The luxury sector, particularly the watch and jewelry industry, is experiencing a slowdown, impacting demand for Rolex, Patek Philippe, and lab-grown diamonds. The market is expected to influence the holiday season and future industry developments. The jewelry rental market is expected to experience significant growth in North America and Europe, driven by factors such as technological innovation and growing demand for jewelry rental for weddings and banquets. The gems and jewelry market is projected to reach USD 415.09 million by 2028, with a CAGR of 4.7%, driven by the growth in online retailing and affordable pricing of costume jewelry.

Luxury Sector Slowdown