Global Jewelry Market Growth

The global jewelry market was valued at around $369 billion in 2024 and is expected to reach $416 billion by 2029. Fine jewelry continues to lead the growth, but the wider category is gaining momentum, especially among Gen Z and millennial consumers who are driving new expressions of status and style.

Market Trends and Consumer Behavior

In response to the growing demand, retailers are adapting their strategies. Selfridges, for instance, is launching a "jewelry destination" in its Oxford Street flagship store in August 2025, which will integrate jewelry with women’s clothing. The retailer has seen a 34% rise in ring sales, with many Gen Z consumers purchasing jewelry for themselves rather than waiting for someone else to buy it for them.

The Rise of Affordable Luxury

Gen Z consumers are driving the demand for affordable luxury, personal expression, and a departure from traditional status symbols. This generation is looking for "small luxury" and "glossy" as a form of self-expression and is using accessible indulgences and mood optimism during economic uncertainty. The Dover Street Market is also focusing on jewelry this summer with a four-week exhibition featuring 36 aspiring designers.

Personalization and Customization

Personalization has become a significant driver of demand in the jewelry category, with consumers increasingly looking for unique, expressive pieces. This shift is linked to the "chaotic adaptation" trend, which emphasizes personalization through DIY decorations and other playful opportunities for accessorizing. Gen Z’s approach to jewelry is particularly experimental, value-oriented, and expressive, with a focus on customizable and sentimental pieces that reflect individuality and match their values.

The Power of Customization

For many brands, customization has become a key area of focus. The British brand D Louise, for example, has built an entire category around customization and has seen significant sales growth. The brand’s engraving collection is now one of its best-selling areas, making up over 25% of total sales. As the demand for personalized jewelry continues to grow, it’s likely that more brands will follow suit and prioritize customization and unique, expressive pieces.