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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.

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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

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International News

Precious Metals See Profit-Taking On Firmer Dollar, Cooling Crude Prices

Geopolitical Optimism Triggers Risk Premium De-escalation

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Precious metals are witnessing a bout of profit-taking this Thursday, with Comex gold slipping 1% to $4,507 and silver tracking lower by 1.58% to $71.49. The intraday cooling comes as investors weigh a firmer dollar against a backdrop of shifting geopolitical narratives and cooling crude prices.

The primary driver for the morning’s retreat appears to be a cautious de-escalation in risk premiums. Reports that Tehran is reviewing a U.S. proposal to end the ongoing conflict have injected a dose of optimism into the markets, softening the immediate “flight to safety” that has bolstered bullion recently. Gold briefly touched levels near $4,498 earlier in the session before finding minor support.

Analysts attribute silver’s underlying strength to a combination of industrial demand and its role as a macroeconomic hedge. Market experts suggest that the current volatility is likely intermittent. The overarching trend remains anchored by a weakening dollar and expectations that central banks may ease off aggressive interest rate hikes.

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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