International News

US luxury jewellery spending in May 2025 sees increase of 10.1% y-o-y

Published

1 year ago

July 4, 2025

Luxury jewelry spending in May saw a significant increase of 10.1% year-over-year, according to data from Citigroup. This figure stands in stark contrast to the U.S. Department of Commerce’s estimate of only 2.9% for the same period.Citigroup’s analysis is based on the spending habits of over 10 million U.S. credit card holders. In comparison, the Department of Commerce uses its own estimates, later revising them with actual transaction data.

Luxury watch spending also showed a substantial rise, with Citi reporting a 14.7% increase, while the Department of Commerce reported a more modest 2.4% rise.

Overall luxury goods spending, though still weak, showed signs of recovery in May, declining by 1.7% year-over-year. This is an improvement from April’s 6.8% decline and March’s 8.5% decline.

Since September 2024, luxury jewelry has consistently outperformed other luxury segments, including handbags and apparel. In May 2025, jewelry was the only category to experience growth in both average spend per customer and the number of individual customers. This suggests a growing consumer preference for jewelry over other luxury items like handbags.

Related Topics:2025 internationalnews Luxury jewelry US

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International News

Israel’s Diamond Industry Hits Record Lows

From January To June 2026, Israel Exported Only $2.4 Billion In Diamonds. At Its Peak In 2015, That Figure Was Around $7 Billion—More Than Three Times Higher.

Published

7 hours ago

July 30, 2026

JewelBuzz Spread The Buzz

Israel’s diamond exports have dropped dramatically to their lowest levels in history. Reflecting these difficult times, the head of the Israel Diamond Exchange has announced his resignation.

Key Numbers

Massive Drop in Exports: From January to June 2026, Israel exported only $2.4 billion in diamonds. At its peak in 2015, that figure was around $7 billion—more than three times higher.
Total Trade Shrinking: Total industry trade (combining imports and exports) fell to $4 billion, down from $12 billion during its best years.

Why Is the Industry Struggling?

Competition from Dubai: Dubai has become a major global diamond hub, drawing traders away from Israel with lower tax rates.
Lab-Grown Diamonds: Man-made diamonds are significantly cheaper than natural ones, taking away a large portion of the market.
New U.S. Tariffs: A new 10% import tax on diamonds was recently introduced by U.S. President Donald Trump. Since the U.S. buys about 20% of Israel’s diamond exports, this tax hits the local industry hard.
Shifting Consumer Habits: Younger buyers are spending more money on experiences rather than luxury jewelry. Additionally, diamond demand in China has slowed down significantly.

Global Impact & What’s Next

The downturn isn’t just affecting Israel; it is a global issue. Even De Beers—one of the world’s biggest diamond companies—has been put up for sale for the first time ever.

Despite these setbacks, Israel still holds key advantages in the market, such as strong client relationships and deep expertise in cutting large, rare, and colored diamonds. Israeli officials are currently negotiating with the U.S. to lower the new tariffs and working with their own government for tax relief to help the industry bounce back.