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Newark, DE--Future Market Insights said in a news release that the global luxury fine jewelry market size is projected to expand at a CAGR of 6.5% over the forecast period (2022-2032), reaching a valuation of $85,887.5 million by the end of 2032.

Per the release, changing consumer behavior and fashion trends, growing demand for used jewelry, and the trend of jewelry businesses prioritizing social media and celebrity collaborations are contributing factors to this change.

The company notes that sales of used jewelry increased during the shutdown, especially in the fine vintage market, reflecting consumers' desire for ethical purchasing and potential savings. A preoccupation with vintage jewelry and archival culture is increasing in 2022 due to the advent of e-commerce, resistance to incessant new-season products, and a yearning for more meaningful luxury.

Companies are employing many tactics to expand their customer base and transform the jewelry industry. For instance, in 2015, Missoma, a demi-fine jewelry company aimed at women in their 20s and 30s, switched from being mostly a wholesale brand to 95% online. According to the brand's founder Marisa Hordern, this helped the company identify and understand its target market.

Get a sample copy of the report here.