The demand for gold worldwide has risen from over 3.1 thousand metric tons in 2007 to around 4.4 thousand metric tons in 2019. There are several different industries that use gold, but the largest of these is the jewelry industry. In 2017, the jewelry industry used over 2.1 thousand metric tons of gold, accounting for a little over half of all gold demand worldwide. Regionally, China and India account for the largest share of global gold jewelry demand.
Diamonds are probably the most iconic gemstone to be used in jewelry production, thought of by many as a symbol of everlasting love and luxury. In 2017, the diamond jewelry market was valued at about 82 billion U.S. dollars worldwide. Silver and platinum are two other commonly used jewelry materials, though platinum jewelry has seen a decrease in popularity over the last several years.
Some of the top jewelry retailers worldwide are Signet Jewelers, Richemont Group, LVMH Group, and Tiffany and Co. Signet Jewelers generates the majority of its sales through bridal and fashion jewelry. LVMH Group, which owns the brands Bulgari, Hublot, and Chaumet, attributes nine percent of its total revenue on jewelry and watches, which amounted to around 3.8 billion U.S. dollars in 2017. Unlike Signet Jewelers, engagement jewelry only takes up a relatively small share of Tiffany and Co.’s net sales. Instead, the company generates most of its sales through jewelry collections.