22 Stunning Jewelry Industry Statistics for 2023

Jewelry is a trend that never goes out of style.

As the jewelry industry statistics show, there’s an ever-present pressure of catering to the needs of both jewelry lovers worldwide and the dynamic demands of the fashion industry.

So far, famous jewelry brands seem to be entirely up to the task. What follows is a collection of exciting stats and prospects for 2021, so read away!

Top 10 Jewelry Industry Statistics for 2022

• The current value of the global jewelry market is $230 billion.
• Global jewelry sales make up 17% of the total retail apparel sales.
• The jewelry industry drives 36.83% of the global gold demand.
• China and India account for 57% of the global gold consumption.
• Silver anklet demand rose 108% compared to the previous year.
• Over 51% of women aged 25–40 buy jewelry for themselves.
• 86% of engagement rings sold in 2020 had a diamond center stone.
• The costume jewelry market is expected to reach $52.4 billion by 2025.
• Rolex held 23.4% of the global watch market in 2019.

Global Jewelry Industry Statistics

The jewelry sector is a part of the apparel industry together with clothing, footwear, and other fashion accessories.

According to the latest fashion industry data, the value of the global apparel market is expected to hit $2.25 trillion by 2025, but let’s find out more about what the industry looks like right now.

1. In 2020, jewelry industry statistics estimated the value of the global jewelry market at roughly $230 billion.

(Statista)

The global luxury jewelry market was worth approximately $21 billion in 2020, the leading consumers being China, the US, Japan, and India.

Major jewelry industry retail companies include Signet Jewelers, LVMH Group, Tiffany & Co., and the Richemont Group.

2. According to 2020 statistics, global jewelry sales make up only 17% of the total retail apparel sales.

(Common Objective)

As the jewelry industry trends in 2020 dictated, the lion’s share of this revenue, amounting to approximately $306.8 billion, was earned through lower quality jewelry sales.

The remaining $41.6 billion came from high-end luxury jewelry.

3. Gold and silver jewelry sales statistics from 2019 reveal that China and India constituted 57% of the global gold jewelry consumption.

(Grand View Research, Investopedia)

Among the remaining top five gold consumers are the United States landing third place, followed by the United Arab Emirates and Indonesia.

While Asian countries are witnessing rising demand for gold jewelry as a result of increased disposable income, reports indicate that gold jewelry consumerism is also related to traditional customs such as weddings.

Unfortunately, global jewelry industry trends predict that consumers are likely to be put off from their purchases due to the rising prices of gold.

4. Carbon neutrality is among the newest gem and jewelry industry challenges.

(Bloomberg, GIT Information Center)

The industrial giant De Beers is making an effort to keep pace with the latest diamond industry trends. It allied with a group of companies with a common goal to reduce carbon emissions resulting from mining operations.

Meanwhile, Pandora announced that it would drop unethically sourced raw materials altogether by 2025 and base its production exclusively on lab-made diamonds and recycled precious stones.

5. The costume jewelry market is expected to reach $52.4 billion in revenue by 2025.

(Allied Market Research, GWI)

Costume jewelry industry statistics show that the market was worth $32.9 billion in 2019.

The market is expected to flourish owing to the growing consumer interest in jewelry made of less expensive brass, glass, beads, or semi-precious stones.

Women accounted for more than half of the total costume jewelry market share in 2019. Future trends appear to favor the male segment, which is predicted to grow at a CAGR of 8.2% between 2020 and 2027.

6. According to jewelry statistics from 2020, silver anklet demand rose 108% compared to the previous year.

(Statista)

Silver anklets were the top searched item on the internet in the first quarter of 2020, the second being silver chains, which came with an 82% increase in online searches.

7. Swiss watchmaker Tissot reached an 85% increase in sales owing to an interactive shop window display based on augmented reality (AR) technology.

(Matter of Form, ThinkMobiles)

In 2019, the company made its watch selling statistics work in its favor by creating a virtual setup that enabled customers to try on a 3D watch model right in front of the shop.

Many brands are jumping on the bandwagon and boosting their sales with try-on apps and showcase units.

The story develops even further with exclusive AR-based virtual stores, blurring the lines between real-life shopping and online browsing.

8. Diamond industry statistics indicate that Russia is the world’s leading holder of natural diamond reserves, estimated at roughly 650 million carats.

(Statista)

Next in line is Botswana, with reserves amounting to 310 million carats.

As far as production is concerned, Russia takes the lead once again, accompanied by Australia, with respective production outputs of 19 million and 12 million carats.

9. The jewelry industry is responsible for 36.83% of the global gold demand, as fashion jewelry sales statistics reveal.

(Statista)

According to 2020 statistics, this amounted to approximately 1,400 metric tons.

The most considerable portion of the worldwide gold demand is investments, with a share of 47%. The specific characteristics of this metal allow for its use in various other industries such as technology and dentistry.

US Jewelry Industry Trends

The sole fact that total US jewelry and watch sales in 2018 amounted to $82.5 billion is enough to convince anyone that the US is the largest consumer within the industry worldwide.

Keep reading to find out what the market has to offer.

10. The US jewelry retail market is currently worth $28.3 billion.

(IBIS World, Statista)

The number of jewelry stores in the United States in 2019 was 19,800, jewelry sales statistics show.

The largest jewelry retailer which earned $5.1 billion in revenue in 2018 is Signet Jewelers, with almost 3,000 stores and several other brands under its control.

Their most successful brand of the fiscal year 2021 was Kay, earning approximately $2 billion through sales.

11. US wedding ring cost statistics recorded a $1 billion year-over-year revenue growth during the summer period of 2020.

(Matter of Form)

It may come as a surprise, but 32% of women weren’t satisfied with the engagement ring chosen by their significant other.

Some jewelers offer the possibility of designing a personalized 3D replica of the ring before the actual purchase. Is there a better way to check whether you’ll be getting an “I do?”

12. Retail jewelry sales statistics demonstrate that 86% of sold engagement rings in 2020 had a diamond as the center stone.

(The Knot)

Although current trends suggest a return to a minimalistic and traditional look, diamonds are still outshining the competition.

Other popular options are, naturally, emeralds and sapphires, with the addition of moissanite, a diamond-like mineral that was the choice of 26% of those who bought rings with alternative precious stones in 2020.

13. According to US jewelry sales demographics data for 2020, 92% of Americans prefer to buy gift jewelry in-store.

(Statista)

It seems that good old brick-and-mortar stores still induce more trust than their digital equivalents.

A substantial majority of jewelry buyers in 2020 decided to purchase their gifts directly from a retail store, while 69% of the gifters preferred online shopping, reports show.

The results are similar among consumers buying jewelry for themselves — 90% of them favored in-store shopping, compared to 66% who bought their jewelry online.

14. Jewelry industry statistics from 2020 show that Tiffany & Co. was the seventh-largest luxury brand on the fine jewelry market, valued at $4.97 billion.

(Statista)

Tiffany & Co. is among the most significant jewelry designers worldwide, so it may be surprising to learn that it has only 93 stores in the US.

This doesn’t seem to affect its popularity or profitability, since the brand brought in $19.3 million in revenue from sales per store in 2018.

15. Trends in the jewelry industry reveal that animal-inspired jewelry and stackable rings had a 1,939% and 1,669% increase in clicks in 2020.

(Stylight)

These numbers are sourced from an internal review of the behavior of more than 12 million monthly users of an international online retailer, Stylight.

Other popular trends and items identified by this review include pearls, chains, colorful beaded jewelry, and rainbow stones.

The biggest surprise are pearl rings, which were out of fashion for a while, currently back in the game with a 226% increase in clicks when compared to 2019.

Demographics of Fashion Jewelry Buyers

Diamonds are forever — and for everyone, judging by the latest industry changes. The jewelry market is rapidly becoming more versatile and flexible, reflecting the demands of an evolving society.

16. Fashion jewelry trends from 2020 reveal that more than 51% of women aged between 25 and 40 purchase jewelry for themselves.

(National Jeweler)

What’s more, 91% of this consumer segment investigates a brand before making their purchases. Their most beloved brands include Tiffany & Co, Pandora, and Swarovski.

On the other hand, 14% of women buy jewelry for their partners, 18% receive jewelry from their partners, and 17% do the shopping together.

17. Diamond jewelry sales statistics indicate that millennials generate 59% of the diamond demand in the US.

(Bread)

While it is also true that 59% of millennials can’t readily afford their preferred jewelry, they are the most avid consumers in the industry.

A proof that diamonds are a millennial’s best friend is that 50% of them would like to receive a diamond as a gift, according to the jewelry industry statistics.

This age group is also expressing concern about the origins of their jewelry, so while 20% prefer the old-fashioned mined diamonds, 40% choose lab-grown stones as a more eco-friendly solution.

18. Men’s jewelry sales statistics report a growth trend in the jewelry market.

(Borsheims)

The top-selling items are braided leather bracelets, which became extremely popular in 2021, beaded and golden necklaces, chain jewelry, and black jewelry.

The onyx ring is a particularly wanted item, representing a unique fashion statement thanks to its mystical and modern look.

19. Genderfluid ornaments take the cake among fresh jewelry industry trends in 2021.

(Brides, Matter of Form)

On par with the rising popularity of male jewelry, the market is also adapting to the worldwide acceptance of gender fluidity by launching gender-neutral jewelry pieces, such as the newest collections of Gucci, Bulgari, and others.

As the fashion jewelry industry statistics reveal, many celebrity names appear among the advocates of unisex jewelry trends, such as Billie Eilish and Harry Styles.

The message — drop all the gender labels and pick the jewelry you want.

Watch Industry Statistics

More than ever, luxury watches are a matter of prestige, so worldwide demand gravitates towards premium and cutting-edge products.

Watchmakers use high-quality materials such as steel, bi-metallics, and precious metals, making their products more attractive.

20. The world luxury watch market was worth more than $23 billion in 2020, and it’s expected to grow at a 3.25% CAGR between 2021 and 2026.

(Monochrome Watches, Report Linker)

The leading giants, according to watch industry statistics are Switzerland, China, France, and Germany.

Switzerland holds the largest watch production and export business, its main target markets being Japan and Singapore.

However, Swiss watch sales in 2020 dropped to $34.7 billion in retail sales value and $17.5 billion in export value.

21. Luxury watch industry statistics for 2019 show that Rolex was worth approximately $8.05 billion, holding a 23.4% share in the global watch market.

(Robb Report, Statista)

There is no question Rolex is the most demanded watch brand in the world. It’s really no wonder that nearly 60% of participants in a 2018 survey chose this brand as their favorite.

Last year’s watch selling statistics seem to indicate that 2020 was also Rolex’s year, since it hit $8.5 billion in revenue, thus increasing its share in the market to a full quarter.

Swiss watchmaking competitors include Omega with $3 billion in revenue and 500,000 watches sold during 2020, and Cartier, which increased its sales owing to a 30% price reduction.

22. Swiss watch exports to China amounted to $2.39 billion in 2020, showing an increase of 17.1% compared to 2019.

(Report Linker)

The Asia-Pacific region has the highest demand for luxury watches, with China being the most fertile soil for competitors, the luxury watch industry statistics reveal.

With the recent changes in the gender segment, India is next in line, as the market saw a rising demand for female and gender-neutral watches.

FAQ

How much money does the jewelry industry make?

The 2020 statistics show that jewelry sales generate a revenue of approximately $348.5 billion per year.

From another perspective, the value of the jewelry industry roughly equates to the size of the 30th strongest economy in the world, which is currently that of the United Arab Emirates.

What country buys the most jewelry?

The leading jewelry consumers in the world are China, the US, India, Japan, and Hong Kong.

In turn, the most avid buyer of luxury jewelry is the US, along with Japan, France, China, and Italy.

Is the jewelry industry growing?

The estimated value of the global jewelry market for 2027 is $266.53 billion, which can be attributed to an increase in disposable income.

Additionally, global jewelry industry statistics from 2019 show that the incorporation of technology and increased use of social media for promotion is responsible for the thriving worldwide demand for luxury jewelry.

Who buys the most jewelry?

Studies on the global jewelry market for 2018 show that millennials are the largest group of jewelry buyers.

During the year in question, they dedicated 28% of their average household income to fashion jewelry purchases.

What is the average profit margin for jewelry?

The gross profit margin of an average retail jeweler is 42%–47%, taking into consideration all key aspects which determine the success of a jewelry retail business.

These include the size and location of the store, the annual product offer, management and marketing strategies, additional services, and the number of years the store has been around.

The Bottom Line

Hopefully, this outline of the latest jewelry industry statistics provided you with enough insight for your next venture into the world of fashionable ornaments.

As we’ve seen, in a world of fast-paced changes, the fashion jewelry trends are constantly being tested by global demands and passing with flying colors.

In a market where there really is something for everyone, your only task is to dive in headfirst and explore the treasure trove.

Sources 

• A Fashion Blog
• Allied Market Research
• Bloomberg
• Borsheims
• Bread
• Brides
• Common Objective
• Fortune Business Insights
• GIT Information Center
• Grand View Research
• GWI
• IBIS World
• Investopedia
• Matter of Form
• Monochrome Watches
• National Jeweler
• Profitable Venture Magazine
• Report Linker
• Robb Report
• Statista
• Statista
• Statista
• Statista
• Statista
• Statista
• Statista
• Statista
• Statista
• Stylight
• The Knot
• Think Mobiles

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