Gold Jewelry Segment to Witness Fastest Growth Till 2030

This trend has been predominant among the emerging upper middle class, particularly in Asia Pacific.

SEATTLE (Scrap Monster): The latest report published by Grand View Research, Inc. foresees global jewelry market to expand at a CAGR of 8.5% from 2022 to 2030 to reach $518.90 billion by 2030.

According to the report, the demand for jewelry has been witnessing sharp surge as the world recovered from a recession and global financial crisis in 2008. Over the past few years, there has been an increased demand for branded jewelry. This trend has been predominant among the emerging upper middle class, particularly in Asia Pacific.

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E-Commerce has been a recent trend in the industry. Technological advancements such as computer-aided design, 3D printing and augmented reality have been prompting the growth of the industry. The shift to these technologies has helped jewelry manufacturers to realize high profit margins in retail outlets.

The gold material segment is projected to register the fastest growth over the forecast period. As per industry data, worldwide jewelry industry consumed over 1,400 metric tons of gold. This accounted for over one-third of the worldwide gold demand. As in 2021, the Asia-Pacific region will fuel the growth of the market during the forecast period as well, the report noted.

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