Analysis: US Consumers Tighten Jewelry Spending in March 2024

In a recent analysis published by trend analytics company Tenoris, industry analyst Edahn Golan analyzes the jewelry market in March 2024. 


According to Golan, consumers tightened their spending due to increasing interest rates and energy costs in March. Sales of finished jewelry and loose diamonds dropped by 3%, accompanied by a 3.5% decrease in average expenditure per unit compared to the previous year.


US Natural Diamond Sales Trend
US Natural Diamond Sales Trend


March saw stable performance in finished jewelry, with a marginal increase of 0.3% in unit sales and almost unchanged total retail sales (-0.2%). While items priced under $750 drove the growth in unit sales, higher-end items over $20,000 bolstered the overall value. Q1 results showed a 0.4% decline in units but a 0.7% increase in retail sales value compared to the previous year.


Natural diamond jewelry sales were down 3.4% in units and 2.4% in retail sales value.  Increases in bracelets and necklaces were not enough to offset declines in earrings and rings. The sales share of jewelry set with natural diamonds stood at 91% – a 3.4% decrease year over year.


The retail margin for natural set engagement rings has stayed relatively stable over the past two years, averaging 46.3%. However, there has been a decrease in the average retail price by 8% – from $4,074 to $3,768, indicating price erosion. 

natural diamond engagement rings sales
natural diamond engagement rings sales


As for loose diamond sales, there has been “sluggish demand” in March, which led to a decline in retailers’ revenue in this category, despite a small rise in the number of units sold. By units, sales were up 2% and by value down 13% in March.


Natural diamond sales experienced a substantial year-over-year decline, with sales value dropping by 15.6% and the number of units sold decreasing by 13%. Additionally, consumer expenditure per unit fell by 2.7% compared to March 2023, despite still remaining “relatively high” at an average of $9,455 per unit. Furthermore, the average retail price of one carat rounds fell by 14% year over year, while two-carat diamonds saw a 16% decrease.


Read the full analysis here.


rough diamond loupe check

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