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US Jewelry Sales Decline as Affluent Consumers Shift Spending

Signet Jewelers reports a revenue drop, while luxury brands like Richemont see growth, as jewelry preferences shift toward experiences and sustainability.

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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.

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DiamondBuzz

GIA Puzzled by Rare Starburst Inclusions in Yellow Diamond

A 2.50-carat yellow diamond shows never-before-seen starburst cloud formations, prompting deeper investigation by GIA scientists.

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The Gemological Institute of America (GIA) recently encountered an exceptionally unusual diamond that defied easy explanation. The 2.50-carat round brilliant, graded at the institute’s Carlsbad, California, laboratory, displayed star-shaped inclusions so distinctive that researchers struggled to pinpoint their origin.

According to research “several randomly distributed yellow zones consisting of stacks of clouds with four-sided star patterns near the girdle noticed in the diamond.” These clouds—clusters of micro-inclusions—each contained a central concentration of more intensely colored particles arranged in a cross-like formation. When viewed from an alternate angle, the phenomenon appeared as a row of bright-yellow overlapping triangles, prompting the GIA to launch an in-depth analysis.

Initial observations revealed blue fluorescence under long-wave UV light, while the clouded yellow patches displayed weak yellow fluorescence under deep-UV imaging. Testing also indicated the presence of hydrogen-related defects, typically associated with brownish or greenish color components. However, these did not explain the intense yellow coloration of the zones, which is more commonly linked to cape defects, H3 centers, isolated nitrogen (C-centers), or a 480-nanometer absorption band.

To probe further, GIA scientists used photoluminescence spectroscopy to compare the yellow zones with surrounding areas. The results showed no signs of H3-related features or absorption-band activity. The only notable finding was a nitrogen-vacancy center present exclusively within the vivid yellow areas, suggesting the coloration stemmed from C-centers confined to specific surface regions.

The lab initially considered whether the diamond might resemble a case reported in 2020, in which a near-colorless diamond developed a yellow overgrowth layer late in formation. However, the composition and behavior of the current stone’s micro-inclusion clouds did not align with that scenario.

GIA researchers concluded that the origin and formation of the starburst-like micro-inclusions remain unknown — a mystery that will require further investigation.

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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