12 Sensational Jewelry Industry Statistics for 2024

The world market for jewelry has been dominating the apparel industry for the last few decades. Diamonds are forever, and the fashion jewelry industry will have a bright and shiny future!

This is the reason why the largest jewelry companies never cease to invest in opening brand new stores across the world. In the end, it seems that diamonds and jewels are indeed a girl’s best friend.

That’s why we decided to take a closer look at the latest jewelry trends for 2022 and see where the industry is heading.

Let’s dive right in.

Sparkling Jewelry Industry Statistics (Editor’s Picks)

The global jewelry market is expected to reach almost 307 billion dollars by 2026.
The US jewelry market is expected to reach $59.57 billion in revenue in 2022.
In 2021, the online jewelry and watch sales market size was worth $7.6 billion in the US.
China is at the top when it comes to the demand for gold jewelry. It was 675 tons in 2021, a 63% year-over-year growth.
The jewelry and personal luxury goods industry submitted a decrease of 35% to 39% in 2020.
LVMH – Moet Hennessy Louis Vuitton is the number one jewelry company in the world. Its revenue of 2021 totaled $71.5 billion, a 44% up year-over-year.
The most expensive and most popular jewel in the world is The Hope Diamond, a 45.52 carat blue stone worth $250 million.
The most valuable gemstones in the world are Tanzanite, Black Opal, Ruby, Alexandrite, and Emerald.

Recent Jewelry Industry Trends

In order to talk about the current and future jewelry trends, let’s briefly walk through the recent history of the world’s most valuable jewels, such as diamonds, gold, silver, and so on.

1. The global jewelry market is expected to reach around 307 billion dollars by 2026.

According to Statista, the global jewelry market was valued at approximately $228 billion in 2020. Estimations show that the market will grow 35% by 2026.

2. According to jewelry industry statistics 2021, US Jewelry Store market size was worth $33.9 billion.

(Zippia)

Jewelry store industry statistics show that in 2021 there were 51,153 jewelry stores in the US. The global market size was valued at $228 billion in 2020 due to much lower revenue in the pandemic.

Moreover, 2022 is about recovering from the COVID-19 effects through innovation and novelty. There was a great struggle to stay on top of the game and grab customers’ attention in those difficult times.

Trends in the jewelry industry have changed. For example, Tiffany & Co. introduced a unique design in engagement rings, which differed markedly from its previous collections and styles. Once Pantone released its color palette, it was clear the color purple would dominate throughout the year.

It was quite the purple rain, with Ultra Violet, Spring Crocus, and Pink Lavender also part of the mix. Jewelers had a really fun time mixing and matching all the different hues, gemstones, and shapes.

3. According to jewelry industry statistics, the luxury group LVMH bought Tiffany & Co. for $135 per share. The transaction was approximately $16 billion.

(Professional Jeweller)

The decision by LVMH to buy Tiffany & Co. left a clear mark on 2019. In fact, the 2019 jewelry market analysis showed that by acquiring Tiffany & Co., the LVMH group increased its presence in this sector considerably.

Here are some other significant statistics for 2019:

The purchase of watches went up by 5%.
Mintel, a top jewelry market research provider, estimated that two-thirds of the population bought jewelry or a watch for themselves or a friend in 2019. Watches and costume jewelry were the two most popular categories when it comes to personal purchases.
The introduction of piercing studios in jewelry stores was a major step in 2019. Some of the pioneers were Astrid and Miyu, followed by Dinny Hall, Accessorize and Lark & Berry.
Necklaces held the throne as the most popular piece of jewelry in 2019.
There was a remarkable rise in the purchases of men’s jewelry.

4. In 2021, the global demand for gold jewelry returned to the volume from 2019.

(World Gold Council)

This comeback belongs to Chinese gold demand, which was 675 tons in 2021, a 63% year-over-year growth.

So far, we’ve learned about the trends for the last three years. But what about the state of the jewelry industry in 2022?

So, we expect the jewelry industry growth rate to double thanks to the presence of such major fashion players and the rise of jewelry technology, especially artificial diamonds.

5. The personal luxury goods industry expects to grow by $33.53 billion in 2025.

(PR Newswire)

Estimations show that the market will express a CAGR of 2.59% for the period between 2020 and 2025.

This rising trend is explained by the increasing demand for cosmetics and beauty products. Future challenges will be to operate with labor costs and fluctuation of material prices.

Online Jewelry Industry Statistics and the Ecommerce Global Market

6. The size of the online jewelry and watch sales market in 2022 will reach $7.7 billion in the US.

(IBISWorld, Statista)

Ecommerce is rising, especially after the pandemia, and buying things online has become everyone’s habit. Estimations for 2022 show that online jewelry and watch sales in the US market will grow by 1.4%.

According to online jewelry sales statistics, some of the most successful online jewelry retailers are James Allen, Super Jeweler, Blue Nile, and Ross Simons. They generate about 45% of their profit through web sales. Interestingly, the most searched for item in 2020 were silver anklets, with a 108% growth.

7. The global jewelry market is valued at $348.5 billion per year.

(Common Objective)

In economic terms, the global jewelry market is equal to the GDP of South Africa, the 32nd largest economy in the world.

Let that sink in for a minute…

Now:

According to the latest global jewelry industry statistics, the top countries that go for fashion jewelry are the US, India, China, Hong Kong, and Japan. When it comes to purchasing luxury jewelry, the US also dominates, followed by France, Japan, China, and Italy.

Out of the $348.5 billion annual spend on jewelry, around $41 billion is spent on luxury jewelry, including gemstones and precious metals.

US Jewelry Industry Statistics

As mentioned above, the US is the biggest jewelry consumer in the world. With that in mind, let’s look at some of the most remarkable US jewelry market statistics.

8. In 2022, the US jewelry market is expected to reach $59.57 billion in revenue.

(Statista)

The jewelry revenue in the US was estimated at $18.823 billion in 2020. The US jewelry market size is expected to keep expanding in the next few years (2022-2026) at an annual growth rate of 0.95%. When it comes to the luxury shopping statistics, the amount of revenue per person will be $177.90 in 2022.

9. Between 2014 and 2019, the average jewelry industry growth rate was 2.4%.

(IBISWorld)

This jewelry industry analysis also tells us the annual growth from 2010 to 2014 was slightly higher at 2.6%, which means that lately there’s been a minor decrease in the demand for high-end pieces. Bear in mind that this fact refers to the fashion jewelry industry statistics USA, so it differs from the global rates, where we can see a rise.

Costume Jewelry Industry Statistics

10. The trend shifts to costume jewelry with the rise in prices of natural metals (gold, silver, and platinum).

(Allied Market Research)

Experts expect the global costume jewelry market to reach $37 billion in 2022. There has been a significant rise of 6.9% within the industry from 2016 that will continue until at least 2022.

Here’s the scoop:

Costume jewelry is all about creations that consist of inexpensive materials and imitation gems. At the same time, this type of jewelry looks good and preserves the limited resources of high-end materials.

So, people are slowly embracing the alternative of buying an affordable replica of a luxury jewel. And that’s great news for the costume jewelry industry!

11. The women’s segment within the costume jewelry industry held the largest share in 2018 (59%).

(Grand View Research)

Compared to men’s costume jewelry, we can see that the women’s segment dominated in 2018 and still does. Many women like to wear different jewelry pieces every time there is a different occasion. So, they’ll choose costume jewelry as an affordable and convenient option.

Handmade Jewelry Industry Statistics

12. The oldest handmade jewelry trademark dates back to 1369, in Florence, Italy.

(Torrini)

Today, handcrafted jewelry can be very expensive because it takes a lot of time and effort for it to be crafted.

There several awards for successful handcrafted jewels:

De Beers Award
American Gem Trade Association Spectrum Award
Gem Center Idar Oberstein Awards, named for Idar Oberstein

Now that you’re familiar with most of the jewelry industry statistics, we hope that we have answered all of your questions.

However, if you still have some doubts, check out the answers to the top four questions concerning the fashion jewelry industry statistics.

Final Thoughts

So, now that you know the latest jewelry industry statistics and have a clear idea of how much jewelry giants earn:

Are you going to enter the market with your handmade rings?

Or perhaps you’ve finally decided on that perfect engagement ring?

Or you’ve decided to save money and simply re-watch the 1971 classic Bond film Diamonds Are Forever?

Which statistics did you find most surprising?

Let us know in the comments below.

Important note: Before making any decision when buying rings, or jewelry generally, learn what jewelry stamps mean and enrich your knowledge!

FAQ

Q: What industry is jewelry in?

The jewelry industry is within the apparel industry.

Statistically, the jewelry industry saw a growth rate of 9% every year between 1997 and 2012. In comparison, the apparel industry grew by 5% each year during this period.

Q: How big is the jewelry industry?

In order to get a clear picture, we’ll help you better understand how big the jewelry industry is when compared to other industries. The apparel industry is ten times bigger than the jewelry market size when it comes to annual sales.

Also, jewelry industry statistics show that the jewelry industry is still mostly local. The big jewelry companies capture only around 12% of the market.

Q: How much is the jewelry industry worth?

The jewelry industry reached $202.780 billion in 2019, and by 2026 it’s expected to reach $307 billion. Brands such as Pandora and Swarovski have doubled and even tripled their worth and size in the last five to ten years. All of the profit and growth of the jewelry industry lately is based on consumer shopping preferences.

For instance, rings were the top jewelry product that consumers were inclined to buy in 2018. From 2020 and onwards, it was expected bracelets will get the most attention and worth.

Q: Who buys the most jewelry?

According to Business Insider, the top 10 countries that buy the most gold jewelry are the following:

China – 612.5 metric tons
India – 463.1 metric tons
United States – 138.2 metric tons
United Arab Emirates – 46.2 metric tons
Iran – 39.7 metric tons
Turkey – 39.7 metric tons
Saudi Arabia – 38.1 metric tons
Indonesia – 34.2 metric tons
Russia – 30.2 metric tons
Egypt – 27.9 metric tons

When it comes to a certain age group, a quarter of jewelry consumers are under 35, while two-thirds are between 35 and 55. Customers who have an income higher than $150,000 make only 7% of the jewelry buyers. Most of the income (about 30%) that jewelers get is from consumers who earn between $50,000 and $100,000.

Also, it’s worth mentioning that Asian American households spend the most on jewelry, an average of $623 per household.

Sources:

12 Sensational Jewelry Industry Statistics [2024 Edition]