Editor’s Note
Jewellery is poised to be fashion’s standout growth category, with unit sales projected to surge at nearly four times the rate of apparel. This article explores the drivers behind this expansion, highlighting the robust performance of branded pieces.
Over the next few years, jewellery is forecast to be the fastest-growing category in fashion by unit sales, growing at nearly four times the rate of clothing. Both costume and fine jewellery are expected to grow similarly, with sales growing between 5.3 and 5.6 percent per year through 2028.
This growth is particularly pronounced in branded jewellery: Sales of branded jewellery made up 25 percent of the market in 2024 and grew 8.3 percent per year between 2021 and 2024, almost double unbranded jewellery’s 4.3 percent growth. In 2025, 61 percent of consumers say jewellery is a category in which brand matters most, increasing to 82 percent in China.
Diamond jewellery accounts for roughly one-third of global jewellery sales and is expected to expand at 4 to 5 percent per year through 2028. Within this, lab-grown diamonds are forecast to grow 15 to 16 percent annually as adoption increases, particularly in India, China and the US.
Asia Pacific will continue to drive the largest share of market growth through 2028, led by China and India, where jewellery sales already represent around two-thirds of the APAC market.
For international brands — which account for over 50 percent of branded jewellery sales in China — sharp price increases in soft luxury categories such as ready-to-wear and handbags have weakened perceived value, prompting consumers to shift spending towards hard luxuries like jewellery. Several local brands are also performing well, including Laopu Gold — which offers fixed-price gold, where prices do not fluctuate daily with the market rates— and Kering-owned Qeelin, whose Chinese heritage design codes are resonating with local consumers. In the unbranded jewellery segment, a softer property market has reinforced fine jewellery’s appeal as a store of value.
According to De Beers, India has now overtaken China as the world’s second-largest diamond market, accounting for roughly 11 percent of global demand, second only to the US at over 50 percent.
India’s rising middle class and deep cultural affinity for gold and diamonds are fuelling sustained double-digit growth for domestic jewellers — which make up more than 90 percent of branded jewellery sales.
As jewellery becomes more associated with personal identity than occasion, more consumers are buying it for themselves rather than as a gift for others. Forty-two percent of women and 35 percent of men report buying more jewellery for themselves than two or three years ago.
This shift is fuelled partially by rising incomes and evolving gender roles. By 2028, women will command over 75 percent of global discretionary spend, likely benefitting jewellery sales to women buying for themselves. Forty-one percent of jewellery retailers surveyed say female self-purchasing is the top opportunity in silver jewellery, whereas just 26 percent cite gifting. Self-purchasing is set to propel accessibly priced jewellery, with retailers already seeing strong sales for pieces priced $100 to $500.
+58% increase in jewellery sales of women buying for themselves in 2024, compared to 2021
Although still a small part of the market, men’s jewellery is one of fast-growing segments, set to grow 7 to 8 percent per year through 2028, compared to women’s jewellery at 4 to 5 percent. Brands are meeting this demand by launching male or genderless collections, often fronted by celebrities like Korean actor Byeon Woo Seok.
Many brands are already tapping into this opportunity:
David Yurman: The American jewellery brand launched its first-ever men’s high jewellery collection in 2024 with campaigns featuring brand ambassador Michael B. Jordan. It comprised a 30-piece assortment of necklaces, bracelets, rings and cufflinks, and supplements the brand’s existing men’s offering, which was introduced in 2004.
Graff: Diamond jeweller Graff launched a unisex line in 2024, the Laurence Graff Signature collection, featuring rings, pendants and bracelets, moving beyond its traditional bridal focus. Though diamonds are traditionally associated with women, the collection extends the brand’s DNA as well as the addressable market.
De Beers: As women have increasingly become independent consumers in the diamond market, De Beers has shifted its messaging from a primary focus on everlasting love and marriage to celebrating one’s authentic self in a bid to stay relevant. Its revised messaging highlights narratives such as uniqueness and self-worth.
Mejuri: The fine jewellery brand is known for its competitive prices, thanks to its direct-to-consumer model, as well as its marketing that encourages women to buy jewellery for themselves. Female self-empowerment is core to the brand’s story, including its Mejuri Play initiative, which launched in 2025 and celebrates female athletes.
Jewellery is increasingly valued as a canvas for individuality and signifier of taste. For example, buyers can signal their taste and style through artisan handwork, customisation and unique materials at the higher end of the market, as well as express their identity through layering and stacking pieces in custom ways — a trend that applies to jewellery across price segments.
