Luxury Jewelry Market Outlook: Key Drivers and Future Opportunities
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The global luxury jewelry market was valued at USD 48.97 billion in 2023 and is projected to reach approximately USD 97.05 billion by 2032, expanding at a compound annual growth rate (CAGR) of 7.90% over the forecast period (2024–2032). The increasing disposable income and growing global wealth, particularly in emerging economies, are key factors propelling market growth. As financial prosperity rises, consumer spending on luxury products, including high-end jewelry, is surging. Established luxury brands such as Tiffany & Co., Cartier, and Bulgari continue to attract high-net-worth individuals with their heritage, craftsmanship, and exclusivity. These iconic brands cater to consumers seeking elegance and prestige, further fueling demand. Luxury jewelry is often crafted from precious metals and gemstones, including gold, platinum, diamonds, and pearls, which elevate its value and desirability. The artistry involved in cutting stones and creating intricate designs adds to the appeal,...