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Jewellery sector’s growth will be fueled by a younger, diverse clientele: McKinsey & Co luxury fashion report
Jewellery sales are expected to regain momentum with 3% to 5% projected growth. An increasing number of consumers will transition from non-branded to branded jewellery.
A 2025 luxury fashion report by McKinsey & Co forecasts jewellery and leather goods to be the fastest-growing categories of the luxury goods industry through 2027. The jewellery sector’s growth will be fuelled by a younger and more diverse clientele.
The report notes that in the period 2019-2023, the jewellery category experienced a remarkable 8% CAGR (compound annual growth rate), globally. However, in 2024, growth slowed down between 2% to 4%. This year, jewellery sales are expected to regain momentum with 3% to 5% projected growth, and accelerate to 4% to 6% by 2027.
Jewellery sector’s growth in the next 3 years will be shaped by shifting customer profiles and buying behaviours. An increasing number of consumers will transition from non-branded to branded jewellery.
High jewellery sales are likely to increase in line with the growing number of ultra-high-net-worth individuals worldwide. Moreover, growing interest among younger buyers in genderless jewellery, along with luxury brands investing in technology and immersive experiences will further shape interest among digital natives and new consumers
However, the report cautions that an uncertainty in a clear segregation between lab-grown diamond and natural diamond markets could pose a challenge to this growth.
Key points:
- Jewellery to grow globally between 4%-6% through 2027: McKinsey & Co.
- High-jewellery demand to rise as the wealthy population grows worldwide.
- Global iconic jewellery brands continue to lead growth for luxury conglomerates
- Diamond-studded jewellery to see the biggest growth in India in 2025: Redseer
- India’s precious jewellery market to grow at a healthy 11-13% CAGR until 2028
- Organised jewellery sector in India to grow 20% year-on-year in FY25: Ind-Ra
Gold prices in the U.S. have moved back above $4,700 per ounce, with spot gold trading near $4,750 on Thursday, May 7, 2026. This marks a gain of over 1% in a single day, following its strongest rise in more than five weeks on Wednesday.
Although gold is still around 15% below its record high of nearly $5,595 per ounce, reached in January 2026, prices remain much higher than the $4,300–$4,400 support range seen during the market decline in late March.
Gold has been trading in a narrow range since the Iran conflict began in late February. During that period, prices dropped by more than 10% as rising oil prices increased inflation concerns, forcing the U.S. Federal Reserve to keep interest rates unchanged and pushing Treasury yields higher.
Now, market conditions are changing. Oil prices are easing, bond yields are falling, and investors are returning to gold, making it more attractive again.
Three main factors are supporting the recent rise in gold prices:
1. Falling U.S. Treasury yields:
The yield on the 10-year U.S. Treasury bond has dropped from around 4.4%, reducing the cost of holding gold. Since gold does not pay interest, lower bond yields make it a more attractive investment.
2. A weaker U.S. dollar:
A softer dollar generally helps gold prices, as it makes gold cheaper for buyers using other currencies.
3. Optimism over U.S.–Iran talks:
Renewed hopes of diplomacy between the U.S. and Iran have improved market sentiment, adding support to gold prices.
With Treasury yields easing and inflation fears cooling, one of the biggest pressures on gold since March is beginning to fade.
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