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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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The London Bullion Market Association Releases Country of Origin (CoO) Sourcing Report

Data Highlights Overall Stability In Gold Sourcing, A Slight Contraction In Silver Volumes

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The London Bullion Market Association (LBMA) released its latest seven-year Country of Origin (CoO) sourcing report for Good Delivery List (GDL) refiners. The data highlights overall stability in gold sourcing, a slight contraction in silver volumes, and a continued dominance of recycled material across both metals.

Key Data Highlights

Gold Sourcing (5,536 tonnes total | ▲ 3% YoY)

Recycled Gold: Rose 7% to 3,755 tonnes, making up the bulk of overall supply.

Mined Gold: Dropped 5% to 1,782 tonnes.

Artisanal & Small-Scale Mining (ASM): Rose 24% to 54.6 tonnes (led by Bolivia at 18 t, Peru at 16 t, and the Philippines at 8 t).

Note

LBMA captures only a fraction of total global ASM production, estimated by Metals Focus at ~845 tonnes.

Silver Sourcing (33,446 tonnes total | ▼ 3% YoY)

Recycled Silver: 18,885 tonnes; Mined Silver: 14,561 tonnes

Notable Country-Level Trends

China: Gold recycling surged by 190 tonnes to reach 908 tonnes. In silver, reported mining volume spiked to 5,272 tonnes (up 2,212 tonnes), contrasting with independent estimates showing a modest national mine output drop.

Switzerland: Maintained its status as the largest European source for gold, accounting for 743 tonnes.

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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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