Malaysia Jewellery Market (2023-2029) | Industry, Trends, Size, Analysis, Revenue, Outlook, Value, Share, Growth, Forecast, Segmentation & COVID-19 IMPACT

Topics Covered in the Malaysia Jewellery Market

Malaysia Jewellery Market report thoroughly covers the market by product, and by materials. The Jewellery Market Outlook report provides an unbiased and detailed analysis of the ongoing Jewellery Market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Malaysia Jewellery Market Synopsis

Malaysia Jewellery Market is projected to secure tremendous growth in the coming years, followed by increasing population growth in the country and this is leading to securing a widening of the market landscape in the coming years. Additionally, Rising urge among the population to spend on luxury goods, jewellery is one of the luxurious items. Moreover, the rising tourism sector in the country is estimated to secure a high revenue owing to increased purchase of malaysia jewellery as gifts. A growing preference by young people for more affordable and casual in the country is the trend which acts as an opportunity for investors in the market.

According to 6Wresearch, the Malaysia Jewellery Market size is anticipated to grow at a CAGR of 3.70% reaching a market volume of US$1.90bn during the forecast period 2023-2029.  The market growth is driven by a high economic development that leads to higher income levels of the population, this further results in an increased purchasing power of the population enabling them to spend on luxury goods such as jewellery. On the other hand, Malaysia's jewellery market lags behind with limited jewellery product varieties availability, with customers often ending up purchasing unwanted jewellery items, this acts as the major restraint to the market growth in the country. Due to high production costs, local retailers charge high from the customers, which tends to affect customer's budgets while paying a high cost for the product they like. These challenges affect market growth. Despite these above-mentioned challenges, the market has a wide potential to grow tremendously in the expected years that are, Malaysia being a top tourist destination with a high tourist influx in the country, and the demand for jewellery items remains high as tourists love to purchase them for gifting purpose. This results in a favourable impact on the Malaysia Jewellery industry. Moreover, a wide expansion of the digital channels and wide presence of jewellery retailers on social media platforms with the purpose of targeting potential audiences, coupled with a high population presence on social media leading to securing a high purchase of jewellery online, this is expected to surge the Malaysia Jewellery market revenues in the coming years.

COVID-19 Impact on the Malaysia Jewellery Market

The COVID-19 pandemic led to disruptions of raw materials, which affected the manufacturing process of the products. This led to a decrease in production coupled with the closure of many physical retail stores including jewellery stores. Additionally, the customer spending was only on the essential items, jewellery comes under the non-essential items. As a result, the COVID-19 impact on the Malaysia Jewellery Market was negative.

Key Players in the Malaysia Jewellery Market

• Poh Kong Holdings Berhad - Poh Kong is leading jewellery retail chains in the country. They provide a spectrum range of products, which include wedding bands, bracelets, necklaces, and earrings.
• Habib Jewels - Habib Jewels is one of the certified jewellery brands in Malaysia, with a comprehensive range of jewellery products in the country, including gold, diamond, and gemstone jewellery.
• Tomei Consolidated Berhad - Tomei is another growing jewellery retail chain in the country, offering a spectrum range of jewellery products, including gold, diamond, and gemstone jewellery.
• Wah Chan Holdings Berhad - Wah Chan is a jewellery retail chain that focuses on affordable jewellery options, including fashion jewellery and silver jewellery. They provide gold and diamond jewellery at more affordable price points.
• DeGem Berhad - DeGem is a luxury jewellery brand that facilitates standardized jewellery products, including diamonds, gemstones, and fine jewellery.

Market Analysis by Product

According to Dhaval, Research Manager, 6wresearch, the ring segment is gaining momentum in the market owing to increasing weddings and engagements in the country. This is expected to surge Malaysia Jewellery Market growth.

Market Analysis by Material

Based on this, Gold material jewellery is the most popular due to a sustainable material and has been purchased for cultural purposes. On the other side, followed by gold, diamond is also experiencing a huge market demand in the country with the rising wedding and ring ceremonies in the country.

Key attractiveness of the report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022.
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• Malaysia Jewellery Market Outlook
• Market Size of Malaysia Jewellery Market, 2022
• Forecast of Malaysia Jewellery Market, 2029
• Historical Data and Forecast of Malaysia Jewellery Revenues & Volume for the Period 2019 - 2029
• Malaysia Jewellery Market Trend Evolution
• Malaysia Jewellery Market Drivers and Challenges
• Malaysia Jewellery Price Trends
• Malaysia Jewellery Porter's Five Forces
• Malaysia Jewellery Industry Life Cycle
• Historical Data and Forecast of Malaysia Jewellery Market Revenues & Volume By Product for the Period 2019 - 2029
• Historical Data and Forecast of Malaysia Jewellery Market Revenues & Volume By Necklace for the Period 2019 - 2029
• Historical Data and Forecast of Malaysia Jewellery Market Revenues & Volume By Ring for the Period 2019 - 2029
• Historical Data and Forecast of Malaysia Jewellery Market Revenues & Volume By Earrings for the Period 2019 - 2029
• Historical Data and Forecast of Malaysia Jewellery Market Revenues & Volume By Bracelet for the Period 2019 - 2029
• Historical Data and Forecast of Malaysia Jewellery Market Revenues & Volume By Others for the Period 2019 - 2029
• Historical Data and Forecast of Malaysia Jewellery Market Revenues & Volume By Material for the Period 2019 - 2029
• Historical Data and Forecast of Malaysia Jewellery Market Revenues & Volume By Gold for the Period 2019 - 2029
• Historical Data and Forecast of Malaysia Jewellery Market Revenues & Volume By Platinum for the Period 2019 - 2029
• Historical Data and Forecast of Malaysia Jewellery Market Revenues & Volume By Diamond for the Period 2019 - 2029
• Historical Data and Forecast of Malaysia Jewellery Market Revenues & Volume By Others for the Period 2019 - 2029
• Malaysia Jewellery Import Export Trade Statistics
• Market Opportunity Assessment By Product
• Market Opportunity Assessment By Material
• Malaysia Jewellery Top Companies Market Share
• Malaysia Jewellery Competitive Benchmarking By Technical and Operational Parameters
• Malaysia Jewellery Company Profiles
• Malaysia Jewellery Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Product

• Necklace
• Ring
• Earrings
• Bracelet

By Material

• Gold
• Platinum
• Diamond

Malaysia Jewellery Market: FAQs