U.S. Jewelry Market Insights
The realm of jewelry encompasses a variety of items such as rings, necklaces, bracelets, and more.
These pieces are commonly crafted from high-value metals like gold, silver, and platinum and frequently adorned with precious stones like diamonds, enhancing their sophistication and appeal.
Nonetheless, the market also caters to a demand for costume jewelry, which offers more affordable and less extravagant options. While China is a leader in the international jewelry market, the United States holds a significant position.
Market Summary
The worldwide jewelry industry was estimated at roughly 270 billion U.S. dollars as of 2022.
China and Switzerland were at the forefront of jewelry exports globally in the prior year.
The United States was the sixth-largest jewelry exporter, with exports valued over seven billion dollars in 2021.
The domestic market for jewelry in the U.S. was approximated at 70 billion U.S. dollars in the same year, propelled by the consumer spending average exceeding 136 U.S. dollars on jewelry annually.
Retail Landscape in the U.S.
Jewelry retail outlets are a common sight in urban shopping districts and malls across the United States.
As per data from 2021, there were approximately 19,100 operating jewelry stores nationwide.
Sales from these stores have consistently exceeded thirty billion U.S. dollars over the last half-decade, with a notable sales surge in December, when earnings typically double compared to other months.
Among the top jewelry retailers is Signet Jewelers, with subsidiaries such as Kay and Zales, which notched over 7.8 billion U.S. dollars in global retail sales in 2022.
Standing out in the luxury sector is Tiffany & Co., celebrated for its renowned flagship store in New York and as of 2021, part of the elite LVMH group following an acquisition.
