The U.S. jewelry market size was estimated at USD 73.32 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 4.1% from 2024 to 2030. The market is driven byinnovative jewelry designs offered by manufacturers and growing disposable income. Furthermore, there’s a distinct shift in consumer behavior, with more people being comfortable buying fine jewelry online. Though this trend was driven by the global pandemic, the jewelry industry may enter a stage of exceptional digital innovation over the forecast period.U.S. jewelry market accounted for the share of 20.76% of the global jewelry market in 2023. The increasing popularity and acceptable of bling jewelry by celebrities has created a major opportunity for new entrants as well as existing players to expand their product portfolio in the jewelry market. For instance, Zillionaire-an Indian start-up with a large online presence and a store in the city of Jaipur-focuses on the latest trends on bling jewelry, which can be designed and customized specifically for the youth. These are available in gold, silver, and diamond. The company is looking to revolutionize the jewelry market in India by introducing consumers to the “iced-out” trend that is so popular in the U.S.
Like any other industry in the U.S., the luxury jewelry segment is also significantly influenced by the idea of sustainability. Jewelry designers are rigorously undertaking experiments to find a sustainable alternative material for creating luxury jewelry.
The American jewelry design exhibition by Vogue Italia in 2018 showcased unconventional materials like tagua nut as an alternative to ivory. Designers like Ana Katarina, Dana Bronfman, and Yael Sonia are committed to environmental sustainability while also developing fresh styles in jewelry.
Key Market Trends & Insights
Based on product, the rings accounted for a revenue share of 42.95% in 2023. Rings are one of the most popular accessories among the American population.
The diamond jewelry accounted for a revenue share of 62.86% in 2023,the availability of new designs and shapes in the product category has been spurring the demand for diamond jewelry among millennials in the country.
Sales through offline distribution channels accounted for 84% share in 2023. Presence of luxury stores in the region coupled with consumer preferences for purchasing jewelry in the stores is expected to boost segment’s growth.
Women accounted for the market share of 72% in 2023. Women's jewelry accounts for a sizable portion of the market.
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