Many industries have been hit hard over the past couple of years because of the pandemic, and the jewellery industry was one of them. With so many people staying home, the demand for jewellery took a severe nose dive and the statistics for the jewellery industry at that time were very reflective of this.
Since coming out of lockdown and returning to society, jewellery sales are again on the up, with people wanting to celebrate with a fresh new look and some stunning pieces of jewellery.
Luxury and fashion jewellery sales are increasing, and analysts forecast that the jewellery market will maintain an upward trend of about 8.5 per cent over the next four years. Economic experts predict the global jewellery industry could be worth £360.6 billion by 2026.
Here we look at eight positive jewellery industry statistics for 2022 and what jewellery types are trending worldwide this year.
1: The Luxury Jewellery Segment was Worth £15.3 Billion in 2020 (Statista, McKinsey)
Luxury jewellery makes up the smallest part of the personal luxury goods marketplace, but while all sectors of this market saw a decline in sales during the pandemic, branded fine jewellery is projected to keep growing at an 8 per cent rate over the next four years.
2: Asia-Pacific is the Most Prominent Jewellery Market in the World
According to sales statistics, Asia-Pacific takes more than 60 per cent of global jewellery market revenue. According to market experts, this area is expected to hold on to its lead until at least 2026.
The lead contributor to these statistics is China, simply due to its size and economic power. India is also responsible for a large slice of jewellery sales, with jewellery being an integral part of many traditional Asian cultures.
3: The Fashion Jewellery Segment May Reach $37 Billion in 2022
According to Allied Market Research and Statista, the fashion jewellery sector saw a drop in sales of 59.9 per cent in 2020. It was initially projected to grow by 7.6 per cent pre-pandemic.
However, the recovery of the fashion jewellery sector is well underway, with statistics showing remarkable market growth in 2022, with projections putting its value at around $37 billion by the end of this year and reaching $60 billion by 2026.
4: LVMH Tops the World’s List of Jewellery Brands
According to data from Zippia, France’s LVMH is the leading jewellery brand in the world right now. LVMH is the result of a merger between two top luxury brands, Louis Vuitton and Moet Hennessy.
LVMH ended 2020 with £39.2 billion in revenue. The company has since bought another world-renowned jewellery company, New York City’s Tiffany & Co.
5: Silver Jewellery Sales Expected to Grow by 11 per cent in 2022
According to data from the Silver Industry, the demand for silver jewellery is expected to grow by 11 per cent in 2022. In 2020, demand for silver jewellery dropped by 26 per cent. Still, with the whole of the jewellery sector in positive recovery this year and customer demand growing for silver jewellery, experts predict this sector will continue to grow for the rest of the year.
6: Platinum Jewellery Demand to Grow by 4 per cent in 2022
Analysis from the World Platinum Investment Council showed positive growth in platinum jewellery sales of 4 per cent in 2021, with statistics indicating that global demand will continue to grow throughout 2022 at around the same rate.
7: Five Countries are Responsible for Almost 80 per cent of Silver Jewellery Production
Silver jewellery remains popular for everyday wear outside the luxury jewellery market. According to statistics from the Silver Institute, five countries dominate silver jewellery production.
India leads the rankings with around 35% of global production, closely followed by Thailand with the Pandora Jewellery company now based here. China ranks third, Italy fourth, with the US fifth.
8: Consumer Demand for Memorial Jewellery is Rising
Personalised jewellery is a sector that shows a lot of growth promise, and prominent in this marketplace is memorial jewellery.
Losing a loved one is the hardest thing any of us will ever experience, but one of the ways to preserve their memory and keep them close to you is by having a piece of jewellery made that contains the ashes of a loved one.
People can use a site like Ashes With Art to get a beautiful piece of personalised memorial jewellery. It is a practice that has caught on over recent years and continues to grow in popularity in 2022.
In conclusion, although the jewellery industry has had a challenging couple of years, demand is growing and even outpacing pre-pandemic sales in 2022. According to jewellery marketplace statistics, the industry is expected to keep growing, with demand skyrocketing over the coming years.