The jewelry market in Korea is a thriving and essential part of the fashion landscape. Whether for work or special events, jewelry is a must-have accessory, contributing to the country’s reputation for being home to one of the world’s largest jewelry markets. In 2023, the overall revenue in the Korean jewelry market reached an impressive USD 4.72 billion. Interestingly, the market demonstrated resilience during the peaks of the COVID-19 pandemic, maintaining stability compared to other industries. This stability was attributed to the flexibility provided to customers, allowing them to choose between online and offline shopping channels.
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Offline shopping dominance and growth projections in jewelry market in Korea
When examining the dynamics between online and offline jewelry shopping, despite the convenience of online platforms, offline sales continue to dominate. In 2023, offline jewelry sales constituted 63.5% of the revenue, while online sales accounted for 36.5%. This indicates that, although online shopping is a preference for many busy consumers, the tactile experience of trying on or seeing jewelry in person remains a significant factor in purchasing decisions. Major jewelry stores strategically establish branches in prominent department stores such as Shinsegae or Lotte to enhance both online and offline sales.
Looking ahead, the future of the jewelry market in Korea appears promising. Projections estimate that by 2028, the industry’s revenue will reach USD 5.30 trillion, indicating continued growth. This positive outlook creates opportunities for new brands seeking entry into the Korean jewelry market. However, successful entry requires a thorough understanding of market trends, identification of major competitors, and awareness of peak seasons, ensuring a strategic and informed approach to navigating this dynamic industry.
Jewelry market trends: simple designs, popularity of celebrity worn jewelry and couple rings
Less is more: simple jewelry is on trend in Korea
Korean jewelry is gaining popularity for its simplicity and elegance, setting it apart from flashy designs in other regions. The emphasis is on clean lines, basic shapes, and a subtle yet striking charm. Gold and silver are favored for their timeless appeal, making the jewelry versatile. The minimalist style makes Korean jewelry a go-to for those who appreciate understated sophistication, and its timeless designs are suitable for any occasion. This trend is not limited to a particular season, offering a consistent market appeal for marketing strategies.
Celebrity worn jewelry pieces becomes a hit in Korea
The influence of K-pop and K-dramas is pivotal in shaping fashion trends, especially in the realm of jewelry. Celebrities, particularly those in the K-pop scene, play a significant role in driving consumer choices.
Jewelry pieces worn by these stars quickly become sought-after trends, as showcased by actress Han So Hee’s butterfly earrings in the drama “Nevertheless.” The widespread popularity of K-pop has elevated Korean culture globally, making Korean jewelry more accessible and appreciated worldwide.
For example, the butterfly earrings worn by actress Han So Hee in the drama “Nevertheless” have become a huge hit in South Korea, with stores even featuring the actress wearing the earrings on the package.
Couples in Korea announce their relationship by wearing couple rings
In South Korea, couples have unique ways of announcing their relationships. Beyond digital methods like counting the days they dated on KakaoTalk or displaying mini printed pictures of their loved ones on phone cases, a distinctive tradition is the exchange of couple jewelry, specifically couple rings. Unlike in other countries, these rings don’t necessarily signify engagement but rather serve as a symbol of commitment. This tradition has led to jewelry brands in Korea designing specific couple ring collections to stay in tune with the trend. Couples often celebrate milestones like anniversaries or 100 days of dating by exchanging these meaningful rings.
Top 3 Korean jewelry brands: unique and luxurious jewelry for a reasonable price
Golden Dew has it all: quality, elegance, and affordability
Established in 1989, Golden Dew has grown into one of Korea’s largest jewelry brands, boasting an extensive network of 90 branches across the country. In 2017, the brand received the prestigious “Brand of the Year” award at the Jewelry World Awards (JWA). Golden Dew’s commitment to quality is evident through its Exclusive Diamond Selection (EDS) system. This system ensures a supply of diamonds exclusively for Golden Dew through contracts with a select number of internationally recognized diamond suppliers. Besides using the carefully selected materials, Golden Dew’s uniqueness lies on its luxurious and elegant designs. For example, the “morning dew” from the Dew Collection is a signature and best-selling item of the brand. The “morning dew” symbolizes that the simplicity and elegance never goes out of the fashion.
Moreover, Golden Dew’s “muse”, Han Ji Min, is known for her elegant style, described by Golden Dew as “timelessly brilliant”. Han personifies the brand’s luxurious yet enduring designs, crafted to withstand ever-changing fashion trends. The brand’s signature lavender color reflects the warmth and luxury associated with its identity, making it memorable and easily recognizable. The pricing also contributes to its popularity. For example, the 14K gold necklaces with selected diamonds and luxurious designs can start from USD 300, which is very affordable for Koreans’ budget.
J. ESTINA: a “princess” jewelry for a reasonable price
Established in 2003 as South Korea’s first bridge jewelry brand, J. ESTINA collaborated with Princess Giovanna of Italy, later Queen of Bulgaria, as its brand muse. The brand gained widespread popularity for its tiara-inspired jewelry, symbolizing the elegance of a princess. The designs are mostly soft, girly, and modern, making the brand a go-to for anyone wanting that “princess” vibe. Besides the designs, the signature J. ESTINA pink (Pantone 176 C) color represents the brand’s feminine, girly, and princess-like essence.
Following a 2019 renewal, a significant boost to the brand’s popularity came with its main ambassador, IU, a well-known K-pop star. IU is also known as “nation’s sweetheart” for her kind personality and soft fashion style which aligns well with the brand’s signature jewelry designs. IU’s presence at major events, campaigns, and photoshoots wearing J. ESTINA has made the brand exceptionally popular since 2020. With 90 stores in South Korea and 13 internationally, J. ESTINA stands as one of the largest jewelry brands in Korea. The affordability of the pieces has played a crucial role in popularity of this brand. For example, a signature “tiara” necklace is around USD 69 on the official website of J. ESTINA.
Wing Bling is popular for its wide range of designs and low prices
Established in 2016, Wing Bling quickly gained prominence as one of Korea’s most popular jewelry brands. Offering diverse and unique designs, the brand is known for featuring items worn by K-pop idols such as IU, Twice, Got7, and NCT. The brand uses its popularity among celebrities for its advantage by have a “celeb items” section on their website, where all the pictures of celebrities wearing Wing Bling is shown. Wing Bling’s jewelry pays homage to feminine beauty with a touch of sparkle, providing affordable, original pieces perfect for women unafraid to showcase their style. The price range is what makes this brand so popular among young people looking for an affordable gift with a cute package. For example, for USD 80, customers can buy a 14K rings with a unique design. Moreover, through collaborating with South Korea’s largest health and beauty retail Olive Young, Wing Bling expanded the number of its branches to 133 in Korea. This collaboration contributes to Wing Bling’s accessibility and popularity among consumers.
White Day, Valentine’s Day, and Christmas are the busiest times for shops to assist, sell and wrap the jewelry
During holidays like White Day, Valentine’s Day, and Christmas, jewelry market in Korea gear up for a surge in demand. These special occasions are crucial for the jewelry stores as they offer a chance to assist customers in choosing perfect gifts to create memorable gift-giving moments.
Women lead on Valentine’s, Men respond on White Day
White Day emerges as a peak season for jewelry sales in South Korea, closely following the Valentine’s Day. During Valentine’s Day, women traditionally shower men with gifts, prompting a surge in men flocking to department stores in search of the perfect gift for their significant others on White Day.
White Day campaigns are designed for those who do not want to stress about finding the perfect gift for their significant other. For example, an affordable jewelry set with cute packaging is what many customers look for on these busy days. Such demand motivated J.ESTINA to launch special campaigns like “CLOVIA” collection for the White Day. Customers adored the “CLOVIA” necklace from the collection for its versatile “two-way” design, perfect for different necklines, and the charming pink packaging. Reviews highlight the romantic appeal of the packaging, and customers appreciate the special touch of a “two-way” necklace, allowing them to adapt the shape according to their preferences.
Valentine’s Day is another significant occasion for jewelry sales, where women take the lead in buying gifts for men. While men’s jewelry may not be as popular as women’s, the day remains as a busy day for jewelry brands in Korea.
Couple-centric charms: Christmas jewelry sales peak
Christmas in Korea, a couple-oriented day unlike many Western countries, is another peak time for jewelry sales in South Korea. Couples exchange gifts, including luxury jewelry. Luxury brands like DDIER DUBOT capitalize on the holiday spirit with campaigns featuring striking red gift packaging, contributing to the overall market excitement. Moreover, the brand has a “Gifts $300 & Under” section on their website, offering consumers packaged gifts for their budget.
Gems of growth: Insights into Korea’s thriving jewelry market
- Jewelry market’s revenue has reached USD 4.58 billion in 2023, and it is projected to grow in future as well.
- Despite the convenience of online shopping in Korea, consumer prefer shopping offline to check the product or try on.
- Current jewelry market trends in Korea are simple jewelry designs, celebrity “picks”, and couple jewelry.
- Golden Dew, J. ESTINA, and Wing Bling are luxurious yet affordable brands that dominate the industry with their huge number of branches across the country and popular brand ambassadors.
- White Day, Valentine’s Day, and Christmas are peak seasons to shop and sell jewelry in Korea.
