Signet Jewelers, the world’s largest diamond jewelry retailer, has reported a 7% revenue decline for fiscal 2025, with sales dropping to $6.7 billion from $7.1 billion, following a 12% decline the previous year. This downward trend is expected to continue, with the company forecasting sales between $6.53 billion and $6.8 billion for 2026, a further 13-16% decrease over three years. CEO J.K. Symancyk, “Growth has been elusive.”

While the overall U.S. jewelry market grew by 5% in 2024 to $85.4 billion, affluent consumers are beginning to pull back on their spending. The report also points to mass-market success stories like Pandora, which saw a 14% growth in the U.S., and luxury brands such as Richemont’s Cartier, which saw a 15% rise to $4.3 billion. However, LVMH’s jewelry division (Tiffany) grew only 1%, and independent jewelers reported a modest 1% sales increase.

According to Chandler Mount of Affluent Consumer Research Company, the luxury market is expected to shift in 2025, as high-net-worth individuals prioritize experiences, sustainability, and economic caution. ACRC data revealed that jewelry purchase intent among consumers earning $200k+ fell from 28% in 2022 to 22% this year, reflecting a loss of 1.5 million potential buyers every quarter.

A reputed magazine as per the report also highlights the growing popularity of lab-grown diamonds (LGDs), which saw a 43% increase in unit sales due to lower prices, putting pressure on natural diamond sales. Mount noted that affluent consumers are increasingly favoring experiences, such as travel, over physical goods, signaling a potential contraction in the jewelry market if economic optimism does not recover.

Swarovski, the renowned Austrian crystal manufacturer, has successfully returned to profitability after five years of financial struggles. The company reported a 6% revenue growth in 2024 and a remarkable doubling of sales in its lab-grown diamonds segment. This milestone marks a significant turnaround for the family-owned business, indicating the success of its strategic initiatives.

Financial Performance For the fiscal year ending December 31, 2024, Swarovski Crystal Business recorded revenue of EUR 1.9 billion ($2 billion). The company achieved record sales in the United States and Austria, despite operating in a challenging trading environment. While a detailed financial breakdown was not provided, Swarovski emphasized improvements in key financial metrics, including earnings before interest and taxes (EBIT) and cash flow.

Lab-Grown Diamonds Growth Swarovski’s lab-grown diamond division, Swarovski Created Diamonds, saw sales more than double in 2024. The company did not disclose specific figures but highlighted the segment’s rapid expansion as a testament to increasing consumer demand for sustainable and ethically sourced jewelry.

Strategic Vision: LUXignite CEO Alexis Nasard attributed the company’s resurgence to its LUXignite strategy, which aims to modernize the Swarovski brand while preserving its iconic heritage. This approach integrates contemporary cultural trends with Swarovski’s legacy, enhancing its appeal among modern luxury consumers.

Future Outlook Looking ahead to 2025, Swarovski acknowledges potential instability in the global economic environment. However, with the celebration of its 130th anniversary, the company remains committed to executing its strategy with a focus on creativity, strategic investments, and financial discipline. Nasard emphasized that the turnaround remains in full motion, driven by strong brand desirability, innovative product collections, and an immersive retail experience.

Conclusion Swarovski’s return to profitability and the exponential growth of its lab-grown diamond segment highlight the success of its strategic transformation. With a solid foundation in place, the company is poised for sustained growth, reinforcing its position as a leader in the luxury crystal and jewelry market.

At the United Nations General Assembly (UNGA) in New York, Ahmed Bin Sulayem, Chair of the Kimberley Process (KP), presented the UAE’s significant accomplishments during its 2024 Chairmanship, including the adoption of a UAE-led resolution on the role of diamonds in fuelling conflict. The resolution, co-sponsored by 37 countries, strengthens the Kimberley Process’s mission of ensuring a conflict-free global diamond trade and acknowledges the UAE’s vital contributions to advancing the KP’s goals.

One of the key achievements during the UAE’s chairmanship was the establishment of the first-ever Kimberley Process Secretariat in Gaborone, Botswana, marking a major institutional step forward. The resolution also highlighted other milestones, such as Uzbekistan’s integration as the 60th member of the KP and the lifting of long-standing export restrictions on rough diamonds from the Central African Republic (CAR).

Bin Sulayem emphasized the UAE’s leadership in driving the KP’s mission amid ongoing geopolitical challenges. “We made meaningful progress, advanced the agenda, and upheld the integrity of the Kimberley Process,” he stated.

The UAE’s leadership was widely praised during the UNGA session, with the European Union commending the UAE’s efforts in building consensus, while Zimbabwe recognized its contributions to job creation in the natural diamond industry. Representatives from the Central African Republic expressed gratitude for the UAE’s pivotal role in lifting trade restrictions, thus enhancing the credibility of the KP.

Looking ahead, the UAE is set to continue its leadership in the Kimberley Process, serving as Custodian Chair in 2025 and Chairing the Committee on Participation and Chairmanship (CPC) in 2026, shaping the future of the global diamond trade.