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.