US Jewelry Market Size Likely to Expand at a CAGR of 4.2% By 2033

As per the current market research conducted by the CMI Team, the US Jewelry Market size is expected to record a CAGR of 4.2% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 77.2 Billion. By 2033, the valuation is anticipated to reach USD 111.8 Billion.

US Jewelry Market: Growth Factors and Dynamics

• Changing Consumer Preferences: Evolving consumer tastes and preferences, influenced by fashion trends, cultural shifts, and individual style statements, drive demand for a wide variety of jewelry styles, from traditional to contemporary designs, including vintage-inspired and artisanal pieces.

• Rising Disposable Income: Increasing disposable income levels, buoyed by a robust economy, wage growth, and favorable employment conditions, coupled with a growing affluent population segment, fuel demand for luxury and high-end jewelry pieces, including diamonds, precious gemstones, and designer collections.

• E-commerce Expansion: The rapid expansion of e-commerce platforms, propelled by technological advancements, enhanced user experiences, and widespread internet penetration, provides consumers with greater accessibility, convenience, and choice to purchase jewelry online, expanding the market reach beyond traditional brick-and-mortar stores and driving sales growth.

• Customization and Personalization: The growing trend towards personalized and customizable jewelry items appeals to discerning consumers seeking unique, one-of-a-kind pieces that reflect their individuality and sentimentality, driving demand for bespoke services, engraving options, and niche offerings tailored to specific occasions and personal preferences.

• Social Media Influence: Social media platforms serve as influential marketing channels for jewelry brands, enabling targeted advertising, influencer collaborations, and user-generated content sharing, which facilitates product discovery, engagement, and brand awareness among consumers, particularly millennials and Gen Z, contributing to market growth and brand loyalty.

• Sustainable and Ethical Practices: Increasing consumer awareness and demand for sustainably sourced and ethically produced jewelry drive industry efforts towards responsible sourcing of raw materials, fair labor practices, and environmental sustainability initiatives, including recycling and upcycling programs, shaping consumer preferences and purchasing decisions, and influencing market dynamics towards more socially conscious and environmentally friendly practices.

• Celebrity Endorsements and Collaborations: Partnerships between jewelry brands and celebrities or influencers, including endorsements, collaborations, and product placements, serve as powerful marketing strategies to enhance brand visibility, credibility, and desirability, influencing consumer purchasing decisions and driving sales growth in the US jewelry market.

US Jewelry Market: Partnership and Acquisitions

• In 2022, Louis Vuitton unveiled its latest collection, Empreinte Fine Jewelry, drawing inspiration from the Maison’s emblematic codes. The collection features designs that reflect the brand’s signature style, offering a blend of timeless elegance and contemporary flair in each meticulously crafted piece.

• In 2022, Brilliant Earth, LLC unveiled its Cocktail Ring Collection, featuring 21 unique rings crafted with a combination of lab-grown and natural gemstones. Each piece showcases brightly colored stones set in recycled precious metals, offering one-of-a-kind designs with a focus on sustainability and uniqueness.

Report Scope

US Jewelry Market: COVID-19 Analysis

The COVID-19 pandemic has significantly impacted the US Jewelry Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

• Disruption of Supply Chains: The pandemic disrupted global supply chains, leading to delays in sourcing raw materials, manufacturing, and distribution, impacting the availability of jewelry products and causing supply shortages and logistical challenges for retailers.

• Decline in Consumer Spending: Economic uncertainties, job losses, and financial concerns during the pandemic resulted in reduced consumer spending on non-essential items, including luxury goods like jewelry, leading to a decline in sales and revenue for jewelry retailers.

• Shift to Online Sales: Jewelry retailers accelerated their digital transformation efforts and expanded their online presence to reach consumers unable or unwilling to visit physical stores, leveraging e-commerce platforms, virtual consultations, and digital marketing to drive sales and engagement.

• Focus on Omnichannel Retailing: Retailers adopted omnichannel strategies that seamlessly integrate online and offline shopping experiences, offering services such as click-and-collect, curbside pickup, and in-store appointments to cater to diverse consumer preferences and enhance the overall shopping experience.

• Promotional Offers and Discounts: To stimulate consumer demand and incentivize purchases, jewelry retailers offered discounts, promotions, and special deals, including limited-time offers and loyalty rewards, to attract price-conscious shoppers and drive sales recovery.

• Product Innovation and Differentiation: Jewelry brands introduced new product lines, collections, and designs that resonate with shifting consumer preferences, emphasizing affordability, versatility, and sustainability, to differentiate themselves in the market and capture consumer interest.

• Enhanced Health and Safety Measures: Retailers implemented stringent health and safety protocols, including sanitization measures, social distancing guidelines, and contactless payment options, to reassure customers and create a safe shopping environment, instilling confidence and encouraging foot traffic back to physical stores.

• Targeted Marketing Campaigns: Jewelry retailers launched targeted marketing campaigns aimed at reconnecting with customers, building brand awareness, and driving engagement through personalized messaging, storytelling, and emotional appeals, fostering stronger customer relationships and loyalty in the post-pandemic recovery phase.

In conclusion, the COVID-19 pandemic has had a mixed impact on the US Jewelry Market, with some challenges and opportunities arising from the pandemic.

List of the prominent players in the US Jewelry Market:

• Tiffany & Co.
• Signet Jewelers Ltd.
• Blue Nile LLC
• Richemont North America Inc.
• Harry Winston Inc.
• Pandora Jewelry LLC
• James Allen
• David Yurman Enterprises LLC
• Swarovski North America Limited
• Bulgari Corporation of America Inc.
• Tacori Enterprises Inc.
• Helzberg Diamonds
• Rolex Watch USA Inc.
• Chopard USA Ltd.
• Shane Co.
• Others

The US Jewelry Market is segmented as follows:

By Product Type

• Rings
• Necklaces
• Earrings
• Bracelets
• Brooches
• Watches
• Others

By Material Type

• Gold
• Silver
• Platinum
• Diamond
• Gemstones
• Pearl
• Others

By Distribution Channel

• Retail Stores
• Online Retailers
• Specialty Stores
• Department Stores
• Boutique Stores
• Others

By Price Range

• Luxury/High-end
• Mid-range
• Economy