Jewelry Stores
Description
Companies in this industry sell jewelry, silverware, watches, and clocks through electronic home shopping and physical retail stores. Major US companies include Kay Jewelers, Tiffany and Co, and Zales Jewelers; other industry leaders include the retail operations of Chow Tai Fook Jewellery Group (Hong Kong) and Richemont and Swatch (both based in Switzerland).
The global jewelry market is expected to grow at a compound annual growth rate (CAGR) of about 5%, amounting to about $480 billion by 2030, according to Grand View Research. Asia Pacific has the largest jewelry market, with major nations such as Thailand, China, and India, according to Spherical Insights.
The US jewelry retail industry includes about 21,300 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $30 billion.
COMPETITIVE LANDSCAPE
Demand is driven largely by consumers' disposable income. Profitability depends on merchandising and marketing. Large companies enjoy economies of scale in purchasing. Small jewelers can compete with large chains by establishing favorable reputations. The US industry is fragmented: the 50 largest companies generate about 45% of revenue.
Jewelry stores face competition from department stores, mass merchants and warehouse clubs, home shopping TV channels, online retailers, and auction sites. Mass merchants have been able to cut prices and take market share.
Also, as marriage rates decline around the world, competition for engagement jewelry sales has become increasingly intense. The solitaire style engagement rings accounted for about 47% of sales in 2024, according to Queensmith.
PRODUCTS, OPERATIONS & TECHNOLOGY
Diamond jewelry accounts for the largest share of total jewelry store sales, at about 40%. Watches, watchbands, and parts account for about 25%, and other gemstone jewelry at 10%. Other products include loose gemstones and costume and novelty jewelry.
Jewelry is often classified as bridal merchandise (engagement, wedding, and anniversary rings) or fashion jewelry (rings, bracelets, earrings, pins, gold chains). Sales of bridal-related items, including engagement and wedding rings, may account for a significant part of sales for some jewelry retailers.
Most jewelry sold in US stores is imported. Imports have increased in recent years. In 2024, the leading sources of jewelry imported to the US include India, France, Italy, Thailand, and Jordan, according to OEC World.
Jewelry is expensive, intimidating, difficult for consumers to evaluate, and usually not branded. Purchases therefore require a good deal of service and expertise. Consumers are most likely to buy jewelry from a merchant they feel is trustworthy: either a well-known local jeweler or a well-regarded national brand.
Jewelers' operations consist of buying jewelry from manufacturers and wholesalers, training sales staff, and marketing products through various channels. Company buyers must be both technically skilled and aware of fashion trends. Most retailers buy merchandise fully finished from many different manufacturers. Some retailers create pieces themselves. Retailers also sell merchandise on consignment from manufacturers.
The global jewelry market is expected to grow at a compound annual growth rate (CAGR) of about 5%, amounting to about $480 billion by 2030, according to Grand View Research. Asia Pacific has the largest jewelry market, with major nations such as Thailand, China, and India, according to Spherical Insights.
The US jewelry retail industry includes about 21,300 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $30 billion.
COMPETITIVE LANDSCAPE
Demand is driven largely by consumers' disposable income. Profitability depends on merchandising and marketing. Large companies enjoy economies of scale in purchasing. Small jewelers can compete with large chains by establishing favorable reputations. The US industry is fragmented: the 50 largest companies generate about 45% of revenue.
Jewelry stores face competition from department stores, mass merchants and warehouse clubs, home shopping TV channels, online retailers, and auction sites. Mass merchants have been able to cut prices and take market share.
Also, as marriage rates decline around the world, competition for engagement jewelry sales has become increasingly intense. The solitaire style engagement rings accounted for about 47% of sales in 2024, according to Queensmith.
PRODUCTS, OPERATIONS & TECHNOLOGY
Diamond jewelry accounts for the largest share of total jewelry store sales, at about 40%. Watches, watchbands, and parts account for about 25%, and other gemstone jewelry at 10%. Other products include loose gemstones and costume and novelty jewelry.
Jewelry is often classified as bridal merchandise (engagement, wedding, and anniversary rings) or fashion jewelry (rings, bracelets, earrings, pins, gold chains). Sales of bridal-related items, including engagement and wedding rings, may account for a significant part of sales for some jewelry retailers.
Most jewelry sold in US stores is imported. Imports have increased in recent years. In 2024, the leading sources of jewelry imported to the US include India, France, Italy, Thailand, and Jordan, according to OEC World.
Jewelry is expensive, intimidating, difficult for consumers to evaluate, and usually not branded. Purchases therefore require a good deal of service and expertise. Consumers are most likely to buy jewelry from a merchant they feel is trustworthy: either a well-known local jeweler or a well-regarded national brand.
Jewelers' operations consist of buying jewelry from manufacturers and wholesalers, training sales staff, and marketing products through various channels. Company buyers must be both technically skilled and aware of fashion trends. Most retailers buy merchandise fully finished from many different manufacturers. Some retailers create pieces themselves. Retailers also sell merchandise on consignment from manufacturers.
Table of Contents
- Industry Overview
- Quarterly Industry Update
- Business Challenges
- Business Trends
- Industry Opportunities
- Call Preparation Questions
- Financial Information
- Industry Forecast
- Web Links and Acronyms
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