Bridal Jewelry Market Expected to Reach $216.4 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Bridal Jewelry Market," The bridal jewelry market was valued at $112.10 billion in 2022, and is estimated to reach $216.4 billion by 2032, growing at a CAGR of 6.8% from 2023 to 2032. Bridal jewelry refers to the ornamental accessories worn by brides as an integral part of their wedding attire. It encompasses a wide range of jewelry pieces, including but not limited to engagement rings, necklaces, earrings, bracelets, brooches, nose rings, and anklets. Bridal jewelry holds cultural and sentimental significance, often passed down through generations as heirlooms, and plays a crucial role in enhancing the overall bridal look. The significance of each piece varies across cultures, with engagement rings symbolizing commitment, necklaces representing beauty, and anklets holding a touch of femininity. As weddings are celebrated worldwide as expressions of love, elegance, and abundance, bridal jewelry becomes a focal point, reflecting the bride's style, cultural heritage, and individuality.

The trend of online platforms, innovations in design and materials, and globalization are driving the bridal jewelry market size. For instance, the desire for unique and personalized wedding experiences contributes to the demand for customized bridal jewelry. Brides often seek exclusive designs that reflect their personality, ensuring that their jewelry is one-of-a-kind and tailored to their preferences. In addition, the globalization of fashion and the exchange of cultural influences contribute to the diversification of bridal jewelry styles. Furthermore, as couples invest more in weddings and celebrations, there is a corresponding demand for high-quality, exquisite bridal jewelry. Also, the growing prominence of online retail and digital platforms allows brides to explore a vast array of bridal jewelry options. Online channels provide convenience, accessibility, and a wider range of choices, influencing purchasing decisions and bridal jewelry market share. In addition, continuous innovation in jewelry-making materials, including gemstones, metals, and alloys, along with creative designs is having a positive impact on the bridal jewelry market demand. This is because the brides are attracted to innovative pieces that showcase craftsmanship, uniqueness, and sustainability.

The bridal jewelry faces a restraint in the form of the high cost of precious metals like gold and platinum. As these metals are traditionally associated with wedding jewelry, the rising prices may deter some consumers, impacting their purchasing decisions. In addition, changing fashion trends and consumer preferences pose a challenge to bridal jewelry manufacturers. Growing preferences for minimalist and subtle designs, as well as a shift towards sleek & modern jewelry designs, is anticipated to restrain the bridal jewelry market growth in the upcoming years. In addition, growing awareness regarding environmental and ethical considerations may influence bridal jewelry purchasing decisions. This is because, the consumers are increasingly seeking sustainable and ethically sourced options, which can pose a challenge for traditional bridal jewelry made from precious metals and stones.

Growing demand for antique and jadau jewelry among brides is anticipated to generate excellent growth opportunities in the market. Antique and jadau jewelry carry a deep cultural and traditional significance, often reflecting centuries-old designs and craftsmanship. The demand for these pieces is driven by the admiration for cultural heritage, making them a preferred choice for brides who value tradition. In addition, in the modern era, there is a noticeable trend of brides embracing the heritage and traditions embedded in antique and jadau jewelry. The desire to connect with cultural roots and showcase a sense of authenticity in wedding adornments contributes to the increase in demand for these traditional styles. All these factors are anticipated to have positive impact on the bridal jewelry market forecast in the coming years. 

The bridal jewelry market analysis is segmented on the basis of material, product type, distribution channel, and region. By material, it is classified into gold, diamond, silver, and others. By product type, it is segmented into earrings, necklaces, rings, bracelets, chains, and others. By distribution channel, it is segmented into online and offline.. By region, the market is analyzed across North America, Europe, Asia-Pacific, and Latin America

The key players profiled in the bridal jewelry report include Pandora, Chow Tai Fook, Tiffany & Co., Louis Vuitton SE, Richemont, Signet Jewelers Limited, H. Stern, Malabar Gold & Diamonds, Swarovski AG, and Cartier.

The report offers a comprehensive analysis of the global bridal jewelry market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.

Impact of COVID-19 on the Global Bridal Jewelry Market

• The COVID-19 pandemic led to a widespread disruption of events, celebrations, and weddings, which are the primary drivers of demand for bridal jewelry. With cancellations, postponements, and restrictions on large gatherings, the bridal jewelry demand experienced substantial decline. For instance, the Indian gems and jewelry industry heavily depends on the wedding season for a significant portion of its revenue. However, lockdown measures that were implemented during the pandemic, led to a reduction in the scale and grandeur of weddings. Therefore, the jewelry industry faced negative impact on the bridal jewelry sales.
• The economic downturn and uncertainties during the pandemic influenced consumer behavior. Many individuals faced financial challenges, leading to a reevaluation of discretionary spending, including purchases related to weddings. Thus, the decline in consumer confidence impacted the willingness to invest in high-value bridal jewelry.
•  In addition, the bridal jewelry industry often relies on collaborations, brand shoots, and model shoots for promotion and marketing. However, the pandemic led to the deferment or cancellation of these shoots, impacting the visibility and promotion of bridal jewelry collections. Collaboration deals and partnerships were also cancelled.

Key Findings of the Study

• Based on material, the gold sub-segment emerged as the global leader in 2022 and the diamond sub-segment is anticipated to be the fastest growing during the forecast period.
• Based on product type, the necklaces sub-segment emerged as the global leader in 2022 and the chains sub-segment is predicted to show the fastest growth in the upcoming years.
• Based on distribution channel, the offline sub-segment emerged as the global leader in 2022 and the online sub-segment is predicted to show the fastest growth in the upcoming years.
• Based on region, Asia-Pacific registered the highest market share in 2022 and is projected to maintain its position during the forecast period.