Costume Jewelry Market Size (2024 – 2030)

The global costume jewelry market was valued at USD 34.81 Million and is projected to reach a market size of USD 5.691 billion by the end of 2030. Over the forecast period of 2024–2030, the market is projected to grow at a CAGR of 7.12%. 

Throughout the forecast period, several variables, including shifting lifestyles, rising fashion consciousness, and rising disposable income, are anticipated to fuel the market's growth. In addition, market demand in recent times has been driven by the growing need for the product because of an increasing working population. Growing numbers of manufacturers have introduced many reasonably priced solutions, which has led to a rise in popularity among young people, business professionals, and working women. Over the past five years, this has increased demand for the product. The rising demand for the commodity has also been significantly influenced by the frequent fluctuations in the prices of gold and silver.

Key Market Insights:

Costume jewelry sometimes referred to as fashion, artificial, or false jewelry, is typically composed of inexpensive, mass-produced materials and is plated—that is, a thin layer of more expensive metal is placed over a less expensive metal. Genuine gold, silver, and platinum settings, as well as imitation or artificial gemstones, can all be found in fashion jewelry. Fashion or fake jewelry can also be defined as jewelry that has a natural gemstone as the focal point and is surrounded by artificial stones; this type of jewelry is less expensive than jewelry made of precious metals. The market is growing as a result of more designers entering the worldwide scene and a rising desire for modern jewelry.

In nations like India, where wearing jewelry is highly preferred, it is difficult for the lower classes to buy gold. As a result, the desire for costume jewelry has increased in the area, which will soon have an impact on market demand. During the projected time, these factors are expected to fuel the expansion of the costume jewelry market.

Costume Jewelry Market Drivers:

Trends in jewelry design and eye-catching promotional techniques have increased the demand for the costume jewelry market.

To increase sales in a variety of countries, manufacturers are updating their branding and marketing strategies for their products. The manufacturers have employed innovative strategies to increase sales of costume jewelry, such as introducing new products with natural-looking semi-precious stones, bold jewelry designs, and bright stones set in neatly packed chains. Costume jewelry is becoming more and more popular among consumers, especially ladies because it is easy to wear, affordable, and practical for traveling or attending social events. One frequent strategy used by manufacturers to draw in more customers is to employ copper and brass as the main elements to construct these products, which have no negative skin effects. This has additionally contributed to the revenue growth of businesses in this sector. The manufacturers' collective adoption of these techniques is propelling the worldwide costume jewelry market's expansion.

An increase in the number of consumers who care about fashion has significantly affected the growth of the costume jewelry market.

People's growing awareness of external attractiveness has increased the market's acceptance of costume jewelry. There is a discernible increase in fashion sensitivity among younger women. The need for reasonably priced and fashionable jewelry is rising due to the swift changes in fashion trends across different locations. Additionally, both men's and women's demand for costume jewelry has increased, particularly for rings, bracelets, and chains. Women between the ages of 45 and 65 have a strong desire for necklaces with semi-precious stone engravings. Additionally, the use of fake jewelry and costumes by people of all ages is fueling the expansion of the costume jewelry industry worldwide.

The growing number of working women globally supports the growth of the costume jewelry market.

Global consumer disposable income is rising, which is good for market expansion because it is being driven by economic expansion in emerging markets. Consumers are more likely to buy trendy jewelry when their disposable income rises since it increases their affordability and purchasing power. Additionally, the number of working women is growing, and with them comes an increased awareness of contemporary jewelry trends, which is driving up product sales. The accessibility of trendy designs, affordability, a wide range of material alternatives, and low maintenance requirements are other important elements driving product sales.

Market Restraints and Challenges:

Strong industry regulations and increasing competitors will restrain the market expansion of costume jewelry.

The expansion of the market is being restricted by strict laws and standards concerning elements like nickel and cadmium used in fashion jewelry. Adherence to these standards may result in elevated production expenses and restricted material options for fashion jewelry production, thereby impacting the diversity and affordability of the product line. For example, the ASTM F2923-11 standards, which restrict the amount of cadmium used in children's jewelry, are enforced by the Fashion Jewelry & Accessories Trade Association (FJATA), a non-profit organization that specializes in apparel, jewelry, and fashion accessory regulations. Additionally, fine and demi-fine jewelry producers compete fiercely with makers of artificial jewelry. An increasing number of consumers looking for more upscale items is placing more restrictions on the market.

Costume Jewelry Market Opportunities:

The growing market need for artificial jewelry products will increase the demand for costume jewelry products in the jewelry market.

In the coming years, the market for fake and copycat jewelry will grow rapidly. In terms of total sales, it is anticipated that a minor portion of popular items like gold or silver jewelry will remain during the forecast period. In the global costume jewelry market, rings, bracelets, and earrings have the most potential for sales. Costume jewelry with fewer negative effects and fewer side effects is preferred by consumers. In addition, producers will probably use semi-precious metals like copper and brass to meet customer demands. Numerous significant market participants, like Buckley London, Yurman Design, Inc., and Avon Products, Inc., intend to allocate funds toward marketing tactics.

COVID-19 Impact Analysis on the Global Costume Jewelry Produce Market:

The COVID-19 pandemic's effects on manufacturing and supply chain disruptions negatively impacted the worldwide costume jewelry market share in 2020. The new epidemic also resulted in considerable production delays, which hurt global product sales. Moreover, the COVID-19 pandemic hindered global trade, which in turn decreased the profitability of manufacturers in 2020. Due to consumer revenue losses, delayed wedding engagements, and canceled celebrations and gatherings, the market for costume jewelry metals decreased during the 2020 pandemic. There was a major worker exodus from urban to rural areas because of strict social isolation and lockdown measures, which led to a labor shortage. In addition, during the pandemic, shortages and higher costs resulted from delays in the import and export of raw commodities between nations.

COSTUME JEWELRY MARKET REPORT COVERAGE:

Costume Jewelry Produce Market Segmentation: By Product Type

• Rings

• Necklaces

• Chains

• Bracelets

• Earrings

• Pendants and others

Necklaces and chains are segments of the costume jewelry production market that own the largest market size, with a CAGR of 7.12% during 2024-2030. A basic body chain worn around the neck, wrists, and ankles is called a necklace or chain. The metal jewelry chains used to make these chains are mostly copper, nickel silver, and brass plating. Costume necklaces are made up of a chain made of several gemstones connected. The growth of the necklace and chain sector is driven by several factors, including rising disposable incomes that increase purchasing power, the creation of delicate necklace designs, changes in style and clothing, and an increase in fashion consciousness among urbanites. Also, a rise in nightclubs, cocktail parties, and business gatherings has had a significant impact on the always-changing global necklace fashion scene.

A ring is a circular band that is adorned with jewelry and worn around the finger. Rings around the neck, arms, and toes are not covered by this section, though. The selection of costume rings includes both vibrant, colorful stone rings and basic, traditional bands. The most common types of rings to match the outfit are made of leather and metal. Furthermore, as global fashion trends change, industry participants are being compelled to introduce fashionable products that meet consumer demand by matching the latest trends in the industry. The ring market has grown as a result of shifting styles of jewelry, such as traditional jewelry, and rising awareness of costume jewelry. In addition, market expansion is anticipated to be greatly fueled by increases in consumer purchasing parity, enhanced designs, and worldwide economic growth.

Costume Jewelry Produce Market Segmentation: By Distribution Channel

• Online 

• Offline

The offline category has become the largest distribution channel in recent years for the customized jewelry market. Growing product sales via offline distribution channels are a result of both the expanding willingness of consumers to physically check products and the increasing penetration of new brands. Additionally, offline channels allow clients a tangible and customized buying experience. Employees working in stores usually interact directly with consumers, offering advice and suggestions based on personal tastes and thereby speeding up product sales via the physical medium. Due to an increasing number of tech-savvy people and rising internet and smartphone penetration, the online sale of fake jewelry is predicted to increase during the projected period. Online stores make purchasing simple and quick by providing a large product range, user reviews, and the ease of shopping from home. Additionally, the ease of 24/7 shopping that internet retailers provide appeals to customers with little time.

Costume Jewelry Produce Market Segmentation: By End-User

• Male

• Female

Female consumers in the costume jewelry production market own the largest market size as end users. In the market for costume jewelry, female consumers consume jewelry at a nominally higher rate than male buyers. Costume jewelry is preferred by women since it is disposable, affordable, and may be worn as an accessory to go with a particular outfit. Women of all ages now prefer jewelry made of semi-precious stones. Because of this, jewelry producers have had to venture into the costume or fake jewelry market. The costume jewelry industry is also anticipated to grow because of shifts in lifestyle and demographics, increased awareness of allergies and skin care, and the customization of jewelry designs. The exceptional quality, comfort, and diverse design options provided by these jewelry producers entice buyers to buy jewelry and accessories for costume fashion, contributing to the expansion of the worldwide market.

When looking at the jewelry industry, most consumers are women, which is comparable to other markets for fashion accessories. The percentage of male clients is far lower. On the other hand, wearing rings, bracelets, and chains has become fashionable among men who care about style. The market for studs and cufflinks has grown recently, and businesses mostly target men as their clientele. Changes in work schedules, lifestyle modifications, and growing consciousness regarding personality portrayal have driven men's need for costume jewelry. Furthermore, the growing number of metrosexual males, the development in popularity of men's jewelry, and the rise of celebrity culture—which includes influencers like Hollywood and Bollywood actors—have a significant effect on how men dress, which in turn promotes market expansion.

Costume Jewelry Produce Market Segmentation :Region Analysis

• North America

• Asia-Pacific

• Europe

• South America

• Middle East and Africa

North America is anticipated to hold the biggest market share throughout the projected period due to rising customer awareness of appearance and expanding access to distinctive and stylish jewelry. In addition, the combination of Eastern and Western jewelry designs, as well as advancements in lab-grown diamonds and synthetic stones, is increasing product demand in North American marketplaces. Furthermore, the expansion of the regional market is being driven by the increasing demand for jewelry designs and styles, which are influenced by pop culture, celebrities, and fashion influencers.

The near future is predicted to see tremendous growth in the Asia Pacific region due to rising consumer disposable incomes and fast-growing populations in South Korea, China, Japan, and India. At the local level, the rise of the regional market is being driven by the increasing demand for fake jewelry that is handmade and artisanal, using traditional techniques. Rising fashion consciousness among consumers in developing nations like Singapore, Seoul, Tokyo, and others presents a promising prospect for global market players to break into Asian markets.

Europe is predicted to expand gradually over the next several years as a result of the growing popularity of personalized jewelry and the surge in demand for fusion jewelry made of materials including copper, brass, silver, and aluminum. Since Europe is a well-liked travel destination, foreign visitors frequently buy European-style fashion jewelry as mementos, which boosts product sales. France, Switzerland, Italy, Greece, and other European nations are seeing an increase in tourists, which is good for the growth of the regional economy.

Latest Trends/ Developments:

In the foreseeable future, growth may be limited by rising raw material costs and the availability of FAD products. Because of an unorganized supply chain in the market, the industry has seen a sudden, sharp increase in the product's price. These elements may impede market expansion within the allotted time. However, more reputable merchants and internet platforms are creating new opportunities for market participants, which is helping the industry turn a profit.

Key Players:

1. Viange Vintage (India)

2. Teemtry Ltd (China)

3. Blingy Jewellery Pty Ltd (Australia)

4. DWS Jewellery Pvt. Ltd. (India)

5. Swarovski (Austria)

6. JewelryBund.com (China)

7. YIBI Jewelry Co., Ltd. (China)

8. Kanhai Jewels (India)

9. TTT Jewelry (China)

10. Azone (China)

• In September 2023, American Exchange Group, a jewelry manufacturer and designer based in New York, successfully purchased the Italian brand Primavera and the U.S. jewelry company Danecraft.

• In July 2023, the New York-based bridal store Kleinfeld and the American lifestyle brand Centric Brands collaborated to launch a special collection of fashion jewelry designed for weddings and special events.

• In September 2022, the French fashion and clothing brand Zadig & Voltaire debuted a brand-new costume jewelry line that highlighted their use of recycled brass and their dedication to sustainability.

• In March 2022, the London-based fashion and clothing brand Jimmy Choo increased the scope of its products when it introduced a whole line of fashion jewelry that included rings, bracelets, earrings, necklaces, and anklets.