to lockdowns, travel restrictions, and factory closures. These disruptions affected the production and distribution of emerald jewellery, leading to delays and shortages.
- Consumer Spending Contractions: Economic uncertainties and job losses during the pandemic led to a contraction in consumer spending, affecting the luxury goods sector, including high-end emerald jewellery. Many consumers postponed discretionary purchases, impacting the demand for luxury items like emerald jewellery.
- Shift in Consumer Preferences: The pandemic prompted a shift in consumer preferences towards more practical and value-driven purchases. With a focus on essential needs, the demand for non-essential items, such as luxury emerald jewellery, temporarily declined as consumers prioritized other expenditures.
- Emphasis on E-commerce and Digital Platforms: Accelerating the shift toward online retail, emerald jewellery businesses invested in enhancing their e-commerce capabilities. Establishing a robust online presence allowed them to reach customers directly, mitigate the impact of physical store closures, and adapt to changing consumer behaviours.
- Promotion of Sustainable and Ethical Practices: Recognizing the increased importance of ethical and sustainable practices post-COVID, emerald jewellery businesses focused on transparent and responsible sourcing. Communicating these efforts to consumers helped build trust and cater to the growing demand for ethically produced luxury items.
- Diversification of Product Offerings: To capture a broader market and adapt to changing consumer preferences, businesses diversified their product offerings. This included introducing more affordable emerald jewellery options, creating versatile designs suitable for everyday wear, and expanding into different jewellery categories beyond traditional pieces.
- Innovative Marketing and Collaborations: Businesses in the emerald jewellery market engaged in innovative marketing strategies, leveraging digital channels and social media. Collaborations with influencers, designers, or other brands helped create buzz and rekindle consumer interest in emerald jewellery.
List of the prominent players in the Emerald Jewellery Market:
- Tiffany & Co.
- Harry Winston
- Van Cleef & Arpels
- Graff Diamonds
- David Yurman
- Fred Leighton
- David Morris
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