Jewelry has always been in high demand. It is cherished across cultures as a symbol of style, tradition, and investment. In 2023, the global jewelry market was valued at $353.26 billion and is expected to grow to $482.22 billion by 2030, with a compound annual growth rate (CAGR) of 4.5%. Jewelry also ranked as the 28th most traded product worldwide, with exports totaling $126.1 billion in 2023.
Key trends, such as lab-grown diamonds, personalized pieces, and culturally inspired designs, are reshaping the industry. These trends reflect consumer preferences for sustainability and individuality. Meanwhile, timeless pieces marketed as modern heirlooms highlight the enduring appeal of high-quality craftsmanship.
For businesses, this dynamic market offers vast opportunities. Investing in jewelry supply through wholesale gold jewelry suppliers, fashion jewelry suppliers, or custom jewelry manufacturers can help brands meet this growing demand. This guide explores top-sourcing countries to help you make informed decisions.
Countries to Source From
India
India’s jewelry industry is deeply rooted in its rich cultural heritage. Renowned for intricate craftsmanship, the country exports gold and gemstone jewelry, particularly traditional styles. In 2022, India was the world's second-largest jewelry exporter, exporting $12.6 billion worth of jewelry.
Top Export Markets: USA, Hong Kong, UAE, Belgium, Israel, Thailand, Singapore
Specialties: Handcrafted gold jewelry, gemstones, and traditional styles. Diamonds, gold, pearls, and gemstones are popular materials for Indian jewelry. Some popular styles are Kundan Jewelry, Meenakari Jewelry, and Polki Jewelry.
Access to unique gemstones and traditional designs
Challenges:
Variability in supplier reliability
Longer lead times for custom pieces
United States of America
The USA is a pioneer in innovation, particularly in lab-grown diamonds and high-tech jewelry manufacturing. It caters to both local and international markets, focusing on luxury and sustainability. In 2022, the United States exported $8.67 billion in jewelry, making it the sixth-largest exporter of jewelry in the world.
Italy’s reputation for elegance and style is reflected in its jewelry industry. Renowned for gold and silver craftsmanship, Italy is a hub for luxury jewelry production with a focus on innovation and tradition. In 2022, Italy exported $9.68 billion in jewelry, making it the 5th largest exporter of jewelry in the world.
Top Export Markets: United States ($1.46B), United Arab Emirates ($1.19B), Switzerland ($1.02B), France ($855M), and Ireland ($541M).
Specialties: Gold and silver craftsmanship, high-end designer jewelry, including immaculate and finely detailed high-carat Gold chains, characterful pendants, and intricate mosaics.
Trade Agreements: European Union trade agreements
Pros:
Luxury appeal and innovative designs
Strong heritage in jewelry-making
Compliance with hallmarking standards
Challenges:
High production costs
Limited scalability for mass-market demands
France
France's jewelry industry is a blend of artistry and luxury, deeply rooted in its cultural heritage. Known for its fine jewelry and high-end designs, France emphasizes craftsmanship and sustainability in its production.
Top Export Markets: Switzerland ($2.64B), China ($435M), United States ($422M), Italy ($375M), and Hong Kong ($360M).
Specialties: Fine jewelry, luxury watches, and bespoke designs with a focus on ethical sourcing and sustainability.
Trade Agreements: European Union trade agreements
Pros:
Renowned craftsmanship and luxury appeal
Strong focus on ethical and sustainable practices
High brand recognition globally
Challenges:
High labor and production costs
Limited scalability for mass-market production
Thailand
Thailand is a global leader in gemstone cutting and jewelry craftsmanship, known for its ability to balance high quality with affordability. Its robust gemstone trade bolsters its jewelry industry.
Export Value (2022): $4.62 billion
Top Export Markets: United States ($1.37B), Germany ($517M), United Kingdom ($337M), Thailand ($324M), and Hong Kong ($232M).
Specialties: Gemstone cutting, silver jewelry, and intricate designs. Popular materials include sapphires, rubies, and sterling silver.
Indonesia’s jewelry industry is characterized by its intricate traditional designs and use of locally sourced materials. It is renowned for handcrafted pieces that reflect the country's rich cultural heritage.
Top Export Markets: Singapore ($571M), United Arab Emirates ($444M), Jordan ($443M), United States ($305M), and Switzerland
Specialties: Handcrafted gold and silver jewelry, traditional designs, and unique cultural motifs.
Trade Agreements: ASEAN Free Trade Area (AFTA)
Pros:
Skilled artisans specializing in traditional craftsmanship
Access to locally sourced materials
Competitive production costs
Challenges:
Limited capacity for large-scale production
Less emphasis on modern and luxury markets
Singapore
Singapore's jewelry industry is known for its high standards of quality and innovation. The country serves as a hub for luxury goods in Southeast Asia, attracting global brands and affluent buyers.
Top Export Markets: United Arab Emirates ($630M), United States ($451M), Qatar ($286M), Hong Kong ($220M), and Switzerland ($215M).
Specialties: Luxury and custom-designed jewelry, lab-grown diamonds, and sustainable practices.
Trade Agreements: Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
Pros:
Strategic location for trade in Southeast Asia
High-quality production standards
Strong emphasis on innovation and sustainability
Challenges:
High labor costs
Dependency on imported raw materials
Conclusion
Sourcing the right jewelry is vital for meeting market demands and standing out in a competitive industry. Countries like India, the USA, Italy, France, Thailand, Indonesia, and Singapore each offer unique advantages, from affordable production to luxury craftsmanship. Key trends, such as sustainability, personalization, and modern heirlooms, highlight the importance of aligning your sourcing strategy with evolving consumer preferences.
Whether you're looking for wholesale gold jewelry suppliers, fashion jewelry suppliers, or custom jewelry manufacturers, understanding the strengths and challenges of each sourcing destination is essential.
Interested in sourcing for other categories? Explore our blog for insights and strategies tailored to your needs!"
FAQ
1. What certifications should I look for when sourcing jewelry?
Key certifications include the Responsible Jewelry Council (RJC) Certification, Kimberley Process for conflict-free diamonds, BIS Hallmark for gold (India), and Assay Office Hallmarks (UK). These verify ethical sourcing and material quality.
2. What is hallmarking and why is it important?
Hallmarking verifies the purity and authenticity of precious metals, ensuring quality assurance. It builds trust with customers and complies with legal standards in many countries.
3. How do I vet a new jewelry supplier?
Begin by checking certifications, requesting samples, and reviewing their client portfolio. Conduct background checks and consider visiting the supplier’s facility if possible.
Head of Marketing
Judy Chen
Graduating from USC with a background in business and marketing, Judy Chen has spent over a decade working in e-commerce, specializing in sourcing and supplier management. Her experience includes developing strategies to optimize supplier relationships and streamline procurement processes for growing businesses. As SourceReady’s blog writer, Judy leverages her deep understanding of sourcing challenges to create insightful content that helps readers navigate the complexities of global supply chains.
