LUXURY JEWELRY MARKET ANALYSIS

Regional Analysis

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The North American region has established its stronghold in the global luxury jewelry market for many decades with 38.2% share in 2024. With the presence of major luxury brands and designers, it leads in terms of market share. The U.S., in particular, is the dominant market within North America owing to the high demand for luxury jewelry and strong consumer spending power. Several luxury brands have their headquarters located in the U.S. cities such as New York, Los Angeles, and Miami which facilitates faster time to market and strong distribution networks. In addition, awareness about latest jewelry designs and trends is also very high amongst American consumers which helps sustain the demand. The competitive pricing adopted by U.S. brands also makes luxury jewelry affordable for middle-class consumers

The Middle East region has emerged as one of the fastest growing markets for luxury jewelry globally over the past decade. Within Middle East, the GCC countries such as UAE, Saudi Arabia and Qatar are at the forefront due to aggressive economic growth and rising affluence. The young population in these countries has a strong preference for flashy and lavish jewelry. In addition, auspicious occasions like weddings in the local culture boost gifting of luxury gold and diamond jewelry. The local jewelry manufacturers are constantly collaborating with European luxury brands to build localized product ranges and penetrate deeper into the retail market. This has resulted in UAE becoming a major gold trading and export hub within the region. E-commerce retailers have also strengthened their footprint in Middle East to tap the online potential of young digitally native consumers. The influx of wealthy international tourists and workers visiting GCC countries on a regular basis further stimulates the luxury sales.