Jewelry, Watch, Precious Stones & Metals Wholesalers NAICS 423940

Sep 18, 2025 - US Jewelry Market Shows Resilience Amid Economic Uncertainty: Tenoris

• According to a report by Tenoris, US jewelry sales rose 3.5% in July 2025, defying seasonal norms and signaling cautious optimism for year-end performance. Retailers increased purchases by 10%, and tariff-related purchase costs of finished jewelry exceeded 20%. Despite an 8% decline in diamond jewelry unit sales and double-digit drops in loose diamond demand, overall revenue remained stable, driven by higher-spending consumers favoring premium items. Inventory growth slowed to mid-single digits, reflecting restrained consumer demand and economic uncertainty. Tariffs, particularly a potential 50% levy on Indian imports, are reshaping pricing and purchasing behavior. Retailers absorbed rising costs, with average item prices up 12% year-over-year, yet have not fully passed these increases to consumers. The market remains fragmented, complicating demand forecasting, but Tenoris data suggests resilience among affluent buyers amid broader market headwinds.
• 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.

• Indicators measuring the collective mood of US consumers showed a downward turn, with consumer confidence and consumer sentiment levels falling. Consumer confidence levels, an indicator of discretionary expenditures, declined in August 2025, month over month, falling by 1.3 points, according to the Consumer Confidence Index. Consumer confidence levels were lower in August, but remained similar to levels in the past three months, according to The Conference Board, which publishes the monthly index. August’s loss can be attributed to consumers under 35 years old, while confidence levels rose for consumers over 55. In addition, the consumer sentiment index from the University of Michigan dropped in September 2025. The index fell to 55.4 in preliminary data for September from 58.2 in August. Year over year, the index was 21% lower than September 2024’s 70.1. Year-ahead inflation expectation results held steady monthly, as consumers convey lingering anxiety about prices amid tariff impacts. The index serves as a predictor of consumer spending as it indicates consumers’ perception of their financial prospects and the broader economy.
• 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.