Australia Jewellery Market Size, Trends and Forecast 2024-2032: Growth and Key Insights

Business Dec 6, 2024 64 Add to Reading List

Australia Jewellery Market Outlook

The Australia jewellery market size attained a value of USD 3.34 billion in 2023. Driven by increasing consumer demand for luxury goods, evolving fashion trends, and the rising popularity of online retail platforms, the market is projected to further expand at a compound annual growth rate (CAGR) of 2.76% between 2024 and 2032, reaching a value of USD 4.26 billion by 2032.

Jewellery has long been an integral part of human culture, representing beauty, prestige, and wealth. In Australia, the jewellery market is experiencing substantial growth, spurred by rising disposable incomes, evolving consumer preferences, and an increasing inclination towards sustainable and ethically sourced products. This expansion is further bolstered by a growing interest in personalized and custom-made jewellery, particularly among younger consumers who are increasingly seeking unique pieces that reflect their individuality and lifestyle.

Key Drivers of Market Growth

The growing demand for Australia jewellery market can largely be attributed to the rise in disposable income, particularly among affluent millennials and Generation Z consumers. These groups are willing to invest in high-quality jewellery items, both for personal use and as gifts for special occasions. The increasing popularity of gold, silver, and diamond jewellery, along with the emergence of new materials such as titanium and palladium, is helping to fuel demand across various price segments.

Another key factor propelling market growth is the shift towards online shopping. E-commerce platforms have made jewellery more accessible, allowing consumers to browse and purchase from the comfort of their homes. This trend is especially prevalent in the wake of the COVID-19 pandemic, which accelerated the adoption of digital shopping channels. Many jewellery brands in Australia are now focusing on enhancing their online presence, offering seamless user experiences, virtual try-ons, and easy delivery services to attract more customers.

The demand for ethical and sustainable jewellery is also on the rise. Consumers are becoming more conscious of the environmental and social impact of their purchasing decisions. As a result, there is growing interest in ethically sourced and environmentally friendly materials, such as lab-grown diamonds, recycled metals, and conflict-free gemstones. This shift towards sustainability is not only reshaping consumer buying habits but also influencing design and manufacturing practices in the Australian jewellery industry.

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Trends Influencing the Jewellery Market in Australia

Personalization and Customization: Consumers are increasingly looking for jewellery that reflects their personal taste, values, and milestones. Customisation options such as engraving, bespoke designs, and personalized gemstone selections are gaining popularity. This trend is particularly evident in engagement rings and wedding bands, where couples are opting for unique designs that reflect their personal stories.
Lab-Grown and Sustainable Jewellery: The demand for sustainable jewellery is being met with the rise of lab-grown diamonds and recycled metals. Lab-grown diamonds, in particular, have gained significant traction in the Australian market due to their ethical appeal, cost-effectiveness, and comparable quality to mined diamonds. The trend towards sustainable jewellery is further encouraged by brands focusing on transparent sourcing and eco-friendly practices.
Online Shopping and E-Commerce: The Australia jewellery market has embraced the digital shift, with online platforms offering a wide range of jewellery products. Major retailers are investing heavily in e-commerce, while new, direct-to-consumer brands are leveraging online platforms to reach a broader audience. The rise of virtual try-ons, augmented reality (AR) features, and social media-driven marketing are enhancing the online shopping experience for jewellery consumers.
Rise of Smart and Functional Jewellery: While traditional jewellery items like rings, necklaces, and bracelets continue to be in demand, there has been an increasing interest in smart jewellery. These include wearable tech products that combine functionality with aesthetics, such as fitness-tracking rings and smartwatches embedded with stylish designs. With the growing popularity of fitness and wellness trends, this category of jewellery is likely to expand further.
Celebrity and Influencer Endorsements: Celebrity influence and the role of social media have contributed significantly to the popularity of certain jewellery brands and trends in Australia. Influencers on platforms like Instagram, TikTok, and YouTube have become key players in promoting jewellery collections, particularly among younger demographics. Celebrity endorsements and collaborations with popular designers also help shape consumer preferences and trends.

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Australia Jewellery Market Segmentation

The market can be divided based on product, by material, end use, distribution channel and Region.

Market Breakup by Product

Necklace
Bracelet
Earring
Ring
Others

Market Breakup by Material

Gold
Diamond
Platinum
Others

Market Breakup by End Use

Women
Men
Children

Market Breakup by Distributional Channel

Offline Retail Stores
Online Retail Stores

Market Breakup by Region

New South Wales
Victoria
Queensland
Australian Capital Territory
Western Australia
Others

Competitive Landscape

Some of the major players explored in the report by Expert Market Research are as follows:

By Charlotte Pty Ltd.
Amber sceats Pty Ltd.
Christie Nicolaides
Bulgari Australia Pty Ltd.
Gucci Australia Pty Ltd.
Others

Challenges Facing the Market

Despite the robust growth prospects, the Australia jewellery market faces several challenges. One of the primary concerns is the volatility of precious metal and gemstone prices. Fluctuations in the prices of gold, silver, and diamonds can significantly impact the cost of production and retail prices, creating challenges for both manufacturers and consumers.

Another challenge is the increasing prevalence of counterfeit jewellery, particularly in online marketplaces. Consumers are often exposed to fake or subpar products, leading to a potential loss of trust in the market. As a result, there is a growing emphasis on certification and verification, with consumers seeking assurance of the authenticity and quality of their jewellery purchases.

Additionally, the rise of alternative investment opportunities, such as cryptocurrencies and real estate, may divert some disposable income away from the jewellery sector. While jewellery remains a popular choice for long-term investment, particularly in the form of gold and diamonds, the appeal of other investment avenues may influence consumer spending patterns.

Outlook for the Australia Jewellery Market

The outlook for the Australia jewellery market remains positive, with continued growth expected over the next decade. The increasing focus on personalization, sustainability, and the growing appeal of online shopping are expected to drive market expansion. Additionally, the adoption of smart jewellery and wearable technology presents new opportunities for innovation and product diversification within the sector.

The premium jewellery segment is expected to see steady growth, driven by high-net-worth individuals seeking exclusive, high-quality pieces. On the other hand, the mass-market segment will benefit from the rising demand for affordable, fashion-forward jewellery, especially among younger consumers who are more inclined to experiment with new styles and designs.

Brands that can effectively navigate the challenges of fluctuating prices, counterfeit concerns, and changing consumer preferences will be best positioned for success in the competitive Australian jewellery market. Furthermore, the focus on sustainability and ethical sourcing will continue to be a key differentiator for leading players in the industry.

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