Opal Jewelry Market Report 2024 (Global Edition)

Global Opal Jewelry Market Report 2024 Market Size Split by Product Type (Rings, Necklace, Earring, Bracelets, Other), by Application (Men, Woman, Other), by Distribution Channel (Online, Offline)

Opal Jewelry Market Report Description

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Opal Jewelry Market Insights Video

Competitive Landscape of the Opal Jewelry Market

Opal jewelry is a very competitive industry. It has a number of opal jewelry providers, including both large worldwide conglomerates and smaller specialized businesses. Businesses have started using scented opal jewelry in their product lines in an effort to attract more clients.

Opal Jewelry Industry News

• July 2023: Tiffany & Co. announces the acquisition of an incredible gemstone: an emerald weighing more than ten carats. The rare 'Tiffany Muzo Emerald' is named from its source, the legendary Muzo mines, located 60 miles northwest of Bogotá. It is sourced straight from Muzo Emerald Colombia, where the world's finest emeralds are unearthed. The verdant stone symbolizes Tiffany's unwavering search for nature's most spectacular gemstones. 

(Source: press.tiffany.com/tiffany-co-acquires-rare-tiffany-muzo-emerald-of-over-10-carats-sourced-from-the-famed-muzo-mines-of-colombia/)

• June 2023: The House of Harry Winston, the famed "King of Diamonds" and international luxury brand, has announced the establishment of its first retail salon in Nanjing, China. The 213-square-meter salon will feature Harry Winston's excellent jewelry and timepiece collections, including the finest diamonds and rarest gemstones. It will be located inside the Deji Plaza, a prime luxury shopping destination in Xinjiekou.

(Source: www.harrywinston.com/en/the-house/news-and-events/news23_nanjingopening)

Top Companies Market Share in Opal Jewelry Industry: (In no particular order of Rank)

• Harry Winston
• Cartier
• Van Cleef& Arpels
• Buccellati
• Tiffany& Co.
• Graff
• Piaget
• Bvlgari
• Mikimoto
• Chopard
• Others
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

In terms of revenue, the Europe Opal Jewelry Market share was 39% of the total market

According to Cognitive Market Research, Europe dominated the market in 2023 and accounted for a share of more than 39% of the global revenue due to several variables. This is due to the high per capita incomes in the region's various nations, which encourages consumers to spend more on opal jewelry goods. According to data released by Trading Economics, the per capita income in 2019 for several European nations is, for example, Luxembourg USD 114,482, Ireland USD 86,781, Germany USD 53,815, France USD 46,184, and Italy USD 42,413. Given that women are more likely to favor decorative products than men, the increased employment rate of women also contributes to rising expenditure. Leading market participants in the area are using e-commerce and e-boutiques to grow their opal jewelry businesses. Leading companies are aiming to attract new and younger client groups in the area. For example, Swarovski and Pomellato are expanding their selection of reasonably priced jewelry, which is predicted to increase demand in the area.

By obtaining 30% of the worldwide market, North America, one of the most developed areas, has seen a considerable boost in sales due to rising worries about the standards and quality of jewelry, foreign businesses operating in the North American market, particularly in the United States, face intense competition. In addition, affordability, awareness of one's appearance, and a desire for extremely trendy and unique pieces are the main factors driving the North American market for opal jewelry. The boost in revenue for the US opal jewelry business can be attributed to higher volume sales. This is due to the continued price rise of gold and silver jewelry. Furthermore, it is predicted that the increased use of social media and e-commerce in the region will increase demand for bracelets, rings, necklaces, and chains.

The current report Scope analyzes Opal Jewelry Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Opal Jewelry Market

One of the most developed regions, North America, has seen a significant increase in sales by acquiring 30% of the global market as a result of the need for distinctive and fashionable jewelry. Intense competition is faced by foreign companies operating in the North American market, notably in the United States, due to growing concerns about the standards and quality of jewelry. The key drivers of the North American opal jewelry market are affordability, awareness of one's appearance, and a desire for exceptionally fashionable and distinctive pieces. Higher volume sales are to blame for the increase in revenue for the US opal jewelry industry. Additionally, it is anticipated that the region's growing e-commerce and social media usage will boost demand for bracelets, rings, necklaces, and chains. Thus, the ongoing trend of fashionable jewelry coupled with their affordability will support the regional market growth.

Europe Opal Jewelry Market

Europe dominated the market in 2023, accounting for a share of more than 39% of worldwide sales, according to Cognitive Market Research. This is a result of the region's diverse countries' high per capita incomes, which encourages customers to spend more on decorative items. The per capita income in 2019 for a number of European countries is, for instance, USD 114,482 for Luxembourg, USD 86,781 for Ireland, USD 53,815, USD 46,184 for France, and USD 42,413 for Italy, per Trading Economics statistics. The higher employment rate of women also contributes to rising expenditures because women are more inclined than men to favor opal jewelry. Leading industry players are expanding their jewelry companies through e-commerce and online stores. Leading businesses want to draw in new, younger clientele in the neighborhood. The increasing per capita incomes especially of the middle class population is therefore responsible for the region’s dominance.

Asia Pacific Opal Jewelry Market

Throughout the forecast, Asia-Pacific is expected to increase significantly at a CAGR of about 6.9% due to rising disposable income and better living conditions. Similarly, a preference for Western culture, an increase in understanding of cost-effective jewelry designs, and the expansion of the opal jewelry market in tier 2 cities have all aided in the public acceptability of opal jewelry, which in turn has propelled the market's growth. Furthermore, semi-precious jewellery producers have focused on expanding their presence in the region due to the region's high growth potential as a result of improved economic conditions in the majority of countries, an increase in living standards, and an increase in the desire to improve physical appearance. Therefore, the growing Western influence in the region along with rising disposable income will support the regions fastest growth rate.

South America Opal Jewelry Market

Latin America saw a substantial increase at a rate of 5.1% in the acceptance and consumption of opal jewelry by contributing to global market share due to increased purchasing equality, a higher level of living, and the accessibility of a wide range of jewelry options. The main drivers of the growth of the Latin American opal jewelry market are the expanding population, the rapidly expanding middle class, better business regulations, and increased urbanization. Sales of fake and artificial jewelry have been boosted by the market participants' growth of their distribution networks. It is expected that the growth of men's jewelry shops will further propel the local opal jewelry market. The rising standard of living of people in the region will spur the growth of the regional market.

Middle East and Africa Opal Jewelry Market

The Middle East opal jewelry market is anticipated to expand during the period of forecasting acquiring market share of 2.00% due to rising disposable income and spending power of people as well as a growing taste for expensive and designer jewels. Due to the region's diverse cultural and religious traditions, gold and diamond jewelry are in high demand. The Middle East's opal jewelry sector has a bright future ahead of it, with significant growth potential brought on by the region's expanding economies and population. Nevertheless, there are a number of development prospects for the Middle Eastern jewelry sector, including rising discretionary spending and a growing population, both of which will give jewelry retailers a sizable and wealthy consumer base. Thus, the increase in consumer spending power coupled with regional cultural tradition will boost the regional market.

Opal Jewelry Market Analysis

Opal Jewelry Product Type Segment Analysis

According to Cognitive Market Research, the rings are the item that is utilized the most frequently in the market for opal jewelry. The increased demand for wedding rings and the desire for business attire are the main factors driving the rising sales of rings globally. Rising ring sales among male consumers have been a major trend engulfing the industry in recent years. 

Necklace are the second-most used product. A chain of jewels strung together is the basis of necklaces. The industry for necklaces is expanding as a result of higher disposable incomes that increase consumers' purchasing power, the advent of delicate necklace designs, changes in fashion and style, and an increase in urbanites' awareness of fashion.

• Rings
• Necklace
• Earring
• Bracelets
• Other

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Opal Jewelry Industry. Request a Free Sample PDF!

Opal Jewelry Application Segment Analysis

The women's sector is the opal jewelry market's most popular application. According to estimates, the women's sector is the largest due to producers developing a greater range of goods tailored exclusively for female consumers. Charms are more popular among women than males since they represent femininity and even social prestige. It boosts women's confidence and sense of beauty.

According to Cognitive Market Research, the men's sector is the second-most popular application. Since more men desire to own the goods as a status symbol to display their high status, distinctive styles, and fashion sense, the men's segment is predicted to increase favorably. Most frequently, men might be seen donning rings, necklaces, and bracelets.

• Men
• Woman
• Other

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Opal Jewelry Distribution Channel Segment Analysis

According to Cognitive Market Research, offline sales are the most extensively used channel in the opal jewelry market. Retail stores are the main media and the best place for opal jewelry producers to connect with clients and understand their demands. Manufacturers can design new items and improve their current products by studying consumer behavior and purchasing trends. The primary driver of the opal jewelry market is rising consumer interest in artificial and costume jewelry. 

One major driver of the expansion of online portals in the opal jewelry market is the convenience provided by these platforms. Additionally, online stores are a well-liked method for customers to buy fashion jewelry. 

• Online
• Offline

Author's Detail

Sneha Mali

Research Analyst at Cognitive Market Research

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I am a research analyst working in various domains including the Consumer Goods domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.

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