DiamondBuzz
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.
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.
VBJ, Vummidi Bangaru Jewellers, one of South India’s most trusted heritage jewellery brands, partnered with IGNITION, the acclaimed thought leadership platform presented by the Shiv Nadar Foundation and curated by award-winning journalist Shoma Chaudhury. Held at ITC Grand Chola, Chennai, the event brought together distinguished voices from diplomacy, cinema and international affairs, while VBJ showcased its latest PARRO – Signature Collection, celebrating exceptional craftsmanship inspired by nature.
The evening featured compelling conversations with Dr. Abdul Majid Hakeem Ilahi, representative of Iran’s Supreme Leader, who shared perspectives on the evolving geopolitical landscape in West Asia; acclaimed actor Ali Fazal, who reflected on his artistic journey from Indian cinema to Hollywood; and former Foreign Secretary Vijay Gokhale, who discussed the changing global order and insights from his latest book, China’s Wars.
Adding an artistic dimension to the evening, VBJ unveiled a curated display of its PARRO – THE SIGNATURE PARROT COLLECTION, an exclusive line inspired by the grace, vibrancy and symbolism of the parrot. Combining intricate craftsmanship with contemporary design sensibilities, the collection reflects VBJ’s enduring commitment to transforming nature into timeless wearable art.
Speaking on the occasion, Amarendran Vummidi, Managing Partner, VBJ, said:
“IGNITION has established itself as a platform where influential voices come together to spark conversations that shape perspectives. At VBJ, we believe that meaningful ideas and enduring craftsmanship both have the power to inspire generations. Our continued association with IGNITION reflects our commitment to supporting platforms that celebrate excellence, dialogue and creativity.”
Jithendra Vummidi, Managing Partner, VBJ, added:
“The PARRO collection embodies our pursuit of artistry that is rooted in heritage yet resonates with contemporary lifestyles. Presenting it at IGNITION, a forum that celebrates ideas, innovation and culture, is a fitting way to showcase how timeless craftsmanship continues to evolve while staying true to its origins.”
As a fifth-generation family-run brand, VBJ takes immense pride in its legacy as the creator of the historic Sengol (sceptre) – a sacred symbol of India’s democratic journey. Rediscovered after 72 years through meticulous research by the VBJ team, the Sengol was reinstated beside the Speaker’s chair in India’s new Parliament building, Sansad Bhavan, by Hon’ble Prime Minister Narendra Modi, marking VBJ’s enduring bond with India’s cultural and national heritage. Continuing this legacy, VBJ is now set to unveil its largest jewellery showroom on Coimbatore’s 100ft Road.
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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.