Editor’s Note
This analysis highlights the steady expansion of the North America jewelry market, driven by a fragmented competitive landscape. Leading brands are strategically positioned across luxury and accessible segments to capture diverse consumer demand.
The North America jewelry market is poised for significant growth, with a projected CAGR of 4.01% from 2024 to 2030. The market is fragmented and characterized by numerous manufacturers with modest market shares. Key players, including LVMH, Signet Jewelers, Pandora, and Richemont, cater to distinctive products within high-end and entry-level segments.
In 2024, the U.S. region dominated the North America jewelry market due to an increasing affluent consumer base and rising demand from younger demographics. The market in the United States is highly competitive, featuring several major vendors like Pandora and Signet Jewelers.
Furthermore, Canada is growing at a rate of around 6.00% during the forecast period, driven by a large number of high-net-worth individuals and increasing immigration from countries like India, where jewelry is a popular investment choice.
Trends emphasize sustainability, with brands adapting to circular economic principles. Major brands are strategically adopting sustainable materials to maintain their market positions.
Consumers are increasingly interested in jewelry designed with circular economic principles, such as items that can be easily upcycled. Brands are improving their initiatives to cater to this market expansion.
Lab-grown diamonds have seen a significant rise in popularity due to ethical considerations and cost-effectiveness. The U.S. is a major consumer of polished diamonds, primarily imported from India. A planned 10% additional tax on natural diamonds in 2025 is expected to make Indian natural diamonds less competitive internationally, thus supporting the growth of lab-grown diamonds across the region.
Supply chain disruptions have increased costs for raw materials, logistics, and transportation, raising operational costs often passed on to consumers. The production of limited edition jewelry, involving custom designs, premium materials, and handcrafted detailing, leads to high unit costs. This limits mass production capabilities and hampers scalability, especially for mid-size and emerging players.
Ongoing geopolitical tensions and trade war between the U.S. and China are likely to disrupt the North America jewelry market. Tariffs, export controls, and restricted access to raw materials may raise production costs and cause delays, leading to higher prices and limited availability. Several key companies are shifting their supply chains to mitigate tariffs.
Industry leaders are making significant R&D investments to enhance product availability and differentiation. Companies are expanding their product ranges and strengthening market positions through acquisitions and partnerships.
Several jewelry brands and retailers have adopted technology like virtual try-on features to increase customer engagement and sales, helping brands gain consumer trust and loyalty.