Jewelry sales in the US rose by 2.5% in November, driven by a 4.6% increase in average spending per item compared to the same month last year, according to a report by analyst Edahn Golan.
This rise in average spending reflects growing demand for luxury jewelry in the US. Throughout the year, both total sales and average spending per item have increased steadily, helping to offset a decline in the number of jewelry pieces sold—a trend that has persisted over the past year.
Sales of diamond jewelry, including both finished pieces and those intended for in-store setting, followed a similar pattern with slightly different dynamics. While revenue remained stable and the number of units sold dropped, the average amount spent per item rose by 5.4%.
Another factor influencing November sales was a shift in the holiday shopping calendar, as two key shopping days traditionally falling in November were pushed to December 1-2 this year.
Jewelry Spending Growth in the US, November 2024
Finished Jewelry Sales on the Rise
Finished jewelry sales posted a solid 4% increase in November, primarily due to a 6.5% rise in average spending per piece. This growth stands out considering that many retailers offer holiday season discounts during November and December. The data suggests that American consumers remain highly interested in jewelry and are increasingly willing to invest in it.
Interestingly, the number of jewelry items sold declined compared to last year, though November 2023 was particularly strong. The top-selling items were fashion necklaces and pendants priced between $500 and $600, while hoop earring sales dropped by nearly 10%.
Steady Demand for Finished Diamond Jewelry
The finished diamond jewelry category experienced moderate growth. Total revenue increased by 1.4%, while the number of items sold in November fell by nearly 5%.
As expected, non-engagement diamond rings led sales, followed by diamond earrings. Average spending on these items rose by 8.5% compared to last year.
The increased demand seen in October suggests that many consumers opted to purchase finished diamond jewelry earlier this year, especially pieces priced between $2,000 and $2,500.
Decline in Loose Diamond Sales
US jewelry retailers saw a decline in revenue from loose diamonds in November, with total sales of both natural and lab-grown loose diamonds dropping by more than 5%.
Natural Diamonds Challenges
Between May 2022 and April 2024, revenue from natural loose diamonds consistently fell compared to the previous year. However, since May 2024, sales have occasionally increased, hinting at a potential recovery in consumer interest.
Year-over-year, revenue was down 5%, while average spending remained unchanged. The continued decline in sales remains a concern for the diamond industry.
It’s also worth noting that the shift of two major shopping days from November to December likely impacted sales figures.
Natural Loose Diamond Sales Trend in the US
