US Jewelry Sales Continue to Grow in H1 2026 Despite Declining Unit Sales
The summer doldrums had little impact on US jewelry sales, which rose 13% year over year, driven primarily by higher spending per purchase. The average purchase price climbed 20% from a year earlier, according to Tenoris retail sales data.
During the first half of the year, jewelry sales increased 8.6%, while the average purchase price jumped 19%. The figures indicate that consumer demand has strengthened as the year has progressed, an encouraging sign for jewelry industry stakeholders.
H1 2026 Performance
Valentine’s Day and Mother’s Day were the strongest sales periods during the first six months of the year.
Bracelets, particularly tennis bracelets, generated the highest revenue among jewelry categories. Revenue increased 14% compared with the first half of 2025, while average spending per item rose by double digits.
Pendants and earrings, although they were the slowest-growing categories, still delivered solid performance.
Record gold prices influenced purchasing patterns but did not prevent revenue growth or margin expansion.
Natural diamond jewelry continued to generate revenue growth despite declining unit sales, reflecting consumers’ willingness to spend more per purchase. Revenue increased at a single-digit rate, trailing overall market growth, while higher average selling prices helped offset softer unit demand.
Jewelry set with lab-grown diamonds experienced a sharp increase in demand and posted double-digit revenue growth.
Pearl jewelry also delivered a surprisingly strong first half.
June Jewelry Sales Trends
The overall rise noted in June is surprising. Historically, jewelry sales in June and July are slow. However, 2026 is proving to be an exceptionally good year for jewelry sales in the US.
As we’ve noted repeatedly since late 2025, growth is being driven primarily by stronger sales of higher-priced jewelry. Unit sales of items priced below $1,500 continue to decline.
Revenue from natural diamond jewelry rose modestly in June. Unit sales declined, but significantly higher average spending per purchase more than offset the decrease.
Retailers also maintained strong pricing discipline. Gross margins remained high and, in many cases, increased by low single digits.
Lab-grown diamond jewelry followed a different pattern. Average spending per purchase was essentially flat, unlike the broader market. Revenue growth came almost entirely from higher unit sales. Rising rough lab-grown diamond prices may impact that.
What’s Driving These Trends?
The H1 2026 results provide us with good insights into the direction of the market and offer an early indication of what to expect during the November-December holiday season.
Two major conclusions stand out.
First, consumer demand continues to shift dramatically toward higher-priced jewelry. At the same time, demand for lower-priced items continues to weaken. This trend favors specialty jewelers, whose assortments have traditionally emphasized higher-value merchandise.
Success in this environment requires knowledgeable sales professionals. Customers making significant purchases expect expertise, product knowledge, and confidence. Well-trained staff are an important competitive advantage.
Second, despite broader economic uncertainty, the jewelry sector remains well positioned for growth in 2026. Barring a significant deterioration in the global economy, current trends point to a strong holiday season and continued growth during the second half of the year.
The H1 2026 figures highlighted above represent only a small portion of the intelligence available through Tenoris.
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