From engagement rings to luxury watches, the jewelry industry represents one of the world's oldest and most enduring markets. Today, this glittering sector is worth hundreds of billions of dollars and continues to evolve with trends like lab-grown diamonds, sustainable sourcing, and e-commerce transformation.
Whether you're an investor, entrepreneur, or simply curious about this sparkling industry, these statistics reveal everything from market size to consumer spending habits and emerging trends shaping jewelry in 2025.
Key Takeaways
- $366.79 billion — Global jewelry market size in 2024
- $578.45 billion — Projected market size by 2033 (5.3% CAGR)
- $77.2 billion — US jewelry market size in 2024
- Asia Pacific dominates with 60.2% global market share
- Lab-grown diamonds now represent 18.5% of diamond market
- $5,500 — Average engagement ring cost in 2024
- Gold jewelry accounts for 54.9% of total market
How Big Is the Global Jewelry Market?
1. The global jewelry market is worth $366.79 billion in 2024
According to Grand View Research, the worldwide jewelry industry reached $366.79 billion in 2024, making it one of the largest consumer goods markets globally. This figure encompasses everything from fine jewelry to costume pieces.
2. The jewelry market will reach $578.45 billion by 2033
Industry analysts project strong growth over the next decade, with the market expanding at a compound annual growth rate (CAGR) of 5.3% from 2025 to 2033. Rising disposable incomes and evolving fashion trends drive this growth.
3. The luxury jewelry segment alone is worth $61 billion
The high-end jewelry market, featuring brands like Cartier, Tiffany, and Bulgari, represents a significant portion of the industry. This segment is growing faster at 7.55% CAGR, projected to reach $109 billion by 2032.
Fun Fact: 75% of jewelry sales in 2025 are projected to come from non-luxury products, indicating that affordable and accessible jewelry dominates the market.
How Much Is the US Jewelry Market Worth?
4. The US jewelry market is worth $77.2 billion in 2024
The United States represents one of the world's largest jewelry markets. American consumers spent over $77 billion on jewelry in 2024, with the market expected to reach $111.8 billion by 2033.
5. US jewelry sales grew 2.9% in 2024
After declining 3.4% in 2023, the American jewelry market rebounded in 2024. This growth came despite challenges from inflation and changing consumer preferences around natural diamonds.
6. The average American household spends $434 annually on jewelry
According to consumer spending data, US households allocate over $400 per year to jewelry purchases. This includes everything from everyday accessories to special occasion pieces.
7. Women account for 72% of US jewelry purchases
While men increasingly buy jewelry for themselves, women remain the primary jewelry consumers. This includes both self-purchases and gifts received.
Jewelry Market Share by Region
8. Asia Pacific dominates with 60.2% of global market share
The Asia Pacific region leads the worldwide jewelry market, driven by strong demand in China, India, and Japan. Cultural significance of jewelry in weddings and festivals fuels consistent demand.
| Region | Market Share | Key Market | 2025 Revenue |
|---|---|---|---|
| Asia Pacific | 60.2% | China | $120 billion |
| North America | 18.5% | United States | $77 billion |
| Europe | 14.8% | Germany, UK | $55 billion |
| Rest of World | 6.5% | Middle East | $24 billion |
9. China generates $120 billion in jewelry revenue annually
China is the world's largest jewelry market by revenue, accounting for roughly one-third of global sales. The country's growing middle class and cultural affinity for gold drive this dominance.
10. India holds 28% of the Asia Pacific jewelry market
India's deep-rooted cultural connection to jewelry, especially for weddings and religious ceremonies, makes it a major player. Indian jewelry demand spans both urban and rural regions.
Top Jewelry Companies by Revenue
11. Richemont leads with $11.6 billion in jewelry revenue
Swiss luxury conglomerate Richemont, owner of Cartier and Van Cleef & Arpels, tops the luxury jewelry market. The company's jewelry sales grew 7% in fiscal 2024, with the jewelry division up 14% in Q3.
12. LVMH's jewelry division generates $11.86 billion annually
LVMH, which owns Tiffany & Co. and Bulgari, has tripled its jewelry revenue since 2020. The company's $15.8 billion acquisition of Tiffany in 2021 significantly boosted its market position.
| Company | Key Brands | Jewelry Revenue | Market Position |
|---|---|---|---|
| Richemont | Cartier, Van Cleef & Arpels | $11.6 billion | #1 Luxury |
| LVMH | Tiffany, Bulgari | $11.86 billion | #2 Luxury |
| Chow Tai Fook | CTF (own brand) | $11.52 billion | #1 China |
| Signet Jewelers | Kay, Zales, Jared | $7.2 billion | #1 US Retail |
| Pandora | Pandora | $4.1 billion | #1 Charms |
13. Chow Tai Fook controls 10.9% of China's jewelry market
The Hong Kong-based company is the leading jewelry brand on Alibaba's platforms and dominates the Chinese market with $11.52 billion in annual revenue.
14. Richemont's Asia sales account for 40% of revenue
For luxury jewelry brands, Asia remains the dominant market. At Richemont's jewelry maisons, the Americas contribute 21%, Europe 20%, Japan 10%, and Middle East/Africa 9%.
Jewelry Market by Product Type
15. Rings dominate with 33.8% market share
Rings are the most popular jewelry category globally, driven largely by engagement and wedding ring purchases. In the US specifically, rings account for 42.95% of revenue.
16. Necklaces are the fastest-growing category at 6.45% CAGR
The necklace segment is expected to experience the fastest growth through 2030, driven by fashion trends and layering styles popular among younger consumers.
17. Gold jewelry accounts for 54.9% of total market
Gold remains the dominant material in jewelry manufacturing, representing over half of all sales. Its enduring value as both adornment and investment drives consistent demand.
| Material | Market Share | Key Markets |
|---|---|---|
| Gold | 54.9% | India, China, Middle East |
| Silver | 18.2% | US, Europe |
| Platinum | 8.5% | Japan, US |
| Diamond | 12.8% | US, China |
| Other Gemstones | 5.6% | Global |
Lab-Grown Diamond Statistics
18. Lab-grown diamonds market reached $29.73 billion in 2024
The synthetic diamond industry has exploded in recent years. This market is projected to reach $97.85 billion by 2034, growing at an impressive 14.15% CAGR.
19. Lab-grown diamonds now represent 18.5% of the diamond market
Up from just 3.5% in 2018, lab-grown diamonds have captured a significant market share. This growth is expected to exceed 20% by end of 2024.
20. Lab-grown diamonds cost 30-40% of natural diamond prices
The price gap has widened significantly. In 2019, lab-grown diamonds cost 50-60% of mined diamonds; by 2024, they cost just 30-40%, making them increasingly attractive to budget-conscious consumers.
21. China produces 40-50% of global lab-grown diamonds
China leads global production at approximately 20 million carats annually. India is emerging as another major hub for lab-grown diamond manufacturing.
Gen Z & Millennials Lead the Shift: Younger consumers show the strongest preference for lab-grown diamonds, citing ethical and environmental concerns alongside lower prices.
Engagement Ring Statistics
22. The average engagement ring costs $5,500 in 2024
According to The Knot's 2024 Jewelry and Engagement Study, the average ring price has declined from $6,000 in 2021 to $5,500 in 2024, reflecting changing consumer priorities.
23. 64% of couples spend less than $6,000 on engagement rings
Nearly two-thirds of ring buyers stay under the $6,000 threshold, with 33% spending less than $3,000. Only 5% of couples spend over $15,000.
| Spending Range | Percentage of Buyers |
|---|---|
| Under $3,000 | 33% |
| $3,000 - $5,999 | 31% |
| $6,000 - $9,999 | 23% |
| $10,000 - $14,999 | 8% |
| $15,000+ | 5% |
24. New England buyers spend the most at $6,900 average
Regional differences in engagement ring spending are significant. Midwest shoppers spend the least at $4,900 average, while Mid-Atlantic couples also average $6,900.
25. 61% believe the "3 months' salary" rule is not feasible
The traditional marketing-created guideline has fallen out of favor. According to Bank of America, nearly two-thirds of Americans think this spending rule is unrealistic in today's economy.
26. Couples spend 16.7% of their wedding budget on jewelry
When including engagement and wedding rings together, jewelry represents a significant portion of overall wedding expenses. 61% of couples buy both rings from the same retailer.
Online Jewelry Sales Statistics
27. Online jewelry sales reached $105.6 billion globally in 2024
E-commerce jewelry sales grew 13.2% in 2024, significantly outpacing overall market growth. Digital transformation continues to reshape how consumers shop for jewelry.
28. US online jewelry sales hit $22.5 billion in 2024
American e-commerce jewelry sales grew 12.1% in 2024 and are projected to reach $37.9 billion by 2029. Virtual try-on technology is accelerating this shift.
29. Online sales will represent 32.7% of jewelry revenue by 2025
Up from just 20.5% in 2018, e-commerce is rapidly capturing market share from traditional retailers. However, offline stores still dominate with 84.3% of sales in 2024.
30. The online jewelry market is growing at 22.1% CAGR
E-commerce jewelry sales are expected to add $78 billion in market size between 2024 and 2029, driven by improved virtual shopping experiences and mobile commerce.
Jewelry Industry Employment Statistics
31. 35,100 jewelers and gem workers are employed in the US
According to the Bureau of Labor Statistics, the jewelry crafting profession employed about 35,100 people in 2024. This number is expected to decline 5% by 2034 due to automation.
32. 206,030 people work in US jewelry retail stores
The broader jewelry retail sector employs over 200,000 Americans across approximately 70,065 enterprises. The average jewelry store has just 2.6 employees.
33. The median jeweler salary is $49,140 annually
Jewelers and precious stone workers earn a median wage of $49,140, with the top 10% earning over $81,610. Sales managers in jewelry stores earn a median of $85,300.
34. 50.5% of jewelers are women
The jewelry crafting profession is nearly gender-balanced. The average jeweler age is 46 years old, with White workers comprising 62.8% of the workforce.
Key Jewelry Industry Trends for 2025
35. Sustainability is driving purchasing decisions
Consumers increasingly demand ethical sourcing, conflict-free diamonds, and recycled metals. Lab-grown diamonds and sustainable materials are gaining market share as a result.
36. Smart jewelry is emerging as a new category
Jewelry with integrated technology—GPS tracking, fitness monitoring, and NFC payments—represents a growing trend. These pieces blend fashion with functionality.
37. Personalization and customization are in high demand
Digital platforms allow customers to personalize jewelry by selecting specific stones, metals, and designs. This trend reflects consumers' desire for unique, individually-styled pieces.
38. Yellow gold is surging in engagement ring popularity
After decades of white gold dominance, yellow gold engagement rings are experiencing a significant comeback, particularly among younger buyers seeking vintage aesthetics.
The Bottom Line
The global jewelry industry continues to sparkle with a market value of $366.79 billion in 2024 and projected growth to $578 billion by 2033. Key trends reshaping the industry include the rise of lab-grown diamonds (now 18.5% of the market), accelerating e-commerce adoption, and growing demand for sustainable and personalized pieces.
The US remains a dominant market at $77 billion, though Asia Pacific leads globally with 60% market share. For engagement rings, the average spending has moderated to $5,500 as consumers increasingly reject the traditional "three months' salary" rule.
Whether you're investing in the industry, purchasing jewelry, or simply curious about market dynamics, the jewelry sector offers fascinating insights into consumer behavior, cultural trends, and the evolving definition of luxury.