The US Jewelry Market in 2025: Shining with 5.6% Sales Growth
The US jewelry market in 2025 was characterized by several trends, most notably a rise in the average expenditure per jewelry item purchased. At the same time, US consumers bought fewer items as demand for lower-priced jewelry declined.
A rise in consumer expenditure on jewelry drove up retailers’ revenue by 5.6% in 2025, a great outcome for the most important jewelry market. It shows an appreciation of jewelry and a willingness to spend more on well-made and well-designed jewelry that commands a premium.
Diamond jewelry did well too in the US jewelry market in 2025, with average spending per item soaring more than 10% to $2,739. While overall sales rose, key components underperformed. Loose natural diamond sales declined, despite a rise in the average price consumers spent on them.
Jewelry set with lab-grown diamonds were on a steady path of rising revenue and unit sales, while average prices kept sliding.
Finished Jewelry Sales Up 7.2% in 2025
US total finished jewelry sales rose in 2025, continuing the trend started in 2024. In 2025, sales grew 7.5% year over year, compared to 3% in 2024.
From a broader economic perspective, the US jewelry market in 2025 had real growth, outpacing GDP growth and the US inflation rate.
The rise in sales was stimulated by higher consumer spending per item, up 14%, which compensated for a 5.6% decline in the number of units sold.
The items that generated the most significant growth in revenue were wedding sets and tennis bracelets.
Another trend seen in the US jewelry market in 2025 was the effect of rising gold prices. Gold jewelry was impacted by a 66% leap in commodity prices. US gold jewelry revenue rose 11%, with prices leaping 30%.
And yet, unit sales of gold jewelry sank 16% during the year, a deeper decline than any other jewelry category.
Holiday Jewelry Sales Growth
Despite falling short of the annual growth, finished jewelry sales rose 6.6% year over year during the holiday season, the biggest increase since COVID-19.
Revenue from finished diamond jewelry rose a low single-digit during the holiday season. Although this is an improvement, many expected diamonds to perform even better, on par with the rest of the market.
Loose Diamond Prices Trend Down
US jewelry retailers’ total revenue from natural and lab-grown diamonds declined by 3% in 2025. During the year, natural diamonds lost additional market share to lab-grown diamonds while beginning to generate higher gross profits than loose lab-grown diamonds.
A Decline in Retailers’ Loose Natural Diamond Sales
Loose diamond sales, once an important revenue source for American jewelry retailers, declined for a fourth year in a row. This makes loose natural diamonds the worst-performing segment of the US jewelry market in 2025.
Specialty jewelry retailers stock loose gemstones primarily for custom work, especially engagement rings. In recent years, loose diamonds have steadily lost share, falling from over 20% of jewelry revenue to just 16% in 2025.
In 2025, revenue from loose diamonds declined 4%, in line with the 5% decline in 2024, and unit sales dropped 10%.
On the positive side, the average purchase price per unit increased 6.3% year over year to $11,000, driven by softer sales at lower price points and a shift toward larger diamonds, with the average size reaching 1.46 carats.
Consumer interest in larger diamonds over the past year has made 2-carat stones the second most popular size, following a 5% increase in units sold. The ongoing decline in diamond prices has clearly supported this trend.
In the November-December holiday season, sales declined 10% by value and nearly 18% by units sold. This is disappointing, especially considering that it’s a deeper decline than the one suffered in the 2024 holiday season.
Loose Lab Diamonds Revenue Decline Shrank
Revenue from loose lab-grown diamonds declined 1% in 2025, while unit sales increased 14%. Both figures are smaller than in 2024, highlighting that lab-grown diamond trends are moderating.
Further emphasizing this trend, steep price declines have also slowed, shrinking 13% compared with a 21% drop in 2024.
The ongoing price declines are prompting retailers to adopt two protective measures. The first is a steady increase in gross margins, currently at 72%, aimed at protecting gross profits; however, profits are still declining despite these efforts.
The second approach is taking in goods on memo. On average, 68% of sold goods in 2025 were on memo. The goal here is also to benefit from declining prices. Retailers hold the goods for a period, and if they do not sell, they are returned to the vendor, allowing retailers to replenish inventory at lower prices.
These strategies are not unique to the US jewelry market in 2025, but rather reflect a multi-year trend.
During the holiday season, retail revenue from loose lab-grown diamonds declined by a mid-single-digit percentage, while unit sales rose by only a few percent.
The high-level figures above for the US jewelry market in 2025 only scratch the surface. Tenoris provides comprehensive, detailed data that can give your business a competitive edge by uncovering trends, insights, and opportunities in the US jewelry market. Contact us today to request a demo and see how our data can drive smarter decisions.
About Tenoris
Tenoris collects retail sales data from a broad representative sample of US jewelry retailers. Tenoris subscribers include retailers, manufacturers, miners, and financial firms. They use this data to study everything from broad market trends to price prediction, assisting them in identifying changing trends and opportunities ahead of their competitors.
