The global luxury smart jewellery market is poised for significant growth, with projections indicating it could reach $430 million by 2030. This expansion is largely driven by the rising popularity of wearable technology among younger generations, particularly Millennials and Gen Z. These demographics are increasingly incorporating fitness and health tracking into their lifestyles, creating a growing demand for jewellery that seamlessly integrates both style and functionality. As major tech players such as Samsung, Honor, and boAt make their mark in this space, questions arise: Should the mainstream jewellery industry embrace smart technology to engage a younger, tech-savvy audience?
Shilpa Dhamija explores the key trends, innovations, and opportunities shaping the future of luxury smart jewellery.
Growing Demand for Luxury Smart Jewellery
A recent report by Research and Markets, published in November 2024, forecasts a compound annual growth rate (CAGR) of 18.7% for the global luxury smart jewellery market from 2024 to 2030. This surge in demand can be attributed to the increasing focus on fitness and wellness, particularly among Millennials and Gen Z, who are making health tracking an integral part of their daily routines.
Fitness and Health Tracking: The Dominant Features in Smart Jewellery
The fitness tracking feature remains the most popular aspect of smart jewellery, with smart rings leading the charge in 2023. These devices, designed to monitor everything from step count to sleep quality, have gained considerable traction among users seeking to track their fitness and overall health. The global rise in chronic diseases has further fueled the demand for health-monitoring devices, including wearable jewellery. Smart jewellery is increasingly seen as a versatile tool to manage one’s health in a discreet, fashionable way.
The Success of Oura and the Emergence of Mainstream Tech Players
Oura, a Finnish company known for its smart rings, has been one of the pioneers in the smart jewellery market. Founded in 2013, Oura is now valued at an impressive $5 billion and claims to have sold 2.5 million rings to date. The company’s flagship product, the Oura Ring, has been widely praised for its sleek design and advanced health tracking capabilities. Oura’s latest iteration, the Oura 4, is made of titanium and is priced at $249.
The success of Oura has caught the attention of mainstream consumer tech giants, prompting brands like Samsung, Honor, and boAt to introduce their own smart jewellery products. These companies are leveraging their expertise in technology and mass-market appeal to capture a broader audience.
Samsung’s Galaxy Ring: A New Contender in Luxury Wearables
In 2023, Samsung launched its highly anticipated Galaxy Ring, a sleek wearable that offers 24/7 health monitoring and personalized insights. Designed for everyday wear, even during sleep, the Galaxy Ring weighs between 2.3 grams and 3.0 grams and boasts a concave design for added comfort and style. Available in three colors—titanium, silver, and gold—the Galaxy Ring is priced around INR 39,000 ($450).
The Galaxy Ring is an example of how major tech companies are moving into the luxury smart jewellery market, using materials like titanium to appeal to a wider consumer base while still offering sophisticated technology. The move highlights how tech companies are increasingly focusing on fashion-forward designs that combine style with cutting-edge functionality.
Affordable Options from boAt: A Local Touch to Smart Jewellery
Indian consumer tech brand boAt has also joined the smart jewellery market, introducing affordable smart rings priced at INR 3,000 ($36). These rings are made of stainless steel and target a more budget-conscious audience, differentiating themselves from higher-end products like Samsung’s Galaxy Ring. By offering smart jewellery at a lower price point, boAt aims to make wearable tech accessible to a larger segment of the population, including younger consumers who may be more likely to experiment with new trends.
Honor’s Plans to Enter the Market
Honor, a sub-brand of Huawei, is another player preparing to enter the luxury smart jewellery space. At the Mobile World Congress 2024, Honor revealed plans to launch its own smart jewellery ring, adding to the growing list of companies vying for a share of this emerging market. As a brand with a significant presence in the global smartphone market, Honor’s entry into the wearable jewellery sector could further accelerate the growth of smart jewellery as an everyday accessory.
High-End Innovations: Precious Metals and Personalized Designs
While many mainstream tech players are using lightweight metals like titanium for their smart jewellery, some innovators are taking a more luxurious approach by using precious metals. French company Lumissoly, for example, has designed the Souvenir Medallions— NFC-enabled lockets that store personal memories digitally. Made of silver and plated with 18-karat yellow gold or rose gold, these medallions are priced at approximately €699 ($745).
The medallion’s NFC technology allows users to store and access digital memories using a smartphone, combining the nostalgia of traditional lockets with the convenience of modern technology. This product is an example of how luxury jewellery brands are integrating advanced tech into their designs without compromising on elegance or exclusivity.
InvisaWear: Safety and Fashion Combined
InvisaWear, a startup focused on wearable safety tech, has created a line of smart jewellery aimed at providing users with an added layer of protection. The company’s smart jewellery, such as beaded chain necklaces and bracelets, features a discreet pendant that can be double-clicked to send an emergency alert with the user’s GPS location. This innovative product merges safety with style, offering consumers a way to protect themselves while wearing fashionable accessories.
Luxury Smart Rings at Verizon and AT&T
In the United States, major telecom providers are also getting in on the smart jewellery trend. Verizon has begun offering the Ultrahuman Smart Ring to its customers, while AT&T has secured an exclusive partnership to sell the Samsung Galaxy Ring. North America, with its strong presence of established tech players, continues to be a dominant market for smart jewellery. As the sector expands, smart jewellery is becoming a must-have item for those seeking to combine technology, fashion, and wellness.
The Rise of Luxury Smart Rings in India
At the IIJS Premiere in August, Jewelex x Ultrahuman introduced what is claimed to be the world’s first luxury smart ring. Made with gold and platinum, the ring features PVD coating and a range of health monitoring functions, including tracking heart rate variability, stress levels, sleep index, blood oxygen levels, motion sensors, and skin temperature. With a battery life of up to six days, the ring is expected to be available in 116 countries and is priced at a premium to attract affluent customers.
The introduction of luxury smart jewellery rings in India is significant, as the country is one of the top two markets for precious jewellery and one of the top three markets for consumer technology. India’s unique position creates an ideal environment for the convergence of these two industries, offering opportunities for jewelers to tap into the growing demand for tech-integrated luxury products.
India as a Hub for Smart Jewellery Innovation
India’s rich tradition of jewellery craftsmanship, combined with its fast-growing tech industry, places the country at the forefront of the smart jewellery market. Indian jewellers who can capitalize on this convergence of luxury and technology may gain a first-mover advantage in this emerging sector. As demand for health-conscious, stylish wearables increases, smart jewellery is set to become a mainstay in the Indian market, attracting consumers who are looking for both beauty and functionality.
Conclusion: The Future of Smart Jewellery
The luxury smart jewellery market is evolving rapidly, with a wide range of products that combine technology, style, and wellness. From fitness tracking to health monitoring and personalized designs, the innovations driving this sector are reshaping the way consumers approach jewellery. With the growing involvement of both mainstream tech giants and luxury jewellery brands, the convergence of these industries is inevitable.
As the market continues to expand, the key to success will be finding the right balance between functionality and aesthetics, as well as appealing to a younger, tech-savvy audience. Whether through affordable options or high-end, bespoke designs, the future of luxury smart jewellery looks bright, with new players and innovative products emerging on the horizon.
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