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Jewelry is one of the oldest art forms in the world. Royals wear crowns of fine jewels. The rich and the famous wrap themselves in gold, dripping with diamonds.
Jewelry can be symbolic and sentimental. We give bracelets and necklaces as gifts. We take relationships to the next level with engagement rings and wedding bands.
It is rare to see someone without at least one piece of jewelry on their person. They are statement pieces, heirlooms, fashion statements.
So, it should be no surprise that the global jewelry market is currently valued at $229.3 billion. That number is expected to increase to about $292 billion by 2025.
Jewelry companies may not rule the world, but they certainly make quite a profit. Here is a list of the ten largest jewelry companies worldwide ranked by revenue in USD.
10 Largest Jewelry Companies in the World
LVMH. Paris, France
2020 Annual Revenue: $54B
2020 Growth Rate: -17%
Number of Employees: 150,000+
LVMH is considered a world leader in luxury products. In 1987, fashion brand Louis Vuitton merged with drinks brand Moet Hennessy to become Moet Hennessy Louis Vuitton. This multinational conglomerate currently includes 75 iconic brands across multiple industries, or “Houses,” as they call them.
They focus on brands that produce high-quality items in each of their four houses: Wine & Spirits, Fashion & Leather Goods, Perfume & Cosmetics, Watches & Jewelry.
As of 2020, six of their currently held brands are jewelry companies. These brands account for over 450 stores worldwide and over $4M in sales.
In January 2021, they completed their acquisition of Tiffany & Co., bringing their number of “Watches & Jewelry” brands to seven. Included in their 2020 sales are Chaumet, Tag Heuer, Zenith, Bvlgari, Hublot, and Fred.
While their growth rate for 2020 is negative, they are known for their rapid growth. We will likely see more acquisitions in the coming years.
Rajesh Exports. Bangalore, India
2020 Annual Revenue: $27B
2020 Growth Rate: 9.7%
Number of Employees: 400+
What began as a small shop located in the garage of their Bangalore home in 1989 has quickly become a multibillion-dollar business over the last thirty years. Founded by current chairman Rajesh Mehta and his brother Prashant, Rajesh Exports specializes in gold and gold jewelry. In fact, they process 35% of gold produced worldwide.
In addition to their gold processing, Rajesh Exports is considered one of the largest manufacturers of gold products and has one of the largest active jewelry design databases available today. They have some of the world’s finest R&D facilities and are known for their innovative manufacturing processes.
Gold may hold cultural significance in India, but it is a highly sought-after metal across the globe. Currently ranked 462nd on the Fortune Global 500, Rajesh Exports is a rapidly growing company that continues to expand. They acquired the Swiss gold refinery Valcambi in 2015 for $400M.
Chanel. London, United Kingdom
2020 Annual Revenue: $13.7B
2020 Growth Rate: 19%
Number of Employees: 20,000+
Gabrielle “Coco” Chanel founded what was originally called the House of Chanel in 1909. The name Chanel has become synonymous with elegance and is known for developing timeless designs and well-known perfumes. Coco Chanel opened her jewelry line in 1932, debuting the ‘Bijoux de Diamants,’ a line that is still available today.
Despite its age — over 100 years old — Chanel was named one of the fastest-growing luxury brands in 2019. Some of the world’s most famous women act as brand ambassadors, their well-known faces featured in ads and commercials internationally.
The current owners of Chanel, brothers Alain and Gerard Wertheimer, are the grandchildren of Pierre Wertheimer. Pierre was Coco’s business partner in the early days of the company. In fact, he played a considerable role in the success of Coco’s signature fragrance, Chanel No. 5.
Chow Tai Fook. Hong Kong
2020 Annual Revenue: $7.3B
2020 Growth Rate: -15%
Number of Employees: 32,000+
While the name may not be immediately familiar to you, you have likely encountered some of Chow Tai Fooks’s designs. They are sold at well-known retailers worldwide, including Amazon and Macy’s. They even have partnerships with Disney, retailing items in both a “Marvel” collection and a Disney Classics collection.
Founded in 1929 in Guangzhou, China, by Chow Chi-Yuen, Chow Tai Fook has expanded internationally. They currently have over 2,600 stores in mainland China alone. They are well known for their excellent craftsmanship as well as their 999.9 gold jewelry. Chow Tai Fook set a new gold purity standard that revolutionized the industry.
The company was passed to Chow Chi-Yuen’s son-in-law, Cheng Yu-Tung, who had ownership from 1956 until his death in 2016. It is now in the hands of the founder’s grandson, Henry Cheng.
Cartier. Paris, France
2020 Annual Revenue: $6.2B
2020 Growth Rate: 16%
Number of Employees: 6700+
With their craftsmanship and dedication to high-quality materials, Cartier is known for their fine — and incredibly expensive — jewelry. It is no wonder that Cartier has been known to sell pieces to European royalty as well as the rich and famous worldwide.
Founded by Louis-Francois Cartier in 1847, Cartier remained in the family until the death of his grandson, Pierre, in 1964. The company is now a subsidiary of Swiss Richemont Group.
With over 300 stores in 125 countries, Cartier is still a sought-after luxury brand. Their New York flagship store on Fifth Avenue was reopened in 2017 after over two years of renovations. This location, which is a historic mansion, is part retail store and part museum. The London flagship store also completed a recent makeover.
Signet. Ohio, USA
2020 Annual Revenue: $6.1B
2020 Growth Rate: -1.76%
Number of Employees: 23,000
Signet is known as the largest diamond jewelry retailer in the world. They operate more than 3300 locations worldwide, 2700 of which reside in the United States alone. While you may not be familiar with the name Signet, you will easily recognize them by some of their other names: Kay Jewelers, Zales, Piercing Pagoda, Jared.
Founded in 1949 by Gerald Ratner, under the name Ratner Group, the company began to expand rapidly in the late ’80s. In 1993, after Gerald Ratner committed a serious faux pas that nearly destroyed everything he’d built, they rebranded as the Signet Group.
Headquarters was previously located in the United Kingdom, but Signet transferred their headquarters to the United States in 2008. This comes as no surprise since many of their brands are based in the US.
Tiffany & Co. New York City, USA
2020 Annual Revenue: $4.4B
2020 Growth Rate: -.41%
Number of Employees: 14,000+
While it was recently acquired by LVMH, Tiffany & Co. was operating on its own in 2020, making it one of the largest jewelry companies.
Famed for their little blue box and their ties to pop culture — ”Breakfast at Tiffany’s,” ‘Sweet Home Alabama,” and “Sleepless in Seattle” are just some of the movies featuring Tiffany & Co.— they are a household name.
Founded in 1937 by Charles Lewis Tiffany and John B. Young, they currently have over 300 stores worldwide. The iconic Tiffany blue was originally selected as part of the cover of their first annual “Blue Book,” displaying their collection of handcrafted jewels. Established in 1845, it is a tradition that continues today.
Best known for their jewelry, Tiffany has also produced iconic trophies in addition to their elegant, timeless jewelry pieces. In 2018, they produced their first new engagement ring design in over a decade. LVMH may have acquired them, but we won’t see them disappearing any time soon.
Pandora Jewellers. Copenhagen, Denmark
2020 Annual Revenue: $3B
2020 Growth Rate: -3.68%
Number of Employees: 26,000+
Most people are familiar with the Pandora bracelets that gained popularity in the early 2000s. Founded in 1982 by Per Enevoldsen and then-wife Winnie Enevoldsen with a single family-owned store in Copenhagen, Pandora Jewellers now has over 2,400 stores worldwide.
What began as an import business and became a wholesale business has grown into one of the largest jewelers in the world. They consider themselves the “world’s largest jewelry brand.”
The company sold majority shares to Axcel, a Danish private equity group, in 2008. It wasn’t long after that they saw a significant drop in their shares and revenue. In 2011, they shifted their focus towards higher-end designs, which alienated their original customer base. They quickly pivoted back into a more affordable market and recovered.
Harry Winston. New York City, USA
2020 Annual Revenue: $274M
2020 Growth Rate: N/A
Number of Employees: 500+
Originally Harry H. Winston Jewels Inc., this company was founded in New York City in 1932. The name was changed to the shortened Harry Winston a few years later, in 1936.
Harry Winston was known as the “king of diamonds” and “jeweler to the stars.” While its founder is no longer with us, they uphold their status with regular appearances on the necks and arms of Hollywood royalty. Some of today’s most famous names have worn Harry Winston jewelry as they walk that famed red carpet.
The company made its first international move in 1955 when Harry Winston opened up shop in Geneva, Switzerland. Not long after, he opened another in Paris, France.
The company stayed in the Winston family until 2000. After its illustrious founder died in 1978, the company was passed on to the next generation of Winstons, Ronald and Bruce. The brothers fought for control of the company until Ronald eventually bought Bruce out for $54 million in 2000. It was then sold to the Swatch Group in 2013 for $1B.
Chopard. Geneva, Switzerland
2020 Annual Revenue: $175M
2020 Growth Rate: N/A
Number of Employees: 900+
Originally known only for their high-quality Swiss watches, Chopard has expanded its reach in the jewelry market. Their watches are still their most popular and well-known item, though. Nearly half of their annual revenue is from watch sales.
Louis-Ulysse Chopard, a Swiss watchmaker, founded the company in 1860. Germany’s Scheufele family has owned it since 1963. However, it did stay in the Chopard family for three generations before changing hands. After Louis-Ulysse’s death in 1915, the company passed into the hands of his son Paul-Louis and his grandson Paul-Andre.
A well-known name in the watch industry for over 160 years, they are still at the top of their industry. Famous names, such as Julia Roberts, who is their current ambassadress, have acted as brand ambassadors over the years.
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