The US jewelry market was on a roller coaster ride in 2024. While overall sales rose, key components underperformed. Natural diamonds lost some of their sparkle, but those that did opt for them were willing to dig deep into their pockets and pay more.
That was not the only departure from Econ 101 mainstays. Demand for lab-grown diamonds continued to soar; however, prices sank even lower as consumers regard them as the low-cost option and expect to see prices decline even further.
Total jewelry sales inched up 1.4% in 2024, and unit sales eased down 1.4%. The modest performance was mainly due to declining revenue from natural diamonds.
In recent years, retailers have kept pushing up their gross margins, and in 2024 they climbed to an average of 49.6%.
Memo goods remained at 7% of sales, and inventory levels were unchanged from 2023, indicating that retailers are more actively managing their costs and reducing risks. All these are components of the industry’s realignment.
And the answer to the question on many industry members minds: lab grown held a 14% market share in 2024.
Read more HERE
