According to Fortune Business Insights, the global jewelry market is projected to reach $232.9 billion by the end of 2024. It is forecasted to grow to $242.8 billion in 2025, and by 2032, it is expected to reach $343.9 billion, with a compound annual growth rate of 5.1%. The market will be driven by rings, which are becoming increasingly popular as symbols of engagement and marital status. Key factors contributing to the growth of the jewelry market include the popularity of jewelry as a status symbol, fashion trends promoted by celebrities and influencers, as well as the rapid rise of online sales, making jewelry accessible to a broader audience. The Asia-Pacific region leads the market with a 39.3% share of the total jewelry market. Notably, the largest markets are China, India, and Japan. There is a growing popularity of lab-grown diamonds, as reported by energyprom.kz.
Women traditionally make up the largest segment of jewelry buyers, and manufacturers are offering them a wider range of products. In the men's segment, growth is expected due to an increasing number of men wanting to own jewelry as a symbol to showcase their high status, unique style, and sense of fashion. Men primarily wear bracelets, necklaces, and rings.
In Kazakhstan, the production volume of jewelry and similar products for January to December 2024 reached 1.8 billion tenge, which is more than one and a half times higher compared to January to December 2023 in monetary terms (IFO — 125.4%). The previous year saw a decline in production volume of 9.9% (IFO — 82.2%).
However, the increase in production volume may also have been influenced by the price of gold in the global market. According to the World Gold Council, in 2024, the price of gold reached 40 new record highs. The average price from September to December 2024 was around $2,660 per ounce, while the annual average price was $2,390 per ounce — 23% higher than in 2023.
This year, the price of gold continues to set records. Recently, according to Comex exchange data, the price of gold reached an all-time high, surpassing $2,900 per ounce. The previous record lasted a week: on February 3, the price of gold hit $2,870 per ounce.
Prices for jewelry and watches in Kazakhstan increased by 2.2% in January of this year — less noticeably than in November and December 2024, when monthly growth was 6% and 7.2%, respectively. In January 2023, the price of jewelry and watches rose only by 0.1% month-on-month. Over the year, jewelry and watches increased in price by 24.9% — significantly more compared to January 2023, when the growth was only 4.3%.
The driver of growth in the global jewelry market — gold wedding rings — increased in price in Kazakhstan by 2.3% over the month. The previous month saw an increase of 8.3%, while in January of last year, there was no monthly price change. Considering the record prices for gold and the upcoming Valentine's Day celebrated in February, a noticeable increase in the price of gold wedding rings is also expected this month.
In annual dynamics, gold wedding rings increased in price by 26.8% by the end of January 2025. The rise was noted in all regions of Kazakhstan. The highest price increase was observed in the Kyzylorda region: 65.5%. Following are Aktobe region (40.4%), Shymkent (35.7%), and Turkestan region (35.6%). The least significant price increases were in the West Kazakhstan (2.6%), Mangystau (6.2%), and North Kazakhstan (7.9%) regions.
