South Korea jewelry market was valued at USD 4.72 billion in 2023, expected to reach USD 5.75 billion in 2031, with a CAGR of 2.50% for the forecast period between 2024 and 2031. The market is flourishing and competitive, marking existence of domestic and international brands. It is dominated by local brands which have diverse products from everyday wear to luxury items. Their craftsmanship is highly rated by Korean customers as they offer innovative designs that fit into their lifestyles.
Affluent individuals who seek global jewels at exorbitant prices identify international luxury brands, whose presence is substantial. Rising discretionary incomes, a wider middle class, and robust gifting culture especially for weddings and important life stages. Furthermore, K-pop and showbiz industry in South Korea play a pivotal role in framing fashion trends including jewelry with numerous celebrities endorsing different labels.
Due to a number of elements, e-commerce has turned into a key distribution channel that shoppers find quite appealing. Moreover, technological innovations such as websites or apps for buying and selling pre-owned jewelry are driving market expansion by accelerating sustainability and saving money. Due to their ability of making secure exchanges easier, they tend to improve customer satisfaction rates widening market scope. For instance, in November 2023, Uncutgems Company declared the launch of FABRILL, the first online platform in Korea dedicated to the exchange of pre-owned luxury jewels. It handles merchandise from well-known luxury jewelry collections and brands, including Cartier, Bulgari, Boucheron, Tiffany & Co., Chanel, Van Cleef & Arpels, and more. Also, the platform offers specific information on pre-owned luxury jewelry.
In addition to this, demand for sustainability and ethical sourcing is gradually rising, influencing the buyers’ decisions. Notably, innovation, celebrity power, and evolving consumer preferences have made South Korea jewelry market to continue growing despite economic challenge. Subsequently, both regional and international competitors are putting resources into their promotional strategies and broadening their product portfolios with a view to gauge a bigger share of market. In March 2024, LVMH Moët Hennessy Louis Vuitton S.E. collaborated with Lotte Department Store to launch the LV Diamond Collection at Lotte World Tower Avenuel Jamsil, Seoul. The 22-line LV Diamond Collection includes iconic pieces such as the Damier Ring and the Pavé Double Ring, which perfectly capture Louis Vuitton’s essence.
Increasing Jewelry Exports Propels the Market Growth
Increased jewelry exports are influencing market expansion tremendously in South Korea. International demand has increased very sharply for this nation’s adornments as they are known for their expert craftsmanship and groundbreaking creations. South Korea’s jewelry firms are witnessing an international rise in regions such as Asia, Europe, and North America.
Up to USD 25.9 million worth of jewelry was exported from South Korea in May 2024 to Australia at USD 1.15 million or 683%, United Arab Emirates at USD 996 thousand or 218%, and France at USD 6.35 million or 198%, depicting the biggest contributors to the year-over-year growth from 2023. Jewelry exports climbed by USD 10.5 million, i.e., 67.9%, from USD 15.4 million to USD 25.9 million, between May 2023 and May 2024.
Additionally, exports are being enhanced through strategic marketing techniques and affiliations with global celebrities improving brand recognition. Moreover, South Korean jewelry makers have benefited from developments in e-commerce and logistics as this has enabled them to target a wider customer base easily.
Read More: https://www.marketsandata.com/industry-reports/south-korea-jewelry-market
Consequently, the export-led expansion is improving South Korean jewelry firms’ profitability and driving the growth of the sector. This pattern highlights the need to integrate into global markets and create prospects for continued development via well-planned international involvement.
Growing Popularity of Lab-grown Diamonds Leading to Market Expansion
In the South Korea jewelry market, the rise of lab-grown diamonds acts as a catalyst for market growth. These diamonds are favored by shoppers due to their ethical sourcing and ecological advantages. Though they are chemically and physically like natural ones, but their production takes place in a controlled laboratory environment. Environmental degradation arising from traditional diamond mining has caused concerns, surging the demand for sustainable alternatives.
Aligning with the ongoing trend, in May 2024, a unique time-saving approach for creating diamonds was developed by the scientists at the Institute for Basic Science (IBS) and the Ulsan National Institute of Science and Technology (UNIST) in South Korea, using a liquid metal alloy composed of gallium, iron, nickel, and silicon. The method involves heating a 9-liter (2.4-gallon) tank filled with the metal mix to 1,025 °C (1,877 °F) by exposing it to hydrogen and methane gas. The gas is withdrawn from the system after 15 minutes, leaving a diamond-like coating on the bottom of the tank. This diamond film is easily detachable for use in a variety of research projects or immediate uses.
With its speedier and easier alternative to traditional techniques, the methodology has the potential to revolutionize the production of diamonds in South Korea and worldwide. The development, apart from increasing the number of products manufactured, is attracting newer customers, contributing to the growth of the market.
Unisex Segment to Gain Momentum in South Korea
A strong push in favor of unisex jewelry segment is being witnessed in the South Korea jewelry market. The trend mirrors broader societal changes that advocate gender fluidity. It symbolizes the dissolution of time-honored notions of what it means to belong to a particular gender. For everybody irrespective of gender, unisexual ornaments provide an array of adaptable and welcoming styles. It is especially attractive for the younger generations as they tend to be more expressive with their individualism in terms of dressing code and other accessories like jewelry.
Several South Korean prominent jewelry labels are concentrating on this market niche, where their product lines embody elegance, modernism, and universalism. This type of jewelry tends to be minimalist in its design structure, geometrical in shapes, and basic in colorations, hence free from the restraints of masculinity or femininity.
The unisex category is likely to grow as changing cultural beliefs continue influencing jewel makers, helping them with the expansion and diversification of the South Korea jewelry market. In June 2024, J.ESTINA Co., Ltd launched its unisex jewelry range with UNIS, meaning ‘universal’. The silver range features gender-neutral earrings, necklaces, bracelets, rings, and ear cuffs, that can be worne without getting their ears pierced. Buyers can access the collection at the official online mall and all J.ESTINA retail outlets around the country.
Future Market Scenario (2024 – 2031F)
1. The gender-neutral jewelry sector has been projected to achieve remarkable growth due to societal transformations towards gender inclusivity and fluidity. Companies that develop and embrace unisex products might expect better attention from potential buyers and their continuing patronage.
2. Technological advancements such as the introduction of non-fungible tokens (NFTs) are expected to shape the market, allowing the users to possess digital assets. For instance, in January 2023, international jewelry brand, L’Dezen, debuted its limited-edition, non-fungible token (NFT) creation at Meta Z Lounge in southern Seoul. The token is based on the brand’s acclaimed Blooming of Ages ring. Physical and digital versions of the ring were displayed at the event. The actual ring is worth USD 75,000 and has 24-carat of diamonds. With the launch, L’Dezen became the first fine jewelry firm to release a set of diamond earrings as a physical product and an NFT, simultaneously.
Report Scope
“South Korea Jewelry Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of South Korea jewelry market, industry dynamics and challenges. The report includes market size, segmental shares, growth trends, opportunities and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
Contact
Mr. Vivek Gupta
5741 Cleveland street,
Suite 120, VA beach, VA, USA 23462
Tel: +1 (757) 343-3258
Email: info@marketsandata.com
Website: https://www.marketsandata.com/