Global Gold Jewelry Market Size was $114.87 Billion in 2023

Global Gold Jewelry Market Overview

According to Global Market Monitor, the global gold jewelry market size was $114.87 billion in 2023 and is expected to grow to $155.74 billion by 2029.

Gold jewelry is an ornament that people wear, such as rings, bracelets, and necklaces. It is usually made of gold or a gold alloy. The consumer group of gold jewelry is huge, according to the type of application classification, divided into men's gold jewelry, women's gold jewelry, and children's gold jewelry. For men, gold jewelry can highlight personalized accessories. For women, gold jewelry can enhance beauty and show personality. For children, gold jewelry is both a decoration and a carrier for relatives to express their intimate relationship.

There is a Great Demand for Gold Jewelry in China and India

China and India, as the two most populous countries in the Asia-Pacific economy, dominate the gold jewelry consumption market. With a combined population of about 2.8 billion, China and India have a huge potential consumer base. In recent years, China and India have witnessed rapid economic development and a continuous increase in residents' income. China and India have provided a fair and sound policy environment for gold trading and gold jewelry trading. For example, to prevent gold smuggling, India repealed the Gold Control Act and opened the import of gold in 2006. Standardized market management will help India improve the quality of domestic gold products and help maintain the scale of gold consumption. The people of China and India buy gold jewelry not only as ornaments but also contains the core of culture and religion. For example, the Chinese wedding tradition is to buy the bride "three gold" - necklaces, earrings, and rings - or "hardware" - three plus bracelets and bangles, so in the traditional Chinese understanding, giving gold jewelry as part of a human exchange indicates that the giver attaches great importance to this personal connection. In India, women link gold jewelry with their power and wealth, which contains India's own religious culture, so Indian women are obsessed with gold jewelry. The huge consumer population in China and India, as well as the obsession with gold jewelry, promotes the continuous growth of downstream demand, and the strong demand provides a driving force for the development of the industry.

Drivers	Increasing disposable income and spending power of consumers
	The Asia-Pacific region has a vast demand and a huge market.
	The change and upgrade of the consumption concept of the young generation
	Streaming media is helping the industry.
	Men are becoming more accepting of gold jewelry.
	Gold jewelry processing technology progress
Limitations	Marketing network construction and management barriers
	Product homogeneity competition is serious.