Global Opal Jewelry
Market Report
2024
The Global Opal Jewelry market size will grow at a compound annual growth rate (CAGR) of 5.80% from 2023 to 2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, The Global Opal Jewelry market size is USD XX billion in 2023 and will grow at a compound annual growth rate (CAGR) of 5.80% from 2023 to 2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Opal Jewelry Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5.8% |
Asia Pacific Opal Jewelry Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6.9% |
South America Opal Jewelry Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5.1% |
Market Split by Product Type |
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Market Split by Application |
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Market Split by Distribution Channel |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Opal Jewelry Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
The market's expansion is linked to both increased consumer disposable income and expanding jewelry sector demand.
The market for jewelry was estimated to be worth 28 billion euros in 2022. Globally, three nations accounted for the lion's share of the jewelry income in 2022: China was the largest, closely followed by India and the United States.
Growth is anticipated to be boosted by evolving lifestyles and the view of jewelry as a status symbol. Men's growing acceptance of jewelry is also driving the market. Additionally, the industry is being driven by growing consumer knowledge regarding the authenticity of the metals and jewels used in jewelry pieces.
Due to the population's high disposable income and purchasing power, the global economy is expanding, which is driving demand for more luxury products like opal jewelry.
In OECD nations, when adjusted for purchasing power parity, the United States had the highest gross household disposable income per capita in 2021. Their per capita disposable income was close to USD 55,000. With about 50,000 dollars, Luxembourg came in second, and Switzerland came in third.
Additionally, a variety of worldwide traditions relating to the adoption of opal jewelry are anticipated to increase product demand greatly. For instance, in August 2020, an article published by the World Gold Council stated that on significant events, Chinese people customarily give gold presents to the younger family members. In addition, the market will keep growing as more women enter the workforce and as consumer awareness of luxury and contemporary stones rises. The increase in female labour force participation has been one of the most prominent economic developments.
The high return on investment (ROI) of jewelry products is expected to drive the growth of the global opal jewelry market. The return on investment for jewelry has only grown or stayed the same for many years. There have only been a few instances where the cost of the raw materials used to make actual jewelry has fallen. Since there is practically a 100% guarantee that the investment value will not decrease even after years of purchase, jewelry continues to be a popular way for many families or individuals to invest money.
India's gold prices in 2023 have changed over time. The cost of gold has increased considerably since 2022. The price of the yellow metal rose by over Rs. 3,000 during the first six months of the year, an increase of nearly 6.5%.
(Source: www.bankbazaar.com/gold-rate/gold-rate-trend-in-india.html)
Opal jewelry made of materials like gold or diamond lasts a very long time. Unlike other dead assets like automobiles or homes, which may see a drop in demand owing to various social or political circumstances, they exhibit a durability that no other material can demonstrate and may be sold at any moment.
Since the materials required to make exquisite opal jewelry are so rare, jewelry items are very expensive. The type of base material used, its rarity, its quality, and the level of complexity of the work done on the material for fine jewelry designs are all important factors that affect the final price of opal jewelry. The supply and demand rates of the products also have a significant impact on these factors. They are extremely expensive because the designers and materials are so rare. Due to their high price, middle-class or low-income groups may not be able to afford them, or they may only purchase a few numbers of them, which would limit the expansion of the global market.
The abrupt transfer of migrant workers from urban to rural areas is a result of nations enforcing stringent regulations throughout the pandemic on social isolation and lockdown. As a result, there aren't enough workers to produce opal goods. Since fewer raw materials were exported and imported as a result of the outbreak, prices increased, and there was a shortage of supplies. The government imposed temporary bans on all performances, exhibits, weddings, and other events as a result of COVID-19's unprecedented effects, which had a detrimental effect on the expansion of the opal jewelry industry.
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Opal jewelry is a very competitive industry. It has a number of opal jewelry providers, including both large worldwide conglomerates and smaller specialized businesses. Businesses have started using scented opal jewelry in their product lines in an effort to attract more clients.
(Source: www.harrywinston.com/en/the-house/news-and-events/news23_nanjingopening)
Top Companies Market Share in Opal Jewelry Industry: (In no particular order of Rank)
If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.
According to Cognitive Market Research, Europe dominated the market in 2023 and accounted for a share of more than 39% of the global revenue due to several variables. This is due to the high per capita incomes in the region's various nations, which encourages consumers to spend more on opal jewelry goods. According to data released by Trading Economics, the per capita income in 2019 for several European nations is, for example, Luxembourg USD 114,482, Ireland USD 86,781, Germany USD 53,815, France USD 46,184, and Italy USD 42,413. Given that women are more likely to favor decorative products than men, the increased employment rate of women also contributes to rising expenditure. Leading market participants in the area are using e-commerce and e-boutiques to grow their opal jewelry businesses. Leading companies are aiming to attract new and younger client groups in the area. For example, Swarovski and Pomellato are expanding their selection of reasonably priced jewelry, which is predicted to increase demand in the area.
By obtaining 30% of the worldwide market, North America, one of the most developed areas, has seen a considerable boost in sales due to rising worries about the standards and quality of jewelry, foreign businesses operating in the North American market, particularly in the United States, face intense competition. In addition, affordability, awareness of one's appearance, and a desire for extremely trendy and unique pieces are the main factors driving the North American market for opal jewelry. The boost in revenue for the US opal jewelry business can be attributed to higher volume sales. This is due to the continued price rise of gold and silver jewelry. Furthermore, it is predicted that the increased use of social media and e-commerce in the region will increase demand for bracelets, rings, necklaces, and chains.
The current report Scope analyzes Opal Jewelry Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!
One of the most developed regions, North America, has seen a significant increase in sales by acquiring 30% of the global market as a result of the need for distinctive and fashionable jewelry. Intense competition is faced by foreign companies operating in the North American market, notably in the United States, due to growing concerns about the standards and quality of jewelry. The key drivers of the North American opal jewelry market are affordability, awareness of one's appearance, and a desire for exceptionally fashionable and distinctive pieces. Higher volume sales are to blame for the increase in revenue for the US opal jewelry industry. Additionally, it is anticipated that the region's growing e-commerce and social media usage will boost demand for bracelets, rings, necklaces, and chains. Thus, the ongoing trend of fashionable jewelry coupled with their affordability will support the regional market growth.
Europe dominated the market in 2023, accounting for a share of more than 39% of worldwide sales, according to Cognitive Market Research. This is a result of the region's diverse countries' high per capita incomes, which encourages customers to spend more on decorative items. The per capita income in 2019 for a number of European countries is, for instance, USD 114,482 for Luxembourg, USD 86,781 for Ireland, USD 53,815, USD 46,184 for France, and USD 42,413 for Italy, per Trading Economics statistics. The higher employment rate of women also contributes to rising expenditures because women are more inclined than men to favor opal jewelry. Leading industry players are expanding their jewelry companies through e-commerce and online stores. Leading businesses want to draw in new, younger clientele in the neighborhood. The increasing per capita incomes especially of the middle class population is therefore responsible for the region’s dominance.
Throughout the forecast, Asia-Pacific is expected to increase significantly at a CAGR of about 6.9% due to rising disposable income and better living conditions. Similarly, a preference for Western culture, an increase in understanding of cost-effective jewelry designs, and the expansion of the opal jewelry market in tier 2 cities have all aided in the public acceptability of opal jewelry, which in turn has propelled the market's growth. Furthermore, semi-precious jewellery producers have focused on expanding their presence in the region due to the region's high growth potential as a result of improved economic conditions in the majority of countries, an increase in living standards, and an increase in the desire to improve physical appearance. Therefore, the growing Western influence in the region along with rising disposable income will support the regions fastest growth rate.
Latin America saw a substantial increase at a rate of 5.1% in the acceptance and consumption of opal jewelry by contributing to global market share due to increased purchasing equality, a higher level of living, and the accessibility of a wide range of jewelry options. The main drivers of the growth of the Latin American opal jewelry market are the expanding population, the rapidly expanding middle class, better business regulations, and increased urbanization. Sales of fake and artificial jewelry have been boosted by the market participants' growth of their distribution networks. It is expected that the growth of men's jewelry shops will further propel the local opal jewelry market. The rising standard of living of people in the region will spur the growth of the regional market.
The Middle East opal jewelry market is anticipated to expand during the period of forecasting acquiring market share of 2.00% due to rising disposable income and spending power of people as well as a growing taste for expensive and designer jewels. Due to the region's diverse cultural and religious traditions, gold and diamond jewelry are in high demand. The Middle East's opal jewelry sector has a bright future ahead of it, with significant growth potential brought on by the region's expanding economies and population. Nevertheless, there are a number of development prospects for the Middle Eastern jewelry sector, including rising discretionary spending and a growing population, both of which will give jewelry retailers a sizable and wealthy consumer base. Thus, the increase in consumer spending power coupled with regional cultural tradition will boost the regional market.
Global Opal Jewelry Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Opal Jewelry Industry growth. Opal Jewelry market has been segmented with the help of its Product Type, Application Distribution Channel, and others. Opal Jewelry market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, the rings are the item that is utilized the most frequently in the market for opal jewelry. The increased demand for wedding rings and the desire for business attire are the main factors driving the rising sales of rings globally. Rising ring sales among male consumers have been a major trend engulfing the industry in recent years.
Necklace are the second-most used product. A chain of jewels strung together is the basis of necklaces. The industry for necklaces is expanding as a result of higher disposable incomes that increase consumers' purchasing power, the advent of delicate necklace designs, changes in fashion and style, and an increase in urbanites' awareness of fashion.
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Opal Jewelry Industry. Request a Free Sample PDF!
The women's sector is the opal jewelry market's most popular application. According to estimates, the women's sector is the largest due to producers developing a greater range of goods tailored exclusively for female consumers. Charms are more popular among women than males since they represent femininity and even social prestige. It boosts women's confidence and sense of beauty.
According to Cognitive Market Research, the men's sector is the second-most popular application. Since more men desire to own the goods as a status symbol to display their high status, distinctive styles, and fashion sense, the men's segment is predicted to increase favorably. Most frequently, men might be seen donning rings, necklaces, and bracelets.
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Opal Jewelry market report 2024 Edition by contacting our team.
According to Cognitive Market Research, offline sales are the most extensively used channel in the opal jewelry market. Retail stores are the main media and the best place for opal jewelry producers to connect with clients and understand their demands. Manufacturers can design new items and improve their current products by studying consumer behavior and purchasing trends. The primary driver of the opal jewelry market is rising consumer interest in artificial and costume jewelry.
One major driver of the expansion of online portals in the opal jewelry market is the convenience provided by these platforms. Additionally, online stores are a well-liked method for customers to buy fashion jewelry.
Research Analyst at Cognitive Market Research
I am a research analyst working in various domains including the Consumer Goods domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.
I am a research analyst working in various domains including the Consumer Goods domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.
I am committed to continuous learning and staying abreast of emerging trends in research methodologies. Regular participation in workshops, webinars, and industry conferences ensures that my skills remain sharp and relevant. I spearheaded research initiatives focused on market trends, customer behavior, and competitive landscapes. I have a demonstrated ability to transform complex data sets into clear and concise narratives that inform key business strategies. Collaborating with cross-functional teams, I played a pivotal role in shaping successful projects that hinged on robust research and analysis.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Opal Jewelry Market is witnessing significant growth in the near future.
In 2023, the Rings segment accounted for noticeable share of global Opal Jewelry Market and is projected to experience significant growth in the near future.
The Men segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Harry Winston , Van Cleef& Arpels and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Disclaimer:
Product Type | Rings, Necklace, Earring, Bracelets, Other |
Application | Men, Woman, Other |
Distribution Channel | Online, Offline |
List of Competitors | Harry Winston, Cartier, Van Cleef& Arpels, Buccellati, Tiffany& Co., Graff, Piaget, Bvlgari, Mikimoto, Chopard, Others |
This chapter will help you gain GLOBAL Market Analysis of Opal Jewelry. Further deep in this chapter, you will be able to review Global Opal Jewelry Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
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Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
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Qualitative Analysis for the North America Market: North America Opal Jewelry Market Trends North America Opal Jewelry Technological Road Map North America Opal Jewelry Market Drivers North America Opal Jewelry Market Restraints North America Opal Jewelry Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
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Chapter 3 Europe Market Analysis
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Chapter 4 Asia-Pacific Market Analysis
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Chapter 5 South America Market Analysis
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Chapter 6 Middle East and Africa Market Analysis
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Only Available with Corporate User License
Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Product Type Analysis 2019 -2031, will provide market size split by Product Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Product Type Analysis 2019 -2031
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Chapter 11 Market Split by Application Analysis 2019 -2031
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Chapter 12 Market Split by Distribution Channel Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Opal Jewelry market
Chapter 13 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Rings have a significant impact on Opal Jewelry market? |
What are the key factors affecting the Rings and Necklace of Opal Jewelry Market? |
What is the CAGR/Growth Rate of Men during the forecast period? |
By type, which segment accounted for largest share of the global Opal Jewelry Market? |
Which region is expected to dominate the global Opal Jewelry Market within the forecast period? |
Segmentation Level Customization |
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Region level Data Customization |
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Country level Data Customization |
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Company Level |
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Additional Data Analysis |
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Additional Qualitative Data |
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Additional Quantitative Data |
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Service Level Customization |
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