The Australia Jewellery market is estimated to be valued at AUD 5.09 billion in 2024. It is expected to grow at a compound annual growth rate (CAGR) of 2.76% between 2025 and 2034, reaching almost AUD 6.68 billion by 2034. The jewellery sector in Australia has shown resilience, with growing interest in both traditional and contemporary designs, and it is poised for further expansion due to factors such as increasing disposable income, evolving fashion trends, and a greater focus on high-quality, ethically sourced materials.

Market Overview

The Australian jewellery market is a diverse and evolving industry that includes a range of products such as rings, necklaces, bracelets, earrings, and watches. These items serve not only as symbols of luxury but also as emotional and sentimental purchases for occasions like engagements, weddings, anniversaries, and celebrations of personal milestones.

Jewellery in Australia has long been a part of cultural traditions, with both local and international designers offering a variety of styles, from classic and timeless pieces to modern, statement-making designs. With the growth of e-commerce, consumers now have easy access to a broader range of jewellery brands and designs, further stimulating the market.

Key Drivers of Growth

1. Evolving Fashion Trends: Australian consumers have shown a growing preference for both minimalist and bold, statement-making jewellery. As fashion trends shift toward more personalized and unique styles, jewellery pieces are becoming important tools for self-expression. Young Australians, particularly millennials and Gen Z, are increasingly prioritizing individualistic designs and artisanal craftsmanship over mass-produced pieces.

2. Rising Disposable Income: With an increasing level of disposable income, more Australians are willing to invest in high-quality jewellery as a luxury good. This trend is particularly prominent in the premium segment, where consumers are seeking items made with precious metals like gold, platinum, and diamonds. As economic stability continues to improve, jewellery is becoming an increasingly popular way for individuals to signify success, wealth, and social status.

3. Growth of Online Retail and E-commerce: The rise of e-commerce has significantly impacted the jewellery market, making it easier for consumers to browse, compare, and purchase pieces online. Australian jewellery brands have embraced digital platforms, offering a seamless shopping experience through virtual try-ons, detailed product descriptions, and flexible return policies. E-commerce has particularly benefited the niche and independent jewellery designers, allowing them to reach a wider audience while providing consumers with more variety and convenience.

4. Ethical and Sustainable Sourcing: As consumers become more conscious of their environmental impact and social responsibility, the demand for sustainably sourced and ethically produced jewellery has surged. Australian consumers are increasingly drawn to jewellery brands that prioritize fair-trade materials, recycled metals, and responsibly sourced gemstones. This growing awareness has led many jewellery companies to adopt transparent supply chains, focusing on sustainable practices that minimize the ecological footprint of their products.

5. Increase in Engagement and Wedding Purchases: Engagement rings and wedding jewellery continue to represent a significant portion of the Australian jewellery market. As more couples choose to get married later in life, there is an increasing trend toward higher-quality and more expensive engagement rings. Additionally, couples are looking for custom or unique pieces that reflect their personal styles, driving demand for bespoke and personalized jewellery services.

6. Rising Popularity of Watches: Watches, both as fashion accessories and functional items, have gained prominence in the Australian jewellery market. Smartwatches are becoming increasingly popular, with tech companies incorporating innovative features alongside traditional timepiece design. Luxury watches are also in demand, particularly for those seeking to make a statement or invest in high-quality craftsmanship.

Market Segments

1. By Product Type:

   • Rings: Engagement rings and wedding bands remain one of the most sought-after jewellery items in Australia. Diamond rings, in particular, dominate the market, followed by custom-made pieces that cater to unique tastes.
   • Necklaces & Pendants: These remain popular gifts for significant occasions, with Australians often purchasing necklaces for birthdays, anniversaries, or holidays. Gold and silver necklaces, as well as customizable pendants, are especially in demand.
   • Earrings: Earrings are among the most frequently purchased jewellery items, with designs ranging from simple studs to elaborate dangly earrings. The rise of personalized earrings, including birthstone and charm-based designs, has contributed to this segment's growth.
   • Bracelets & Bangles: These accessories are often bought for both casual and formal occasions. The growing trend of stacking multiple bracelets, or customizing with charms and beads, has bolstered the popularity of this category.
   • Watches: Luxury and smartwatches are becoming essential fashion accessories, with premium Swiss and Australian-made watches enjoying significant demand. Smartwatches, which merge technology with style, are particularly popular among younger generations.

2. By Material:

   • Gold Jewellery: Gold remains one of the most popular materials in the Australian jewellery market due to its timeless appeal and status symbol. Both 18K and 24K gold jewellery are sought after by consumers who view gold as an investment piece.
   • Silver Jewellery: Silver is a more affordable alternative to gold and is growing in popularity, particularly in fashion-forward and trendy designs. Sterling silver is commonly used for a variety of jewellery items, including rings, necklaces, and earrings.
   • Platinum & Diamonds: Platinum and diamonds continue to hold their position in the premium segment, with many consumers associating these precious materials with luxury and exclusivity. Engagement rings made of platinum with diamond settings are particularly in demand.

3. By Price Segment:

   • Affordable Jewellery: While affordable jewellery remains a popular option for budget-conscious consumers, there is a significant shift toward purchasing higher-quality pieces that are built to last.
   • Premium Jewellery: High-end jewellery crafted from precious metals and stones is in high demand, especially among consumers looking to invest in timeless pieces. This includes engagement rings, luxury watches, and designer jewellery items.
   • Luxury Jewellery: The luxury segment of the Australian jewellery market is thriving, with a growing appetite for exclusive, one-of-a-kind pieces from well-known international designers.

Challenges and Opportunities

Challenges:

• Price Sensitivity: While disposable income is rising, price sensitivity remains an issue for certain demographics. This challenge is particularly prominent in the budget and mid-range segments, where consumers may opt for more affordable alternatives instead of premium jewellery.
• Counterfeit and Low-Quality Products: The rise of counterfeit jewellery products and subpar manufacturing processes in the market can erode consumer trust. Consumers who are looking for high-quality, durable jewellery must be cautious in distinguishing genuine products from inferior ones.

Opportunities:

• Sustainability and Ethical Practices: As consumer interest in sustainability grows, there is a significant opportunity for jewellery companies to position themselves as leaders in the ethical sourcing of materials, and environmentally friendly practices.
• Personalized Jewellery: The rising demand for personalized jewellery offers a major opportunity for brands to create unique, customized pieces. Engraving, birthstones, and bespoke designs allow customers to create jewellery that holds sentimental value.
• Expansion of E-commerce: Online retail platforms offer vast opportunities for jewellery brands to expand their reach beyond traditional brick-and-mortar stores. Through digital marketing, virtual try-ons, and an emphasis on convenience, brands can cater to a wider audience.

Conclusion

The Australia jewellery market is poised for steady growth, driven by evolving consumer preferences, increasing disposable income, and rising demand for high-quality, sustainable jewellery. With a projected CAGR of 2.76%, the market will continue to flourish as consumers seek out unique and personalized pieces that cater to their individual styles and values. For jewellery brands, this is an exciting time to innovate, offering ethically sourced materials, personalized designs, and seamless online shopping experiences to meet the changing needs of Australian consumers. Whether through traditional luxury pieces or modern, eco-conscious creations, the Australian jewellery market has much to look forward to in the coming decade.