US consumers made a leap in spending on fine jewelry in April, as the desire for nicer and pricier jewelry continues to expand. The trend of declining sales and rising revenue continued and, in many categories, intensified.
Unit sales of higher-priced items rose 14% year over year, while revenue and unit sales of lower-priced items declined 17% and 20%, respectively.
Leap in Spending Hits Record High
Revenue at US specialty jewelers rose 7% year over year, driven by a record 21% leap in average spending per item. The average purchase price of finished jewelry, excluding custom work and loose gemstones, soared a staggering 25%, also a record.
Every single month since September 2024, average consumer spending per item has increased. In each of the past nine months since August 2025, that monthly increase was in double digits.
Retailers that focus on above-average-priced jewelry items have seen their revenue rise over the past year. Those that seem to have benefited the most from this premiumization trend are retailers with a small number of locations. They cater better to their client base and are flexible enough to adjust in a timely way to changes in the market.
Finished vs Loose: Diamonds Show Diverging Trends
Revenue from some jewelry subcategories increased more than 30%, lifting entire categories, while others underperformed.
Loose diamonds’ market share further declined in April, and revenue from loose diamond sales fell by a mid-single digit. The main driver of this decline is the engagement ring category, where natural diamonds are losing unit market share to lab-grown diamonds. It is important to note that, in terms of revenue share, diamond engagement rings set with natural diamonds are holding steady.
In that context, finished diamond jewelry is performing well. Revenue increased by a mid-single digit, and the average price of sold items recorded a double-digit rise, as the leap in spending focused on finished diamond jewelry.
Tenoris at JCK Las Vegas 2026
We will be attending the trade shows in Las Vegas later this month and have a few openings left. We are happy to schedule a time to meet.
Edahn will be presenting at JCK Las Vegas on May 28 at 11:00 AM in Level 101, providing insights into the current state of the market and the opportunities it presents for traders and retailers. We hope to see you there.
The high-level figures above for the US jewelry market only scratch the surface. Tenoris gives your business a competitive edge by uncovering trends, insights, and opportunities across the market through comprehensive, detailed data.
Contact us to request a demo and learn more about the leap in spending and how our data can support smarter, more informed decisions.
