U.S. specialty jewelry retailers recorded a 5.7% year-over-year revenue increase in September 2026, extending nearly two years of continuous monthly growth despite broader economic headwinds, according to new data from industry analytics firm Tenoris. Year-to-date jewelry revenues are now up 8.5%.

The growth continues to be driven primarily by high-end purchases rather than sales volume. Average consumer spend per item jumped 11% in September, offsetting an 11% drop in sales volume for lower-priced merchandise.

Key insights from the September report include:

• Diamond Market Dynamics: Sales of finished diamond jewelry dipped slightly by 0.6%, though average spending per stone rose 11%.
• Lab-Grown Segment: Demand for lab-grown diamond jewelry surged nearly 26% year-over-year. However, revenue for loose lab-grown diamonds fell for a fifth straight month due to declining prices.
• Outperforming Broader Luxury: While overall U.S. luxury spending fell 6% in September—according to recent Citi credit card data—jewelry sales remained comparatively resilient, driven by affluent buyers.

When overall revenue increases even as the number of individual items sold drops, it creates a optical illusion of growth. On paper, top-line financial performance looks strong, but underneath, the business is relying on fewer transactions at much higher prices.Heading into the high-volume fourth quarter—driven by holiday shopping—this dynamic presents specific operational challenges and strategic risks for jewelry retailers.