The jewellery market - France

The French jewelry market is evolving at the crossroads of luxury, craftsmanship and new societal expectations. Renowned for its unique expertise, French jewelry stands out worldwide for the quality of its materials, the richness of its creations, and the prestige of its historic houses. Faced with sustained international growth - driven by Asia, the United States and the rise of the middle classes in emerging countries - French production rose by an average of 16.1% a year between 2018 and 2023, with a clear post-COVID upturn in 2021 (+34.2%). Gold jewelry accounts for almost 70% of production, followed by subcontracted parts and costume jewelry. The export sector remains robust, with a 121% coverage rate, and key destinations such as Switzerland, Italy, the United States and China. In France, demand is structured around a seasonal peak at the end of the year, a preference for rings (46% of sales), and a strongly gendered average budget: €235 for men versus €164 for women. While 80% of jewelry is bought for less than €200, the high-end segment remains well established, notably in specialized circuits or the Place Vendôme haute joaillerie, where sales have jumped by +128% between 2021 and 2022. The market is dominated by ultra-fragmentation, with 80% of worldwide sales coming from non-branded products, but the major groups, buoyed by a wave of consolidations (e.g. LVMH-Tiffany), are taking on a growing role. On the consumer side, the dynamic is changing: 18-34 year-olds are the biggest buyers, CSP+ women aged 30-45 are the core target of the traditional market, and online sales are gaining ground, particularly for second-hand jewelry, whose strong growth reflects a craze for more responsible, traceable and personalized consumption . The success of synthetic diamonds, half the price and better perceived ethically, as well as the use of recycled metals, illustrate this change. Pandora, Histoire d'Or and Swatch remain the most popular brands, although the digitalization of the sector is also encouraging the emergence of DNVBs and specialized marketplaces.

Finally, the sector is governed by strict regulations on hallmarks, precious metal titles and specific taxes (HBJOAT, precious metals tax), guaranteeing the traceability and conformity of products sold. These regulations, combined with consumer demands for ethical sourcing, are driving brands to innovate both in terms of creation and transparency.