Editor’s Note
This analysis, drawn from the latest BoF Insights and McKinsey report, highlights jewelry as a standout category for resilience and growth. Amid broader economic and sectoral shifts, the segment is being redefined by deeper consumer values and emotional connection.
The BoF Insights + McKinsey report provides a very clear snapshot of the current state of the luxury jewelry market. We are not only facing an economic slowdown but also a reconfiguration of luxury: more conscious, more emotional, and more connected to the values of the modern consumer.
BoF and McKinsey present the tenth edition of their report, The State of Fashion 2026, anticipating a challenging year, with jewelry as one of the main protagonists among industries that are evolving and transforming. While tariffs redefine the global commercial landscape, the jewelry sector is, according to this report, an emerging category with valuable growth opportunities.
The latest figures from Business of Fashion (BoF), together with McKinsey, show how the jewelry industry is going through a stage of deep adjustment, but also of opportunity. Here is an analysis of the key points.
According to the The State of Fashion report, the global market for personal luxury goods is projected to grow between 2% and 4% annually from 2025 to 2027.
Within luxury categories, jewelry and leather goods (such as handbags) are among the most resilient, with estimated annual growth of 4% to 6% for jewelry. In fact, jewelry is forecast to be the fastest-growing fashion category by unit sales in the coming years, at a pace nearly four times that of clothing.
Both fashion and fine jewelry are expected to grow between 5.3% and 5.6% annually until 2028.
Within this category, the study indicates that fine (or premium) jewelry is especially relevant to the total market value. An important reason for this growth is the increased demand for branded jewelry, which in 2024 represented 25% of the market and grew 8.3% annually between 2021 and 2024, almost double the 4.3% growth for unbranded jewelry. By 2025, 61% of consumers consider the brand a key factor in jewelry.
This segment can have prices up to six times higher than unbranded jewelry, intensifying competition between traditional luxury brands, fashion houses, and new DTC (direct-to-consumer) companies.
Diamonds represent approximately one-third of global jewelry sales and are expected to grow 4–5% annually until 2028, with lab-grown diamonds growing 15–16% annually, especially in India, China, and the U.S.
Furthermore, sustainability emerges as a decisive factor in purchasing: BoF/McKinsey estimates that sustainability-motivated purchases of fine jewelry will more than triple. This requires companies to strengthen traceability and transparency in their supply chain to demonstrate real commitment, beyond superficial marketing.
This growth is driven by the unique value of jewelry, which combines emotion and financial security; when compared to other categories like handbags and accessories, consumers consider jewelry to have greater investment potential, with a 15 percentage point advantage.
Jewelry is undergoing a profound transformation and is increasingly associated with personal identity rather than a specific occasion; as a result, more people are acquiring it for themselves instead of gifting it. According to this study, 42% of women and 35% of men admit to buying more jewelry for their own enjoyment than just two or three years ago.
This phenomenon responds to several factors: on one hand, the increase in disposable income; on the other, the redefinition of gender roles and female empowerment. It is estimated that by 2028, women will control more than 75% of global discretionary spending, a change that promises to boost sales of jewelry aimed at female consumers buying for themselves. In fact, 41% of jewelry retailers consider female self-purchase as the main opportunity in the silver category, compared to 26% who still prioritize gifting. Among the most in-demand pieces are those at accessible price points: consumers are attracted to jewelry between $100 and $500, ideal for investing in style without waiting for a special occasion.
Although it still represents a smaller segment, men’s jewelry is one of the highest growth areas: an annual expansion of 7 to 8% is forecast until 2028, compared to the 4–5% estimated for women’s jewelry. Brands are responding with men’s and unisex collections, often associated with recognizable faces, such as Korean actor Byeon Woo Seok, turning pieces into tools of style and self-expression for him and for her.
Self-expression is becoming a key driver in jewelry across all price segments: 71% of consumers state that jewelry is a way to express their personality and 75% prefer creative or unique designs.
Thus, this sector is consolidating as a true canvas of identity, from customized designs to trends like stacking, layering, or mixing materials that allow building one’s own style in every detail.
Playful and gorgeous jewelry is gaining ground: food-inspired rings, neon enamel pendants, and other fun designs triumph on social media and extend from accessible costume jewelry to precious stone pieces exceeding $25,000. Small brands with limited collections, like Irene Neuwirth or Nadine Ghosn, are positioning themselves as references for this new personalized and exclusive luxury.