(MENAFN- EIN Presswire) EINPresswire/ -- What Is The Estimated Industry Size Of Jewelry And Silverware Market?
The size of the jewelry and silverware market has seen robust growth in the previous years. The market is projected to expand from $215.54 billion in 2024 to $227.65 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.6%. Factors contributing to the growth during the historic period include cultural importance, economic prosperity, festive events, craftsmanship and artistry, the cost of precious metals, global market penetration, as well as marketing and branding strategies.

The market size of jewelry and silverware is anticipated to experience a substantial expansion in the coming years, soaring to a worth of $289.64 billion in 2029 with a compound annual growth rate (CAGR) of 6.2%. Factors triggering growth during this predictive period comprise strategies focused on sustainability, the sway of social media, changing customer demographics, integration of smart jewelry, the worldwide luxury markets, and the increasing preference for vintage and antiquated styles. The forecast period is expected to witness key trends like artisanal and handcrafted jewelry, breakthroughs in jewelry designs, smart ornaments and wearable devices, incorporation of mixed materials and textures in jewelry, as well as online and direct-to-consumer sales.

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What Are The Major Factors Driving The Jewelry And Silverware Global Market Growth?
The jewelry and silverware market is predicted to be propelled by the rising number of wedding occasions. Increased spending during nuptial ceremonies and festivities results in higher demand for precious metals and gemstones, such as gold, silver, and diamonds. For example, a study conducted by the Centers for Disease Control and Prevention (CDC), a federal agency based in the U.S., showed a growth trend in the number of recorded marriages in the country. In 2024, there were 2,065,905 marriages reported, leading to a 6.2 per 1,000 people marriage rate with a total population of 333,287,557. This was slightly higher than the previous year's numbers, where 1,985,072 marriages were recorded, with a 6.0 per 1,000 people marriage rate in a population of 331,893,745. Therefore, the worldwide escalation in marriage numbers is likely to boost the jewelry and silverware market.

Who Are The Leading Companies In The Jewelry And Silverware Market?
Major players in the Jewelry And Silverware include:
. Berkshire Hathaway Inc.
. Tiffany & Co.
. Christian Dior SE
. Compagnie Financiere Richemont SA
. Kering SA
. Pandora A/S
. James Avery Craftsman Inc.
. The Swatch Group
. Titan Ring Designs LLC
. Silvesto India Private Limited

What Are The Key Trends Shaping The Jewelry And Silverware Industry?
Manufacturers of jewelry and silverware have embraced CAD software due to its ability to provide precise measurements. CAD, or Computer-Aided Design, is utilized by engineers and architects to produce exact representations of objects. The usage of CAD within the jewelry industry allows manufacturers to modify the jewelries to high precision based on customer needs. This results in a decrease in manufacturing expenses as it enables the creation of a virtual model which can be replicated during production.

What Are The Primary Segments Covered In The Global Jewelry And Silverware Market Report?
The jewelry and silverware market covered in this report is segmented –
1) By Type: Jewelry, Silverware
2) By Distribution Channel: Online Stores, Specialty Stores, Hypermarkets, Other Distribution Channels
3) By End-User Sex: Men, Women

Subsegments:
1) By Jewelry: Fine Jewelry, Fashion Jewelry, Handmade Jewelry, Personalized And Custom Jewelry
2) By Silverware: Tableware, Decorative Items, Collectible Silverware, Functional Silverware

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Which Region Is Forecasted To Grow The Fastest In The Jewelry And Silverware Industry?
In 2024, the jewelry and silverware market saw Asia-Pacific as its leading region, with Western Europe following close behind as the second largest. The market report includes coverage of several regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, providing a concise and accurate overview of the market's status across these areas.

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