NRF US Consumers to Spend 5.5 Billion on Jewelry in Valentines Day

Valentine’s Boost US Jewelry Sales 1.4% Amid Mixed Trends in February 2024

In a recent analysis published by trend analytics company Tenoris, industry analyst Edahn Golan analyzes diamond jewelry sales in the US in February. According to Golan, US jewelry sales experienced a 1.4% rise in February, driven by Valentine’s Day fervor, yet revealing a blend of contrasting patterns in various segments.


Valentine’s Day festivities boosted finished jewelry sales, marking a 2.5% surge in retail revenue, although unit sales remained steady. This balanced the year-to-date market, aligning it with 2023’s retail sales revenue.


US Jewelry Sales Feb2024
US Jewelry Sales Feb2024


Diamond jewelry witnessed a notable uptick in February, with unit sales climbing 3.5% and revenue surging 8% year over year. Diamond jewelry constituted 46.2% of all finished jewelry sales – a notable increase from February 2023.


The market for natural diamond jewelry marked a modest 0.9% rise in unit sales, maintaining a dominant market share. Retail sales revenue saw a 5.9% increase, particularly in the $1,000 to $5,000 price range, with robust sales observed in higher price brackets.


US loose natural diamond sales
US loose natural diamond sales


Meanwhile, the popularity of lab-grown diamond jewelry continued to rise, with unit sales soaring by 42.7% year over year, accompanied by a 33.3% increase in retail sales revenue. Despite a 5.9% decrease in average retail price per item, the category’s market share expanded to 7.4%.


loose lab grown diamond sales
Loose lab grown diamond sales


Platinum jewelry also experienced growth, marking its first significant year-over-year performance since early 2022, while bracelets maintained their appeal with a 10.9% increase in unit sales and a 9.6% rise in retail sales value.


Overall, while Valentine’s Day festivities drove increased activity in February, the loose diamond market remained stagnant due to softening prices, despite a rise in the number of units sold. Lab-grown diamond prices continued to decline, reflecting abundant supply and consumer price pressure, although unit sales surged by 31% year over year, potentially expanding the diamond category.


Read the full analysis here.

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