Global Jewelry and Silverware Market Sparkles with Growth, Projected to Reach $282.61 Billion by 2027

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, GREATER LONDON, UK, December 7, 2023 /EINPresswire.com/ -- The global jewelry and silverware market is set to dazzle, surging from $210.22 billion in 2022 to $224.13 billion in 2023, marking an impressive Compound Annual Growth Rate (CAGR) of 6.6%. Projections indicate sustained growth, with the market anticipated to reach $282.61 billion by 2027, reflecting a CAGR of 6.0%.

Wedding Boom Ignites Market Expansion

The jewelry and silverware market is poised for expansion, fueled by the rising number of weddings globally. The demand for bridal jewelry, coupled with significant expenditure on wedding ceremonies and celebrations, is driving the market for gold, silver, diamonds, and other precious metals. Notably, in the Netherlands, Statistics Netherlands (CBS) reported a nearly 38% increase in marriages in the first seven months of 2022 compared to 2021. Similarly, the US witnessed an estimated 2.5 million weddings in 2022, the highest since 1984, with an average spending of approximately $24,500 per wedding. The escalating global marriage trend is expected to be a key driver for the growth of the jewelry and silverware market.

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Leading Companies Shaping the Market Landscape

Major players contributing to the dynamic landscape of the jewelry and silverware market include Rajesh Exports, Compagnie Financiere Richemont SA, Tiffany & Co., Pandora A/S, Berkshire Hathaway Inc., the Swatch Group, Christian Dior SE, Kering SA, and James Avery Craftsman Inc.

Innovation through CAD Software Revolutionizes Manufacturing

Jewelry and silverware manufacturers are embracing Computer-Aided Design (CAD) software for its precision in measurement. CAD software, widely used by engineers and architects, facilitates the creation of accurate drawings of objects. Its adoption in jewelry making allows manufacturers to customize jewelry with high precision based on customer requirements. This not only enhances customization but also lowers manufacturing costs by creating virtual models that can be replicated during the manufacturing process.

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Market Segmentation:

• Type: Jewelry, Silverware

• Distribution Channel: Online Stores, Speciality Stores, Hypermarkets, Other Distribution Channels

• End-User Sex: Men, Women

Jewelry And Silverware Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Jewelry And Silverware Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on jewelry and silverware market size, jewelry and silverware market drivers and trends, jewelry and silverware market major players, jewelry and silverware market competitors' revenues, jewelry and silverware market positioning, and market growth across geographies. The jewelry and silverware market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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