Jewelry Industry Statistics 2022: How Big Is This Sector?

The jewelry industry is one of the oldest industries still in existence today. Back in the day, nobles and aristocrats adorned themselves with gold, gemstones, and diamonds. Not much has changed as jewelry is still considered a status symbol. 

If you want to know more about this industry, check out the following statistics.

Top Jewelry Industry Statistics: Editor’s Choice

  • The worldwide luxury jewelry industry reached $228 billion in value in 2020.
  • The US jewelry retail market has grown to $33.9 billion.
  • 51% of female millennials buy their own jewelry.
  • 35% of women favor white gold.
  • People aged 55 to 64 buy more jewelry and watches than any other age group.
  • Russia owns the world’s biggest diamond resource, with 650 million carats.
  • With about $54 billion in annual revenue, LVMH is the world’s top jewelry retailer.
  • Chanel earns $13.7 billion in sales each year.

Jewelry Industry’s Worth

The history of precious stones, diamonds, gold, and silver jewelry dates back thousands of years. To better understand where this sector is heading, let’s examine the most recent jewelry market trends.

1. In 2020, the global luxury jewelry market’s value was $228 billion.

Future projections show that the global jewelry market size will increase to $307 billion by 2026. Diamonds created in a laboratory will be the future trend and substantially impact the jewelry market.

2. In 2021, the worth of the costume jewelry industry reached $38.23 billion.

Costume jewelry industry statistics show it is expected to hit $59.7 billion by 2027. The difference between costume and fine jewelry lies in the material. The former is often made of inexpensive gemstones, such as rhinestones set in nickel, brass, silver, or pewter.

3. The US jewelry store market size is $33.9 billion. 

The COVID-19 crisis has forced many businesses to close, but jewelry shops are still profitable despite the pandemic. The jewelry store industry ranked 26th in the US retail sector and 283rd in market size.

4. The online jewelry market will grow by $19.88 billion between 2020 and 2024.

A thorough jewelry market research shows the market will accelerate at a CAGR of over 15%. Chanel, Chopard Group, Chow Tai Fook Jewellery, and Compagnie Financière Richemont are only a few of the most significant contributors to this favorable development.

5. In February 2021, the total jewelry store sales in the US reached $3.42 billion.

The jewelry sales dropped to an all-time low of $511 million in April 2020 due to the pandemic. However, retail sales peaked during the holiday season, reaching their highest point—a shocking $7.82 billion in December 2020.

6. According to online jewelry sales statistics, $8.4 billion was generated in 2019. 

In recent years, jewelry has been one of the fastest-growing ecommerce industries in the US. Customers can easily purchase watches, necklaces, bracelets, and other accessories with just one click.

Following the success in 2019, the jewelry industry experienced a considerable drop in sales. In 2020, online jewelry sales fell under $7.6 billion due to consumers limiting their expenditures during the pandemic. In 2021, people continued being careful, with online sales rising only slightly over $7.6 billion.

Jewelry Industry Trends and Demographics for 2021

These buyer demographics will reveal whether diamonds are really a girl’s best friend. Furthermore, you will learn which countries and age groups primarily invest in the industry.

7. 51% of millennial women in the US buy their own jewelry.

Women aged 25 to 40 purchase jewelry to mark significant milestones in their lives. Jewelry industry trends state that an additional 14% of Generation Y women have bought jewelry as a gift for a significant person, and 18% have received jewelry from their partners.

8. 35% of female jewelry buyers prefer white gold.

For hundreds of years, yellow gold has been the most popular. Nowadays, jewelry facts prove that white gold took the spot, and only 11% still favor yellow gold. Silver comes in second, with a rate of 17%, and platinum completes the top three, with 15% of buyers.

9. People between 55 and 64 years old buy jewelry the most of all age groups.

The latest fashion jewelry industry statistics show that the lowest income bracket in the US still spends about $615 on jewelry annually. On the other hand, people aged 35 to 44 spend the least—engagement rings are often their most significant and only investment.

10. China and India constituted about 57% of all gold jewelry consumption at the end of 2019.

What country buys the most jewelry? Well, when it comes to gold consumption, India is the global leader, followed by China, the US, and Germany. Although the consumption of gold in 2019 declined in all countries, it will not disappear any time soon.

11. 24.4% of US couples allocate a large amount of money for an engagement ring.

Engagement ring statistics prove that a quarter of couples value this type of jewelry more than anything. The vast majority (53.8%) allocates a medium budget for this occasion, and another 21.8% chose to invest little money in their engagement ring.

Engagement Ring Budget

Jewelry Market Analysis

The jewelry market is expected to grow in the coming years. But which companies and countries contribute the most to this industry? Let’s take a closer look to find out.

12. With 650 million carats, Russia holds the largest reserve of diamonds worldwide.

A jewelry industry analysis shows that Botswana comes in second place with 310 million carats, followed by the Democratic Republic of Congo and South Africa with 150 million and 130 million carats, respectively. Furthermore, the two biggest producers globally are Russia and Australia.

13. LVMH is one of the largest jewelry retailers in the world, with $54 billion in annual revenue.

In 1987, the fashion house Louis Vuitton merged with drinks brand Moet Hennessy. The company now operates as a global conglomerate with 75 iconic names spread across several industries, including jewelry and watches.

LVMH is notably successful due to its branding. People prefer buying from a familiar brand rather than switching to a competitor they know little about.

14. According to fashion jewelry industry statistics for 2021, Tiffany & Co. is the top designer company in the world.

With a price range between $15,500 and $15 million, Tiffany & Co. is the leading silversmith globally. In terms of popularity, it is followed by Harry Winston and Cartier, also some of the largest jewelry companies.

15. Chanel generates $13.7 billion in revenue every year.

In 1909, Gabrielle “Coco” Chanel established what was then known as the House of Chanel. In recent years, it has become the symbol of grace and elegance. Chanel is among the biggest jewelry companies in the world after LVMH and Rajesh Exports.

16. James Allen is the best ecommerce store for high-quality engagement rings.

James Allen is one of the most popular jewelry ecommerce websites, praised for its high-quality products. A diamond engagement ring can cost between $150 and over $3 million, depending on the specifications wanted by the customer.

17. Signet Jewelers Ltd. is the largest retailer in the US.

While Signet is not among the biggest online jewelry retailers, it has 3,334 physical locations across the US, making it the largest specialty jewelry retailer. Moreover, the company totaled $6.25 billion in jewelry, watches, and other related accessories sales in 2019.

Jewelry Industry Statistics: The Takeaway

In recent years, most companies have moved to online platforms and social media, and the jewelry industry is no exception. The COVID-19 pandemic significantly enhanced this trend. So, keeping up-to-date with current industry ecommerce and social commerce statistics is essential.

Despite the decline in sales in 2020, the jewelry sector is rising again, and estimations show that the positive development will continue for the following years. 

Frequently Asked Questions

How is the jewelry industry segmented?

The jewelry market segmentation is based on material, product type, and key regions. For example, material types include gold, silver, diamond, platinum, and others, while the products can be rings, earrings, necklaces, bracelets, chains, cufflinks, etc.

As for key regions, jewelry is a relevant industry in North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa.

Is the jewelry industry growing?

The jewelry industry undeniably suffered from the COVID-19 pandemic, but online stores are set to rise in popularity within the next few years.

The industry will quadruple between 2019 and 2025, with online sales accounting for 18% to 21% of worldwide fine jewelry sales. Moreover, the sector has grown from $60 to $80 billion in annual revenue.

How big is the jewelry industry in the US?

The US is the world’s second-largest jewelry consumer, and the market is estimated to hit a whopping $57.96 million in revenue by the end of 2021. During the previous year, this figure was sitting at only $18.82 million due to the people limiting their expenses on jewelry. 

However, the jewelry market is on the rise and will keep expanding at a compound annual growth rate of 0.8% between 2020 and 2023.

Who is the largest jeweler in the US?

Signet Jewelers is the most prominent jewelry company in the US, with $5.1 billion in sales registered in 2018. The company’s current headquarters is in Ohio, and it owns other popular jewelry retailers, such as Zales, Kay Jewelers, and Jared.

Tapestry and Tiffany & Co. follow with $2.36 and $1.79 billion, respectively. Helzberg Diamonds and Claire’s complete the top five, with less than a billion dollars in sales.

Which country supplies the biggest share of fine jewelry imported into the US?

With an import value of approximately $16.6 billion, Switzerland was the world’s top importer of gold, silver, and jewelry in 2019, followed by Hong Kong, with $15.3 billion.

The United Arab Emirates follows with an import value of $15.2 billion. On the other hand, India is the world’s biggest exporter of jewelry, with $14.1 billion in value.

Which country is the largest exporter of gold?

Apart from Antarctica, there are gold mining operations on every continent. As of 2020, China was the largest producer of gold globally, with approximately 11% of the production. However, Switzerland is the world’s leading exporter of gold, with $72 billion in exporting value.

What is the most expensive jewelry brand in the world?

Today, Graff is vastly considered the most expensive jewelry brand out there. The House of Graff, founded in 1960 by Laurence Graff, is renowned for making “the most fabulous jewels in the world.”

Graff Lesedi La Rona was a recent model offered by the British firm. GIA certified it as the world’s “largest square emerald cut diamond” and the “largest diamond of exceptional color and clarity.”

Where is the best place in the world to buy diamonds?

People are accustomed to purchasing diamond rings from jewelry stores overseas instead of local ones to save a considerable amount of money. 

Especially when it comes to purchasing wedding or engagement diamond rings, getting a better deal in foreign countries can do the trick. Jewelry industry statistics show The United Arab Emirates, Belgium, and the Netherlands are countries with the best offers.

Sources

Clear Sale, Estate Diamond Jewelry, IBIS World, Investopedia, National Jeweler, Oberlo, PR Newswire, Statista, Statista, Statista, Statista, Statista, Statista, Top 10, WP Diamonds, Zippia