Columnists

Edahn’s Take: Analyzing the 2025 ‘$100 Million Supersellers’ List

ColumnistsMay 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.

Industry analyst Edahn Golan
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 … 

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.  

The Latest

GIA iD100® Technology
Supplier BulletinJul 03, 2025
Protect Your Customers and Your Business

Sponsored by the Gemological Institute of America

Madison Keys in Brilliant Earth campaign
MajorsJul 03, 2025
Brilliant Earth Names Tennis Star Madison Keys as Its New Ambassador

The 2025 Australian Open champion is the jewelry brand’s first athlete ambassador.

Muse Nordstrom shop-in-shop
MajorsJul 03, 2025
Muse Sets Up Shop in Nordstrom’s New Jewelry Hall

The West Village jewelry boutique’s new shop-in-shop is the cornerstone of Nordstrom’s revamped jewelry hall.

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Shree Ramkrishna Exports
SourcingJul 03, 2025
SRK Announces Its Natural Diamonds Are Now Carbon-Negative

This past year, the manufacturer said it recorded below-zero emissions per carat of natural diamond.

Weekly QuizJul 02, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Yeprem Golden Strada Statement Necklace
CollectionsJul 03, 2025
Piece of the Week: A Firework of Diamonds From Yeprem

The brand’s “Golden Strada” statement necklace features round, marquise, and pear diamonds that sparkle like Fourth of July fireworks.

Stock image of police cars with their lights on
CrimeJul 03, 2025
JSA Shares Holiday Weekend Security Tips Amid Spike in Burglaries

JSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.

Jewelers of America logo with meetup, State of the Majors, giveaway and massages
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

Exterior and entryway of Boucheron’s Los Angeles Flagship
MajorsJul 02, 2025
Boucheron Looks to LA for First West Coast Flagship

Located on Rodeo Drive, the store’s design was inspired by Hollywood and Los Angeles culture.

Exterior of Marco Bicego Milan Flagship
MajorsJul 02, 2025
Marco Bicego Opens Milan Flagship

The new location continues the brand’s celebration of its 25th anniversary.

Chrono24 Time Is Our Thing campaign image
WatchesJul 02, 2025
Chrono24 Revamps Brand, Launches New Campaign

The online watch marketplace’s “Time Is Our Thing” campaign highlights the importance of time.

Bernadette Mack
SourcingJul 02, 2025
Bernadette Mack Joins Gem Legacy as Executive Director

She will oversee strategic planning, fundraising, industry partnerships, and the launch of the Gem Legacy Campus in Tanzania.

Counterfeit Pandora jewelry in bags and boxes
CrimeJul 02, 2025
Pandora, Amazon Partner to Uncover Counterfeit Jewelry Network

Working with Amazon’s Counterfeit Crimes Unit and law enforcement, Pandora helped to shut down a large-scale counterfeit network in China.

Cast Issa Rae
MajorsJul 01, 2025
Cast Closes Business, Plans for Relaunch

The jewelry company has closed its three California brick-and-mortar stores, as well as its online shop, for now.

Eve Goldberg, Matthew Denatale, Willie Lopez, Benjamin Goldberg
Events & AwardsJul 01, 2025
William Goldberg Diamonds, FIT Partner for Apprenticeship Program

The company is providing the opportunity for an FIT student to work alongside master diamond cutter Willie Lopez in its workshop.

Elie Hannoush
IndependentsJul 01, 2025
Elie Hannoush, Founder of Hannoush Jewelers, Dies at 73

He is remembered for his successful entrepreneurship, generosity, and dedication to his family.

Claire’s store
MajorsJul 01, 2025
Claire’s Is Looking for a Buyer, Report Says

The jewelry store chain has reportedly been struggling with costs related to tariffs as well as tough retail competition.

Mindi Mond Spike Earrings
TrendsJul 01, 2025
Amanda’s Style File: Red Hot Rubies

Welcome warm summer days with red hot rubies perfectly chosen as July’s birthstone.

The Story of Everything Campaign, Toadstool Mushroom and Cosmic Egg
CollectionsJun 30, 2025
State Property’s New Jewelry Tells ‘The Story of Everything’

Co-founders Afzal Imram and Lin Ruiyin brought their son’s story of a cosmic egg, toadstool, and railroad to life in their new collection.

Morgan Keefe
Events & AwardsJun 30, 2025
AGA Names Recipient of 2025 Gemological Education Scholarship

This year’s winner is Morgan Keefe, who is currently studying at GIA to be a gemologist.

The Jewelry Book
IndependentsJun 30, 2025
Melanie Grant’s New Book Explores 200 Years of Jewelry

“The Jewelry Book” comes out this September.

Gemist
TechnologyJun 27, 2025
Gemist Raises $6M in Funding to Scale Jewelry Tech Platform

The company is focused on modernizing the custom jewelry buying experience with e-commerce tools like product visualization and 3D styling.

Jeff Preolo, David Stout, Levi Higgs, David Benavides
IndependentsJun 27, 2025
David Webb Announces New Hires, Promotions

Following its recent acquisition, the storied brand has updated its leadership team and regional managers.

Blake Graham and Jessica Kohoutek
Events & AwardsJun 27, 2025
AGS, GIA Announce Beatrice Shipley Scholarship Winner

AGS also named the recipient of its “Women in Leadership” scholarship.

Buddha Mama Monstera Ring
CollectionsJun 27, 2025
Piece of the Week: Buddha Mama’s ‘Monstera’ Wrap Ring

The 20-karat yellow gold and diamond wrap ring is modeled after the Monstera plants in the garden of the brand’s Miami villa.

Cashier handing Rocksbox bag to customer
MajorsJun 26, 2025
Why Rocksbox Is Opening Stores As Signet Jewelers Downsizes

Rocksbox President Allison Vigil shared the retailer’s expansion plans, and her thoughts on opening stores in malls.

Penny Ruston
IndependentsJun 26, 2025
Penny Ruston Dies at 80

The creator of the WJA Chicago chapter is remembered as a champion for women in the jewelry industry and a loving grandmother.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy