North America Jewelry Market Faces Fierce Battle for Growth

55

United States Jewelry News: Market Outlook Shaped by Growth and Uncertainty

The North America jewelry market is expected to expand steadily, with projections showing a compound annual growth rate of 4.01 percent between 2024 and 2030. Despite this positive outlook, the landscape is far from smooth. Industry insiders acknowledge that fragmentation, intense competition, and geopolitical tensions are shaping an unpredictable environment.

The Jewelry industry across the United States and Canada is getting extremely competitive as major players fight for market share
Image Credit: StockShots

Major players such as LVMH, Signet Jewelers, Pandora, and Richemont remain dominant forces, but their market shares are modest compared to the breadth of independent and mid-size manufacturers spread across the United States and Canada. According to this United States Jewelry News report, the market is being reshaped by sustainability initiatives, growing consumer demand for lab-grown diamonds, and shifting supply chains impacted by trade wars.

The Rise of Sustainable Jewelry

One of the strongest trends influencing consumer preferences is sustainability. Luxury houses, including Tiffany & Co., have amplified eco-friendly practices by introducing renewable energy projects, reducing emissions across their supply chains, and embracing partnerships with logistics providers for greener delivery solutions. Pandora, one of the most visible names in the sector, has also taken bold steps by ensuring its lab-grown diamonds are crafted using renewable energy sources. These efforts reflect the growing awareness among North American consumers who increasingly demand traceable, responsibly sourced jewelry.

Lab Grown Diamonds Challenge Tradition

Lab-grown diamonds are no longer niche alternatives. They are now rapidly transforming the diamond industry across North America. The appeal lies in both ethical and financial factors, as these gems cost less than mined stones while offering identical brilliance. Rising tariffs on natural diamonds imported into the United States, including an additional 10 percent tax announced for 2025, are also making lab-grown diamonds more attractive. With India traditionally serving as the main supplier of polished diamonds to North America, this taxation move could render natural stones less competitive. As a result, lab-grown diamonds are positioned to capture even greater market share in the coming years.

Key Players Expand Through Acquisitions and New Stores

Despite challenges, industry leaders are investing aggressively to maintain momentum. In 2024, Pandora opened over 200 new stores across the region, which contributed to a five percent boost in its revenues. Richemont, another heavyweight, bolstered its Jewelry Maisons division through the acquisition of Vhernier, a high-end Italian jewelry brand. Such strategic moves highlight how large corporations are consolidating influence and broadening product portfolios to serve a wider audience ranging from everyday buyers to elite collectors.

Jewelry catering to the high-end segment seems to be doing well in the North American market
Image Credit: StockShots

Regional Market Insights

The United States continues to dominate the North America jewelry sector, thanks to its affluent consumer base and strong appetite for both traditional and modern jewelry designs. However, Canada is quietly emerging as a powerful growth market, with a projected six percent growth rate through 2030. Canada’s influx of immigrants, particularly from jewelry-centric cultures such as India, is fueling demand. Statistics from early 2025 revealed that out of 834,010 temporary resident applications approved, nearly half were from Indian nationals, many of whom carry forward strong traditions of buying jewelry as both fashion and investment.

Supply Chain Pressures and Geopolitical Risks

One of the largest obstacles facing the jewelry industry is supply chain disruption. Increased raw material costs, higher shipping expenses, and labor shortages are driving up production costs, often leaving brands with little choice but to pass these expenses on to consumers. Custom and limited-edition jewelry, which relies heavily on premium materials and artisanal craftsmanship, is especially vulnerable. Further complicating matters are the ongoing trade tensions between the United States and China, which have triggered tariffs, export restrictions, and longer lead times. Pandora, for instance, adjusted its supply routes in 2025 by redirecting products through Canada and Latin America to bypass costly bottlenecks in the United States.

Consumer Segmentation and Preferences

Market segmentation reveals telling patterns. Rings dominate the product category, accounting for approximately 43 percent of the market, fueled by strong demand for personalization. Necklaces and earrings follow closely, especially among younger demographics seeking versatile designs suitable for both casual and professional wear. Diamonds remain the material of choice, commanding over 60 percent of market share, though gold continues to enjoy cultural and financial significance. The platinum segment, while smaller, retains prestige status through limited-edition collections.

Younger Buyers Drive Digital Engagement

Consumers between the ages of 25 and 44 represent the largest buyer demographic. This group values both digital convenience and in-store experiences, often beginning their search online before making final purchases in physical outlets. Virtual try-on features, introduced by brands like Pandora, have become key tools to convert curiosity into sales. Men’s jewelry is another segment showing strong growth, with bold signet rings and chunky chains gaining popularity as men embrace jewelry as part of personal style and self-expression.

The Future of The North American Jewelry Market

Looking ahead, the jewelry sector in North America will be defined by how well companies navigate challenges while capitalizing on shifting consumer habits. Brands that invest in sustainability, embrace digital innovations, and adapt to geopolitical pressures will be best positioned to succeed. At the same time, growing consumer interest in affordability and lab-grown diamonds signals a reshaping of the industry’s traditional value system. With both opportunities and obstacles ahead, the next five years promise to be a critical period for redefining jewelry’s role in everyday fashion, luxury, and investment culture. The fragmented nature of the market also suggests room for bold new entrants who can innovate and deliver on evolving expectations.

For the latest United States Jewelry News, keep on logging to Gems News.