South Korea Luxury Diamond Jewelry Market Assessment, By Jewelry Type [Rings, Necklaces and Pendants, Bracelets, Earrings, Others], By End-user [Women, Men, Unisex], By Distribution Channel [Offline, Online], By Region, Opportunities and Forecast, 2018-20

South Korea luxury diamond jewelry market is projected to witness a CAGR of 3.12% during the forecast period 2025-2032, growing from USD 2.32 billion in 2024 to USD 2.97 billion in 2032, owing to rising disposable incomes and cultural influences. The market is characterized by a blend of traditional craftsmanship and contemporary design, with luxury brands offering bespoke and designer collections. Rising disposable incomes and the influence of K-pop culture are major factors, as consumers increasingly seek luxury goods as symbols of status and personal style. The market potential attracts global luxury diamond businesses to enter South Korean market.

In July 2024, French jeweler Messika Group launched its first location in South Korea, in partnership with Bluebell Group. The store offered The Move collection, which debuted in 2007 and revolves around bezel-set diamonds that slide on rails. The other collections include Move Classique, Move Uno, and Move Link. Bluebell will oversee Messika’s retail operations, marketing initiatives, and possible domestic expansion in the country. This partnership highlights the increasing appeal of luxury diamond jewelry in South Korea, driven by cultural influences and consumer interest in high-end fashion.

K-Pop Influence and Digital Platform Fuels the South Korea Luxury Diamond Jewelry Market

Luxury diamond jewelry in South Korea is fueled through the effects of K-pop and celebrity endorsements. These factors mold fashion trends, including those for jewelry. Endorsements of these brands increase the appeal of high-end diamond jewelry among younger consumers, thereby creating demand and visibility for the brands. The cultural influence, therefore, is crucial in this market, as consumers obviously seek luxury products as they give them an identity and status.

Digital platforms have also changed the landscape of the luxury diamond jewelry market in South Korea by providing wider access to luxury jewelry and more personalized shopping experiences. The increased use of e-commerce has widened market reach whereby brands are able to engage more directly with their customers. Social media platforms have been a major tool for enhancing brand engagement and visibility, thus sparking consumer interest in luxury diamond jewelry. On the swell of market expansion in Korea, brands which enjoy international acclaim, invariably trickle into the market.

For instance, in March 2024, Lotte Corporation brought Louis Vuitton diamond collection at in South Korea, to meet the growing demand for premium weddings.

High-Net-Worth Individuals and Luxury Brands Driving the South Korean Luxury Diamond Jewelry Market

The growth in the high-net-worth individuals (HNWI) in South Korea is instigating further opportunities for the luxury diamond jewelry market. Rising disposable income and economic stability have fueled the increase in demand for luxury items, including fine jewelry. These rich consumers consider diamond jewelry for status and as an investment, thus creating demand for the high-end and custom diamond jewelry markets. The purchasing power of this set continues to spur the market's growth and evolution.

Luxury brands are focusing on creating experiential retail opportunities for the consumer through in-store cafes, interactive displays, or art installations. This gives the customer an experience, something to savor to remember their purchase. Louis Vuitton managed to bring more spotlight to experiential retail in the realm of high-end diamonds by partnering with notable retail destinations such as Lotte Department Store on an exclusive collection.

Ring Segment is Anticipated to Lead with Higher CAGR

Based on jewelry type, ring segment is the fastest growing one. Rings, especially engagement and wedding rings, possess considerable cultural significance in South Korea, where they serve as indicators of commitment and status. This association with status even grows stronger with K-pop and celebrity endorsements when luxury diamond rings are flaunted at lavish weddings and events across the country. In addition to this growth, disposable income generating commercialization and a vibrant gifting culture, especially during peak periods, also strengthen the industry. In tune with trends in luxury and designer jewelry, the ring segment has benefited as consumers are now looking toward purchase of more fine and customized pieces.

The growth of e-commerce platforms in South Korea enhances the accessibility and visibility of luxury diamond rings, making them more appealing to consumers who value convenience and personalized shopping experiences. Furthermore, the increasing demand for lab-grown diamonds and ethically sourced materials is expected to further boost the ring segment, as consumers seek sustainable luxury options.

Future Market Scenario (2025 – 2032F)

• The market will likely shift towards eco-friendly and ethically sourced diamonds, with consumers prioritizing environmental responsibility alongside luxury.
• E-commerce and virtual try-on technologies are anticipated to become the primary channels for luxury diamond jewelry sales, transforming the retail landscape.
• Personalized and customized jewelry experiences drive growth, as consumers seek unique, tailored pieces reflecting individual style.
• The market is expected to integrate more closely with global trends, influenced by international designs and consumer preferences.

Key Players Landscape and Outlook

The competitive landscape in South Korea luxury diamond jewelry market focus on leveraging premium branding, innovation, and diversified distribution channels. Companies focus on creating exclusive designs and limited-edition collections to cater to the growing demand for personalized and high-end products. Strong marketing campaigns, often involving local influencers and K-pop celebrities, enhance brand visibility and consumer engagement. The market also capitalizes on the increasing preference for sustainable and ethically sourced diamonds, aligning with global trends. Furthermore, new product launches are driving the South Korean luxury diamond jewelry market. Various companies are launching advanced products to meet the changing demands of different industries. Companies tend to expand their stores with advanced retail design in different part of the country.

For instance, in October 2022, Cartier S.A. re-opened its newly renovated flagship store in Seoul at Cheongdam. The newly renovated store featured the most recent retail design concept of the brand, featuring a complete range of products from watches, jewelry, eyewear, accessories, and bags. Show more