Latin America Jewelry Market Size (2024 - 2029)

The Latin American jewelry market is experiencing a shift in its market size due to evolving consumer preferences and external influences. The market, which saw a decline in sales during the COVID-19 pandemic due to restrictions and decreased social gatherings, has been rebounding as online retail gains popularity. Fine jewelry drives the market, with significant demand for fashion jewelry in Mexico and Brazil. The increasing interest in precious stones like diamonds and gold, coupled with changing lifestyles and a desire for innovative designs, is contributing to the market's growth. While offline stores still hold a significant portion of the market share due to their exclusive collections, the convenience of online shopping is becoming increasingly influential in shaping the market's future.

Home Market Analysis Consumer Goods and Services Research Luxury Goods & Services Research Luxury Goods Research Gems & Jewelry Research Jewelry Research Latin America Jewelry Industry Market Size

Market Size of Latin America Jewelry Industry

Picture15
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 2.79 %
Market Concentration Low

Major Players

Latin America Jewelry Market Major Players

*Disclaimer: Major Players sorted in no particular order

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:

Latin American Jewelry Market Analysis

The Latin American jewelry market is projected to witness a CAGR of 2.79% over the forecast period (2022-2027).

The Latin American jewelry market faced a decline in sales due to the influence of the COVID-19 pandemic. Government regulations, lockdowns, and shutdowns affected the sales, coupled with the decrease in demand for jewelry by customers. This was because people were restricted from going out, and the number of social gatherings and parties also decreased. But during the second quarter of the pandemic, people acknowledged the purchase of jewelry from online retail stores, increasing the demand for jewelry in Latin America further.

Jewelry sales in Latin America are mostly driven by fine jewelry, wherein Mexico and Brazil form the key markets for costume jewelry. The customers in the market prefer different varieties of fashion jewelry. On the other hand, the demand for precious stones like diamonds and gold is rising, creating an upsurge in the market demand. Moreover, the market studied is highly influenced by customers' changing lifestyles, who look for constant evolution in different designs and styles.

  • Jewelry sales via offline stores hold a prominent share among the consumers, owing to the exclusive collections at these stores. However, in recent times, online retail stores are gaining traction, owing to the convenience and safety associated with shopping for jewelry online.

Latin American Jewelry Industry Segmentation

Jewelry refers to the personal ornaments of men and women, typically used to accessorize oneself. The Latin American jewelry market is segmented by category, type, distribution channel, and geography. Based on category, the market is segmented as real jewelry and costume jewelry. By type, the segmentation is done as necklaces, rings, earrings, charms & bracelets, and others. On the basis of distribution channels, the market is divided into offline retail and online retail stores. Further, the market is segmented by regions, such as Mexico, Brazil, Colombia, and the Rest of Latin America. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).

By Category
Real Jewelry
Costume Jewelry
By Type
Necklaces
Rings
Earrings
Charms & Bracelets
Others
By Distribution Channel
Offline Retail Stores
Online Retail Stores
Geography
Brazil
Mexico
Colombia
Rest of Latin America
Need A Different Region Or Segment?
Customize Now

Latin America Jewelry Market Size Summary

The Latin American jewelry market is experiencing a gradual recovery and growth trajectory following the setbacks caused by the COVID-19 pandemic. Initially, the market faced challenges due to government-imposed restrictions and a decline in social gatherings, which reduced the demand for jewelry. However, the shift towards online retailing during the pandemic has significantly boosted demand, with consumers increasingly favoring the convenience and safety of e-commerce platforms. The market is characterized by a strong preference for fine jewelry, with Mexico and Brazil leading in the costume jewelry segment. The rising income levels and evolving fashion trends are further propelling the demand for fine jewelry, while the interest in precious stones like diamonds and gold is on the rise, reflecting the changing lifestyles and preferences of consumers.

The competitive landscape of the Latin American jewelry market is marked by the presence of both global and regional players, such as Jóias Vivara, Pandora SA, LVMH, Manoel Bernardes SA, and H Stern Jewelers Inc. These companies are focusing on product innovation and strategic expansions, including mergers and acquisitions, to enhance their market presence and cater to the evolving consumer demands. The market is becoming increasingly fragmented, with players leveraging strong distribution channels and digital innovations, such as virtual try-on features, to attract and retain customers. The emphasis on creating exclusive collections and collaborating with designers, as seen in initiatives like Muzo Emerald Colombia's collaboration with ten designers, highlights the industry's commitment to meeting the diverse tastes and preferences of Latin American consumers.

Explore More

Latin America Jewelry Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

    2. 1.2 Market Restraints

    3. 1.3 Porter's Five Forces Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Category

      1. 2.1.1 Real Jewelry

      2. 2.1.2 Costume Jewelry

    2. 2.2 By Type

      1. 2.2.1 Necklaces

      2. 2.2.2 Rings

      3. 2.2.3 Earrings

      4. 2.2.4 Charms & Bracelets

      5. 2.2.5 Others

    3. 2.3 By Distribution Channel

      1. 2.3.1 Offline Retail Stores

      2. 2.3.2 Online Retail Stores

    4. 2.4 Geography

      1. 2.4.1 Brazil

      2. 2.4.2 Mexico

      3. 2.4.3 Colombia

      4. 2.4.4 Rest of Latin America

Latin America Jewelry Market Size FAQs

The Latin America Jewelry Market is projected to register a CAGR of 2.79% during the forecast period (2024-2029)

Jóias Vivara, Pandora SA, LVMH, Manoel Bernardes SA and H Stern Jewelers Inc. are the major companies operating in the Latin America Jewelry Market.

Latin American Jewelry Market Report Snapshots

Latin American Jewelry Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)