Jewellery in India recorded double-digit growth in value and volume terms in 2024 with this being driven by the revival of weddings and festival celebrations in the post-pandemic period. Even with record-high gold prices during 2024, the category remained strong, reflecting the strong emotional and traditional significance that gold commands among Indian consumers. Nonetheless, most fine jewellery in India is gold and, hence, movements in gold prices did have a major impact on the category.

In 2024, fine jewellery in South Africa experienced a slowdown due to the challenging economic environment. However, tourists are typically a key consumer group for fine jewellery, as prices tend to be relatively cheaper compared to European markets. Local players, such as Browns, utilise storytelling to market their brands, emphasising the traceability of their diamonds and offering investment programmes. Browns is regarded as a luxury brand in South Africa and has built a strong reputation ove

Jewellery has demonstrated remarkable resilience in Brazil in 2024, and is set to maintain retail volume and current value growth in this year, even though the country has faced economic headwinds. Despite a challenging environment marked by reduced purchasing power and a shift toward essential goods, jewellery has continued to attract consumers. This enduring appeal underscores the category’s dual role as both a form of self-expression and a long-term investment, even in uncertain times.

After experiencing a retail volume decline in 2023, demand for jewellery in Germany improved in 2024 across both costume and fine segments. German consumers sought unique jewellery, from timeless fine jewellery pieces to playful costume statement styles. The category benefited from a trend evident in 2022, with a post-pandemic renewed sense of freedom to socialise and enjoy life. Furthermore, the motivation to bring joy to life at a time when negative media news has invaded consumers’ lives on a

In 2024, the jewellery market in Sweden continued to face challenges related to inflation and the ongoing cost-of-living crisis. After a surge in weddings in 2021 and 2022, the number of weddings declined in 2023 and 2024 as inflation and rising living costs caused many consumers to postpone or scale down their celebrations. This impacted both fine and costume jewellery, with fine jewellery, particularly engagement rings and wedding bands, seeing less demand compared to the rebound from the post

In 2024, jewellery recorded steady retail value sales growth in Romania, reaching 13%. While both fine and costume jewellery have seen dynamic growth, fine jewellery experienced a marginally higher increase, driven by a rising demand for premium and investment pieces. As such, fine jewellery was the best performing category with retail value sales growth of 13%. This uplift in growth reflects a growing inclination toward luxury and high-value items, especially in the context of economic uncertai

Jewellery sales in the Netherlands recorded positive retail value growth of 7% in 2024. While the willingness to purchase fashion products and accessories remains high among the Dutch, many consumers were adopting a more cautious attitude towards spending, resulting in slower growth compared to 2023. Manufacturers and retailers continued to invest in new products and promotions in order to encourage consumers to purchase jewellery products, with the category seeing more diversity of products in

In 2024, retail value sales of jewellery in Taiwan grew by 8%, with fine jewellery being the top performing category. Gold jewellery has experienced a resurgence, driven by its practical advantages, including its ability to retain value, offer liquidity, and incorporate innovative technologies, such as well-known intellectual property (IP) licensing. Sales of gold jewellery have risen by over 15%, influenced by inflation, risk aversion, and the continued increase in gold prices. Young male anime

Despite high inflation and the soaring costs of living in Turkey, retail volume sales of jewellery continued to rise in 2024. The availability of affordable items has helped to sustain growth. Men’s jewellery registered a weaker performance compared to women’s due to higher levels of price-sensitivity amongst men. The propensity to go shopping amongst men has been hit hard by the weak macroeconomic conditions and political uncertainty.

In 2024, jewellery in Poland recorded retail value sales of 13%, with fine jewellery seeing the most substantial uplift of 15%. Colourful jewellery featuring floral motifs and intricate designs were increasingly popular among Polish consumers during the year. Brands like Apart successfully catered to this trend, releasing product lines with floral accents using colourful gems. This shift in consumer preference away from minimalist styles reflected a growing demand for jewellery that makes a stat

The ongoing war in Ukraine impacted the sales of fine and costume jewellery in 2024. Rising prices for essential goods such as food, medicines, and electricity forced many Ukrainians to prioritise their spending on basic necessities. This led to a reduction in the volume of sales for non-essential products like jewellery, which remained well below pre-war levels.

Filipino consumers are becoming increasingly conscious of the environmental impact of their jewellery purchases, with a growing awareness around the environmental costs of mined metals and gems. Traditional mining practices can result in habitat destruction, water contamination, and elevated carbon emissions, which can harm ecosystems and local communities. As a result, lab-grown diamonds are gaining popularity as a more ethical and environmentally friendly alternative, with lower resource consu

In 2024, jewellery in Thailand saw some recovery from the previous year’s dip. Growth patterns over 2023 and 2024 have been heavily influenced by the fortunes of gold. 2023’2 subdued economic environment, coupled with high inflation and constrained disposable incomes, significantly impacted consumer behaviour, undermining demand for gold. As a result, fewer consumers opted to wear gold jewellery for aesthetic or status purposes. While the investment potential of gold, including gold bars, provid

Jewellery managed to achieve small positive volume sales in 2024, in addition to stronger value sales with the latter supported by high prices. However, sales have been declining since the post-pandemic rebound when wealthy consumers were keen to indulge in high-end experiences and treat themselves to special pieces of jewellery. This has led to more self-gifting, particularly of women’s jewellery. Indeed, the pandemic has led to a change in consumer preferences, with a growing emphasis on meani

In 2024, the Spanish jewellery market underperformed compared to the previous year, with sales continuing to lag behind pre-pandemic levels. The challenging economic environment, marked by persistent inflation, high interest rates and subdued consumer confidence, has placed significant pressure on disposable incomes. As a result, Spaniards are showing a marked shift in spending priorities, with a preference for leisure activities and experiences over discretionary goods such as jewellery. This c

In 2024, Singapore's jewellery market experienced continued growth in both retail volume and current value terms, despite economic challenges. In particular, there has been a continued strong demand for gold as a hedge against inflation, with many consumers purchasing gold to protect their wealth amid rising living costs and recent tax increases. According to the World Gold Council, Singapore is emerging as a leading hub for gold trading as the global focus shifts eastward, driven by increasing

The sustained high value of gold has significantly bolstered demand for fine jewellery, benefiting Malaysia’s jewellery category in 2024. This has been particularly so for pieces crafted from gold, driving notable growth. Local consumers have demonstrated a strong appetite for gold jewellery, viewing it not only as a luxury item but also as a sound investment. Various jewellery brands in Malaysia have been leveraging the trend, including Poh Kong, for example, and enjoying significant revenue gr

While jewellery in the US is set decline again in current value terms in 2024, it is expected to see an improvement from its performance in 2023, with only a negligible fall in sales. Consumers remain cautious in their spending on non-essential goods, and while inflation is moderating, consumers are still dealing with higher costs of living and economic uncertainty, which are limiting their spending power. Furthermore, the desire to prioritise spending on travel and/or experiences is further cur

Jewellery in South Korea is set to return to growth in retail volume terms and maintain growth in current value terms in 2024, with increases anticipated for both costume and fine jewellery. To compete with Chinese e-commerce platforms such as Alibaba and Temu, local platforms are avoiding the low-cost market and focusing on premium lines, with this particularly impacting jewellery. With department stores saturated, and independently operated jewellery and watch specialists declining, expanding

Jewellery sales in Switzerland remained robust in 2024, with retail value sales showing stable growth, although retail volume sales stagnated. Fine jewellery experienced a slightly stronger increase in retail value sales compared to costume jewellery, but its performance in terms of volume was weaker. The higher value growth for fine jewellery is largely attributed to an increase in average unit prices, especially as the surge in gold prices led gold fine jewellery to become more expensive. Cost

In 2024, jewellery in Argentina recorded a retail value sales increase by 79% in current terms. The strong devaluation implemented by the newly elected government, played a pivotal role in driving up inflation, which reached an accumulated rate of 211% for the year 2023. Inflationary pressures continued to be high throughout much of 2024, with prices increasing at a pace that far outstripped wage growth, particularly in the early months of the year. As a result, many consumers found their purcha

In 2024, the jewellery market in Canada saw retail value sales increase by 2% in current terms, with costume jewellery recording the strongest performance. Due to a post-pandemic boom, fine jewellery recorded double-digit retail value growth from 2021-2022. Consequently, the retail value was low in 2024, while volume growth for fine jewellery declined. The end of the pandemic-era boom, when consumers focused heavily on luxury and high-end purchases, negatively impacted fine jewellery sales.

Jewellery in Australia has returned to positive retail volume growth in 2024, indicating a cautious rebound from the challenging retail conditions that characterised the previous year. These conditions saw retail volumes decline in 2023, as higher interest rates led to lower consumer spending, and with reduced amounts of permissible discretionary spend being redirected to international leisure travel. However, in the 12 months to September 2024, the Consumer Price Index (CPI) by the Australian B

Jewellery performed well in Italy in 2024, with increases in both volume and current value terms. The best performance was in costume jewellery, which is more accessible and has a broader consumer base compared to fine jewellery.