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
TrendsApr 17, 2026
New (Groundbreaking) Floral Jewelry for Spring 2026Flower motifs are the jewelry trend blooming amongst the new collections that debuted this spring.
MajorsApr 17, 2026
QVC Group Files for Chapter 11 BankruptcyThe retailer reported an 8 percent decline in annual sales as it struggles under the weight of billions of dollars of debt.
CollectionsApr 17, 2026
Edina Kiss’ Earrings Are the Devil on Your ShoulderThe “Devil” drop earrings, our Piece of the Week, are part of designer Edina Kiss’ new namesake jewelry line that she will show at Couture.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
CrimeApr 17, 2026
FBI Issues Warning to Refineries, Retailers Due to High Price of GoldThe alert states that burglary crews are targeting jewelry businesses and details how jewelers and refineries can protect themselves.
Weekly QuizApr 16, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesApr 16, 2026
Cartier Brings Back the RoadsterThe “watchmaker of shapes” debuted the reworked version of the vintage sports car-inspired timepiece at Watches & Wonders.
IndependentsApr 16, 2026
Edge Retail Academy Updates Leadership TeamAs demand for jewelry retail coaching grows, the company has established a dedicated business coaching leadership team.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
MajorsApr 16, 2026
Stuller’s Latest Mountings Catalog Is Out NowThe “Mountings 2026-2027” catalog showcases Stuller’s largest and most diverse assortment to date with more than 400 new mounting styles.
PodcastsApr 15, 2026
Episode 4: The Natural Diamond DilemmaSally Morrison and Mark Klein discuss De Beers’ first beacon in 16 years and the mistake the industry made with lab-grown diamonds.
MajorsApr 15, 2026
Spark Creations’ Randy McKenzie Dies at 72 McKenzie spent 45 years with Spark Creations and is remembered for being kind, dedicated, and hardworking.
WatchesApr 15, 2026
These Are the New Rolex Watches for 2026Rolex focused exclusively on the Oyster Perpetual this year, as the model is celebrating its 100th anniversary.
FinancialsApr 15, 2026
Kering’s Jewelry Shines in Q1, Gucci’s Struggle ContinuesThe luxury giant discussed the Middle East conflict and its transformation plans, hinting at a stronger jewelry presence in North America.
SourcingApr 15, 2026
Diamond Club West Coast Names 2026 BoardKalpesh Jhaveri was re-elected as president for a third year.
TechnologyApr 15, 2026
This Jewelry Brand’s Video Series Is Up for a Webby Award“Diamond Divas,” a social media reality series by Shahla Karimi Jewelry, is nominated in the “Best Social: Fashion & Beauty” category.
SourcingApr 14, 2026
De Beers Expands ‘Desert Diamonds’ Beacon Into BridalThe campaign seeks to reignite desire for natural diamond engagement rings by highlighting the “distinct character” of warm-toned diamonds.
FinancialsApr 14, 2026
LVMH’s Q1 Sales Sink 6% Amid Middle East ConflictPlus, how Saks Global’s bankruptcy affected the luxury giant’s first quarter.
SourcingApr 14, 2026
International Jade Summit to Return to MontereyPresented by Mason-Kay Jade, the summit, in its second year, will again be held during the Monterey Bay Jade Festival.
Events & AwardsApr 14, 2026
CBG Releases Details for Las Vegas ShowThe group has announced its lineup of speakers and a new “Rising Stars” pavilion.
CollectionsApr 13, 2026
Uniform Object’s New Jewelry Collection Centers on the ‘Carbon Form’The “Carbon Form” collection explores the contrast between high and low materials, using rubber cord alongside 18-karat gold and gemstones.
Events & AwardsApr 13, 2026
JA Accepting 2026 Impact Initiative ApplicationsThe program provides essential funding to organizations for projects that enhance the jewelry industry.
Events & AwardsApr 13, 2026
Couture Announces New Show in MiamiThe jewelry trade show is launching its first open-to-the-public event in Coconut Grove this November.
CrimeApr 13, 2026
JSA Offers Reward in Oregon Jewelry Store Armed RobberyJSA is seeking information about the gunpoint robbery of a Kay Jewelers location in Oregon’s Washington Square Mall.
WatchesApr 10, 2026
These Watches Have Increased in Value the Most Since 2018, Says Chrono24The top-performing watch models may be surprising, with Rolex and several popular pandemic-era picks notably absent from the top 20.
CollectionsApr 10, 2026
Ophelia Eve’s Toggle Pendant Holds Your SecretsThe “Scroll” toggle pendant, our Piece of the Week, opens to reveal a hidden message, mantra, or love letter written on washi paper.
MajorsApr 09, 2026
Tiffany & Co. Promotes Nathalie Verdeille to SVP, Chief Artistic OfficerIn her newly expanded role, she will continue to oversee the jewelry category, as well as watches, home, and accessories.
WatchesApr 09, 2026
Jacob & Co. Rolls Out Its Sequel to ‘The Godfather’ Musical Watch“The Godfather II” watch plays two melodies from the mob film’s score, “The Godfather’s Waltz” and “The Godfather Love Theme.”
