The value of the Global Jewellery market in 2023 was just shy of US$353 billion. This figure is projected to grow by 4.5% compound annually up to 2030. The luxury jewellery sector accounted for UD$30.7 billion of this market (8.5%). This sector recovered faster than the general market after the global slump of 2021 – and, along with the luxury brand sector in general, is set for accelerated growth in the coming decade. This underscores the value of precious metal and gemstone jewellery plus the expansion of designers incorporating them into new, original and exciting motifs.
In numerical terms, the popularity of rings exceeded necklaces for the first time in a decade – perhaps reflecting growth in individual purchases rather than in the gifting arena.
Engagement ring global spend in 2023 was approximately US$4 billion and set to rise by 3.5% compound annually to 2030. The rise in spend is attributable to consumer demand for precious metal and gemstone rings, a rising age at engagement plus demand for high quality, prestige and unique designs.
In Australia the average cost of an engagement ring in 2023 was AU$6000. This is on a par with the average costs in USA, Europe and Asia. It is safe to say that engagement rings remain a significant financial investment, reinforcing the sentimental and cherished nature of the pieces. Such an outlay reminds one of the attention needed to care for them (including photographic records and adequate insurance) – see Wade’s blog at https://fonya.com.au/blogs/blog/top-9-jewelry-care-tips