ColumnistsMay 20, 2025
Peter Smith: Leading Through ChangeColumnistsMay 21, 2025
Edahn’s Take: Analyzing the 2025 ‘$100 Million Supersellers’ List
In a special column for the State of the Majors, Edahn Golan breaks down what the top-performing fine jewelry sellers are doing right.
Edahn Golan is an industry analyst and researcher and managing partner of trend analytics company Tenoris.
Editor’s Note: This story first appeared in the print edition of the 2025 State of the Majors. The author, Edahn Golan, compiles the sales figures that appear in the issue’s “$100 Million Supersellers” list; what follows is his analysis of the 2025 list. Read more of Golan’s industry research on EdahnGolan.com.
Conventional wisdom in many corners of the jewelry industry is that 2024 was an OK year for the U.S. retail market. Some will point out that sales figures were, at the very least, positive compared with 2023.
And it is true, to some extent.
Overall U.S. jewelry sales did increase, up on average by 2 percent, but the butter was not spread evenly.
Higher-end companies, such as Cartier-owner Richemont, and large mass retailers, such as Costco, successfully increased jewelry sales by double-digit percentages, as the 2025 State of the Majors “$100 Million Supersellers” list shows.
Pandora is another retailer with a notable increase in sales, also up double digits at the stores it owns and operates in North America.
While companies like Richemont, Costco, and Pandora pulled the average up, there were many retailers that recorded a decline in jewelry and watch sales.
Most notable among them are jewelry retailers with a lot of stores in malls.
As many of you are aware, malls are suffering from a decline in foot traffic and, as a result, sinking sales, making the once-popular shopping centers a less-than-ideal location for most retailers.
There were other factors that contributed to the industry’s so-so results for 2024, including lab-grown diamonds.
The Desire for ‘More’
American consumers, in a constant pursuit of a better price and “more,” are displaying an appetite for this diamond option that costs 85 percent less than natural diamonds and comes in sizes of 2 carats and larger, making them a fit for the more-for-less consumer.
For many retailers, this means their customers want a product they often would rather not sell.
The aversion is pure economics.
With the average lab-grown diamond unit price on a constant downward slope, declining faster than they can increase unit sales, retailers are in somewhat of a clash with their clientele.
Another driver is location.
As noted above, malls have lost their appeal.
Related stories will be right here …
Conventional wisdom in many corners of the jewelry industry is that 2024 was an OK year for the U.S. retail market. Some will point out that sales figures were, at the very least, positive compared with 2023.
And it is true, to some extent.
Overall U.S. jewelry sales did increase, up on average by 2 percent, but the butter was not spread evenly.
Higher-end companies, such as Cartier-owner Richemont, and large mass retailers, such as Costco, successfully increased jewelry sales by double-digit percentages, as the 2025 State of the Majors “$100 Million Supersellers” list shows.
Pandora is another retailer with a notable increase in sales, also up double digits at the stores it owns and operates in North America.
While companies like Richemont, Costco, and Pandora pulled the average up, there were many retailers that recorded a decline in jewelry and watch sales.
Most notable among them are jewelry retailers with a lot of stores in malls.
As many of you are aware, malls are suffering from a decline in foot traffic and, as a result, sinking sales, making the once-popular shopping centers a less-than-ideal location for most retailers.
There were other factors that contributed to the industry’s so-so results for 2024, including lab-grown diamonds.
The Desire for ‘More’
American consumers, in a constant pursuit of a better price and “more,” are displaying an appetite for this diamond option that costs 85 percent less than natural diamonds and comes in sizes of 2 carats and larger, making them a fit for the more-for-less consumer.
For many retailers, this means their customers want a product they often would rather not sell.
The aversion is pure economics.
With the average lab-grown diamond unit price on a constant downward slope, declining faster than they can increase unit sales, retailers are in somewhat of a clash with their clientele.
Another driver is location.
As noted above, malls have lost their appeal.
In a more figurative way, location is also part of what is hurting online specialty jewelers.
Their marketing costs, aimed at top online positioning, are 20-30 percent of net income. Cutting back on marketing, which most did, negatively impacted their sales.
Finally, there is a cultural shift that must be considered.
In the past, men would consult the women close to their significant other—mothers, sisters, friends, etc.—about what ring to buy.
Often, the advice concluded with a warning, “And remember, don’t be cheap!” That pressured grooms-to-be to spend more.
Today, couples often shop together, and the pressure to spend is therefore reduced. Getting a large diamond at a much lower price is now not only possible but also acceptable.
Just look at the drop in the average price of diamond engagement rings over the last five years. What was once a $3,200 to $3,600 purchase averaged just $2,700 in 2024.
At specialty jewelers, the trend was no different. The previous average diamond engagement ring spend of $5,800 declined to $4,800 in 2024, for all diamonds.
While engagement rings set with natural diamonds sold, on average, for $6,700, their lab-grown diamond counterparts averaged just $2,600, or 61 percent less. That is significant, as no other jewelry item took such a divergent track in average consumer spending.
Considering the importance of the diamond engagement ring as an anchor product, retailers’ desire to pull away from lab-grown diamonds is understandable.
Add to that the drop in natural diamond prices, the jump in gold and silver prices, plus consumers’ withdrawal from previously popular shopping places, and we have the makings of limited growth.
Finally, there is another issue at hand. The figures above are all nominal gains.
In 2024, U.S. inflation eased but still averaged nearly 3 percent, which erased much, if not all, of the increased sales many companies had.
“The question is not if there is a desire for jewelry but, rather, can we succeed in creating an experience that will compel consumers to choose jewelry over other luxury products.”
— Edahn Golan, Tenoris
The Bright Side
Don’t lose heart; it’s not all bad. In fact, opportunities abound, as those that had a double-digit increase in sales show.
Here are a few of their strategies.
— Developing and constantly refreshing their brand, as did Pandora, Tiffany & Co. (part of LVMH), and many others.
— Offering high-quality, well-designed jewelry that has a lasting appeal, as many retailers do.
— Having a very well-maintained value proposition, as Costco does with its low (and probably flat) markups.
— Marketing to maintain a client base and increase demand.
Also, while the market is consolidating, many of the retailers that grew were primarily specialty stores, jewelry- and watch-only retailers, which comprised 57 percent of the “$100 Million Supersellers” list this year, up from 51 percent.
That tells us that specializing in your field is appreciated by consumers, especially if they are willing to spend above average.
There are signs of challenging economic times ahead for the U.S. market.
Historically, that has had a short-term negative impact on jewelry demand, followed by an early and large bounceback because jewelry is truly a necessity.
The question is not if there is a desire for jewelry but, rather, can we succeed in creating an experience that will compel consumers to choose jewelry over other luxury products.
It is largely in the industry’s hands.
More on Columnists
The Latest
Policies & IssuesSep 24, 2025
Tariffs Throw Diamond Trade Into DisarrayThe 50 percent tariffs on diamonds shipped from India to the U.S. have pushed midstream manufacturers to the edge.
SourcingSep 24, 2025
De Beers Adopts New Strategies to Drive Natural Diamond Demand in IndiaDe Beers’ refreshed, multipronged approach, which includes generic promotions and retail partnerships, is delivering positive dividends.
Policies & IssuesSep 24, 2025
For Jewelry Manufacturers, Higher Tariffs Create Long-Term WorriesThey are trying to balance the need to sustain well-established relationships with the pressure higher tariffs have put on margins.
Brought to you by
reDollar.com Is Rolling Out the Next Level Jewelry, Diamond & Watch Consignment ProgramWith their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.
SourcingSep 24, 2025
A Helping Hand: An Effort to Boost Inclusivity in the IndustryJewelry manufacturer Jewelex has partnered with JOSH, an industry training center, on a program for people with disabilities.
Weekly QuizSep 19, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsSep 24, 2025
Greenwich St. Jewelers Goes Back in Time With First Estate CollectionThe collection includes pieces dating back to the Victorian and Art Deco periods as well as mid-century and late 20th-century designs.
Policies & IssuesSep 24, 2025
Diamonds Do Good Names Marcus ter Haar as President-ElectHe previously served as co-chair of the nonprofit’s beneficiary committee.
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
CollectionsSep 24, 2025
Brilliant Earth’s New Jane Goodall Collection Calls for PeaceIts second collaboration with the conservationist features jewelry with dove and olive branch motifs.
SourcingSep 24, 2025
SRK Launches Kriam PharmaThe diamond manufacturer’s new company will provide accessible and affordable high-quality medicines across India.
MajorsSep 23, 2025
Ames Watson Completes $140M Acquisition of Claire’sThe private equity firm has a plan to revive the mall staple.
SourcingSep 23, 2025
Super Smalls’ New Book Introduces Kids to Gems, Fine JewelryThe “Super Book of Gems” dives into the Mohs Hardness Scale, the Four C’s, and designs from jewelers like Cartier and Bulgari.
MajorsSep 23, 2025
Mattioli Names Kering Exec as New CEOClaudio Pasta will take the lead at the Italian fine jewelry brand, succeeding company founder Licia Mattioli.
CollectionsSep 23, 2025
Monique Lhuillier Adds Fashion Jewelry to Kay Jewelers LineThe new lab-grown diamond jewelry offering is the latest expansion of the designer’s “Bliss” collection.
SourcingSep 22, 2025
Rio Tinto Announces Final ‘Beyond Rare’ TenderThe miner is honoring the end of an era with an offering of 52 lots from the now-closed Argyle and the soon-to-close Diavik mines.
MajorsSep 22, 2025
Jewelry Manufacturer Vibhor Acquires AlorThe California-based fine jewelry brand will retain its identity post-acquisition, with new collections launching next year.
CollectionsSep 22, 2025
Gurhan's Collection is an 'Untamed' ZooThe “Untamed” collection centers on carved gemstone jewelry depicting a range of animals embodying one of the four elemental forces.
Policies & IssuesSep 22, 2025
Ethical Metalsmiths Has a New Name Founded in 2004, the organization is now called the Community for Ethical Jewelry.
EditorsSep 19, 2025
These Female Athletes Had the Best Jewelry of the SummerFrom Coco Gauff’s hoops to Madison Keys’ diamond medallion, these are Senior Editor Lenore Fedow’s standout jewelry looks of the season.
CollectionsSep 19, 2025
Piece of the Week: Vanessa Fernández Studio’s ‘Curva’ Wrap HoopsThe trendy earrings feature asymmetrical drops, one with a grossular garnet and the other with a diamond.
Recorded WebinarsSep 19, 2025
Watch: A Step-by-Step Guide to Using TikTok and Instagram ReelsFour social media marketing experts discuss their go-to methods and favorite tools for making high-quality short-form video content.
Supplier BulletinSep 18, 2025
Will Your Design Define 2026? Enter The Spectrum & Cutting Edge AwardsSponsored by American Gem Trade Association
SurveysSep 18, 2025
Deloitte Thinks the Holidays Will Be Merry, PwC Isn’t So Sure In its holiday report, PwC said the season will be more like jazz—improvisational and less predictable—than an easy-to-follow melody.
MajorsSep 18, 2025
Pandora to Open New Distribution Center in MarylandThe jewelry giant will relocate its existing facility to a larger space in Anne Arundel.
CollectionsSep 18, 2025
Ashley Zhang Launches Garçon New YorkThe designer, who is the creative force behind her namesake brand, has now started a new mini line focusing on chains for fathers and sons.
SourcingSep 18, 2025
SSEF Opens Applications for 2 Gemology Education Scholarships The awards include tuition for a course at the Swiss lab, economy flights, and hotel accommodation.
TechnologySep 18, 2025
Hill & Co. Launches AI Strategy ProgramThe 21-day program was designed to help jewelry retailers identify opportunities and eliminate inefficiencies with AI.
