Global jewellery industry to grow by 4%

The jewellery industry is expected to rebound and grow globally between 3-4% over the next four to five years, with demand expected to increase from younger consumers and domestic markets with less international travel taking place, according to The Sheffield Assay Office.

During the pandemic, the jewellery industry saw revenues globally decline by 10-15%. Now, there are three factors which are expected to emerge in particular due to a “shift” in the market, including an increase in branded jewellery, more digital sales, and a more sustainability focus

Large lifestyle global brands are now adding jewellery to their collections or expanding their current ranges. Digital sales have also continued to increase with many retailers reporting double digit growth in this area.

The Assay Office said that digital sales are heavily driven by younger consumers as they are more accepting of this being the generally accepted way of purchasing. 

Additionally, sustainability will reportedly become an “increasingly important” element of the purchasing decision, with consumers more aware of traceability and transparency throughout the supply chain and are looking and researching this in all aspects of their lives.

The Sheffield Assay Office said: “It is great to see people back on the high street and attending all the sporting events and festivals which we have all missed. 

“There is always an element of excitement as to the latest fashion and what the celebrities will be wearing and jewellery is a large focus of this. It is therefore positive that research is demonstrating that the jewellery industry has a bright and sparkling future.”