Jewelry, Watch, Precious Stones & Metals Wholesalers NAICS 423940

Nov 19, 2025 - Finished Jewelry Sales Grow 12% Ahead of Holidays

• According to Tenoris, US jewelry sales by specialty retailers rose 11.6% in October 2025, with average retail prices up 15% year over year, signaling strong demand for finished jewelry but ongoing weakness in loose diamonds. Finished jewelry revenue climbed 14%, led by fashion necklaces and engagement rings, with fashion necklace revenue up 34.5% despite unit sales declines. Diamond jewelry sales also rose 9%, with per item spending increasing more than 15%. In contrast, loose diamond sales continued to fall, with revenue down 0.5% and unit sales off more than 10%, reflecting waning demand for custom engagement rings and a shift toward lab grown alternatives. Rising costs added further pressure: finished jewelry costs increased 17% and diamond jewelry costs surged over 25% year on year, partly due to tariffs on imports from India. For wholesalers, the data highlights resilience in finished goods but persistent challenges in loose diamonds and cost absorption across the supply chain.
• US consumer sentiment weakened in October and November 2025, putting pressure on jewelry wholesalers that depend on discretionary purchases. The University of Michigan’s Index of Consumer Sentiment fell 6.2% month-over-month to 50.3, nearly 30% below last year, while the Expectations Index dropped 36.3% annually to 49. Inflation expectations rose to 4.7% for the year ahead, and the Conference Board’s Consumer Confidence Index slipped to 94.6, with short-term expectations down to 71.5 despite stronger current conditions. With more than half of consumers anticipating higher interest rates, households are likely to delay or scale back purchases of luxury goods. For jewelry wholesalers, the environment points to softer demand from retailers, tighter inventory management, and increased price sensitivity across the supply chain.

• Jewelry and watch prices were 6% higher in August 2025, compared to the previous year, according to the Consumer Price Index by the US Bureau of Labor Statistics (BLS). Prices for the category were up 4.4% from the previous month. Employment by jewelry, watch, precious stone, and metal merchant wholesalers rose 9.1% in July 2025 compared to a year ago, according to the BLS. Employment in the industry for the past decade has fallen by 15.4%, lower than the 13% growth in overall private employment. Average wages for the nonsupervisory employees in the industry grew 3% in July 2025 year over year, reaching $30.08 per hour. Producer inflation for all wholesale trade industries, which includes jewelry, watch, precious stones, and metal wholesalers, was up 4.3% in August 2025 compared to a year ago, according to producer price data released by the BLS.
• De Beers announced in May 2025 that it planned to close its lab-grown diamond brand Lightbox, according to Rapaport. CEO Al Cook said the move reflects the company’s commitment to natural diamonds. The company had launched the Lightbox brand in 2018. However, lab-grown prices in the jewelry industry have dropped 90% at wholesale since the brand launched, per De Beers. Noted Cook, “Overall, we expect both the cost and price of lab-grown diamonds to fall further in the jewelry sector.” The company plans to continue its synthetic-diamond production unit, Element Six, focused on industrial and technology solutions. Jewelry wholesalers must monitor a changing diamond market landscape.