SourcingJun 05, 2026
State of Diamonds: The Way Forward for Natural DiamondsColumnistsMay 18, 2026
Edahn Golan: What a K-Shaped Economy Means for Fine Jewelry
In a column for the 2026 State of the Majors issue, Golan spells out how the growing economic divide in the U.S. is reshaping the market.
Edahn Golan is an industry analyst and researcher and managing partner of trend analytics company Tenoris. He compiles the sales figures for the $100 Million Supersellers list.
Editor’s Note: This story first appeared in the print edition of the 2026 State of the Majors. The author, Edahn Golan, compiles the sales figures that appear in the issue’s “$100 Million Supersellers” list. Read more of Golan’s industry research on EdahnGolan.com.
The jewelry industry is always evolving, but the past six years, from the COVID shock to geopolitical tensions in the Middle East, have reshaped both costs and consumer behavior.
Gold and silver prices have surged. Energy costs have risen. Tariffs have changed repeatedly.
Financing has become more expensive. Shipping and logistics remain volatile.
Each of these factors has affected manufacturing costs, the availability of materials, and ultimately, the prices consumers see in stores.
At the same time, consumer purchasing patterns have changed.
These shifts mean that businesses across the value chain—retailers, manufacturers, wholesalers, and suppliers—can no longer operate exactly as they did before.
Companies that fail to adjust their strategy to the new market reality may find themselves struggling.
One of the most important structural changes is the growing divide in the U.S. consumer base, with American jewelry buyers increasingly split into two distinct groups.
The first group is spending less overall and buying fewer pieces, particularly jewelry priced below $1,500.
Over the past year, these consumers did spend slightly more per item, but not enough to offset the decline in unit sales. As a result, revenue from this segment has generally declined.
The one notable exception is lab-grown diamond jewelry. Demand for the category continues to grow, although much of the volume is concentrated in relatively simple items such as stud earrings, not higher-value pieces.
The jewelry industry is always evolving, but the past six years, from the COVID shock to geopolitical tensions in the Middle East, have reshaped both costs and consumer behavior.
Gold and silver prices have surged. Energy costs have risen. Tariffs have changed repeatedly.
Financing has become more expensive. Shipping and logistics remain volatile.
Each of these factors has affected manufacturing costs, the availability of materials, and ultimately, the prices consumers see in stores.
At the same time, consumer purchasing patterns have changed.
These shifts mean that businesses across the value chain—retailers, manufacturers, wholesalers, and suppliers—can no longer operate exactly as they did before.
Companies that fail to adjust their strategy to the new market reality may find themselves struggling.
One of the most important structural changes is the growing divide in the U.S. consumer base, with American jewelry buyers increasingly split into two distinct groups.
The first group is spending less overall and buying fewer pieces, particularly jewelry priced below $1,500.
Over the past year, these consumers did spend slightly more per item, but not enough to offset the decline in unit sales. As a result, revenue from this segment has generally declined.
The one notable exception is lab-grown diamond jewelry. Demand for the category continues to grow, although much of the volume is concentrated in relatively simple items such as stud earrings, not higher-value pieces.
“The middle of the market is shrinking. Businesses that try to serve everyone risk serving no one particularly well.”
– Edahn Golan, Tenoris
The second group of consumers is moving in the opposite direction.
Shoppers buying jewelry priced above $1,500 are spending significantly more overall.
However, their average spending per item has remained relatively stable. The increase in total spending is mainly due to more units being bought, rather than higher prices.
This group continues to spend heavily on bridal jewelry, diamond stud earrings, and tennis bracelets, most often set with natural diamonds.
In economic terms, this is a classic K-shaped market: one segment of consumers is pulling back, while the other continues to expand its spending.
The strategic challenge for retailers is that the middle of the market is shrinking. Businesses that try to serve everyone risk serving no one particularly well.
This divide has major implications not only for inventory, but also for positioning.
Stores that want to serve the lower-price segment likely will need to go heavy on lab-grown diamonds, offer competitive pricing, and build their business model around being a higher-volume retailer.
Retailers targeting higher-end consumers face a different set of decisions. Their stores must communicate luxury: fewer pieces on display, more space around each item, and stronger storytelling around craftsmanship and materials.
Inventory strategy also becomes critical. Can a retailer serving this segment afford not to hold natural diamonds on hand for custom work?
Manufacturers face similar strategic choices.
Some will focus on producing fast-moving everyday jewelry at accessible price points.
Others will concentrate on higher-end designs, emphasizing craftsmanship, innovation, and differentiation.
Trying to straddle both segments, or continuing to rely on the $1,000-$2,500 price range, may prove increasingly difficult.
There is a reason I’m discussing this in an issue dedicated to the largest U.S. jewelry retailers.
Most of the major players already have chosen which side of the market they want to serve.
They are either volume-driven retailers or luxury-focused sellers. They are either heavily invested in lab-grown diamonds or strongly oriented toward natural diamonds.
Signet Jewelers is the exception to the rule.
It remains the largest jewelry retailer in North America in terms of both sales ($100 Million Supersellers list) and number of stores (Top 50 Specialty Jewelers list), operating across multiple market segments through its various banners.
Behind it on the $100 Million Supersellers list are two mass-market retailers (Amazon and Walmart), and two high-end, iconic luxury companies with well-established brands, Richemont and LVMH.
Notably, many of the mass-market players are currently experiencing declines in jewelry sales.
U.S. specialty jewelers performed better year-over-year than multi-item retailers. That is not surprising.
Specialty jewelers, especially independents, are deeply rooted in their communities. They know their products well and speak about them with confidence and passion.
Large chains, by contrast, are designed to move substantial volumes of product while tightly controlling costs. Turnover among sales staff is often high, meaning that while large chains offer consumers a bargain, they do not always build long-term relationships.
The U.S. jewelry retail landscape remains fragmented compared with most other industries for one reason—because this dynamic works. It serves customers well and often generates strong returns for successful operators.
The key takeaway from all of this is that the split in the market is likely to continue for the foreseeable future.
Adjusting to changing consumer demand will require businesses to adapt accordingly.
In today’s market, success increasingly depends on choosing a clear position: volume or luxury, lab-grown or natural, price leadership or product differentiation.
The middle of the market is becoming harder to defend, and the largest U.S. retailers have already made their choice.
More on Columnists
The Latest
AuctionsJun 26, 2026
‘Hogback’ Diamond Ring Finds a New Home A ring set with “hogback” diamonds, an early stone cut dating to around the 16th century, sold for more than $20,000 at a U.K. auction.
CollectionsJun 26, 2026
Strength Is Sharpened Into Beauty in Kris Averi’s ‘Prism Thorn’ RingThe rainbow version of the ring, our Piece of the Week, features angel-cut, octahedral lab-grown sapphires designed to be worn as armor.
MajorsJun 26, 2026
Rembrandt Charms Debuts ‘Charms That Give Back’The new initiative donates a portion of the proceeds from select charms to charitable causes.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
TrendsJun 26, 2026
Bernard James Celebrates Knicks’ Win with RingThe Brooklyn-based jeweler created a limited-edition version of its “Aura” eternity band, set with gemstones in the team’s colors.
Weekly QuizJun 25, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingJun 25, 2026
ICA Names Brandee Dallow as CEODallow will lead the International Colored Gemstone Association, effective July 6.
EditorsJun 25, 2026
Out & About: How Jewelers Mutual, SCAD Are Tackling the Bench Jeweler ShortageSenior Editor Lenore Fedow headed to Savannah to learn more about the 10-year, $10 million partnership between JM and the art school.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
CollectionsJun 25, 2026
Mejuri Experiments With SteelIts new capsule jewelry collection features gold-finished stainless steel pieces designed for a maximalist look without a luxury price tag.
Events & AwardsJun 25, 2026
Watches & Wonders Announces 2027 DatesThe week-long event in Geneva is slated for April 2027.
SourcingJun 25, 2026
Annie Doresca, Mark Smelzer, Sara Yood Join Gem Legacy BoardThe three industry leaders bring financial, communications, and legal expertise to the nonprofit’s board of directors.
CollectionsJun 24, 2026
Greenwich St. Jewelers, Jewel Boxing’s Latest Drop Is On-TrendThe fourth collaborative collection from the retailer and jewelry content creator focuses on gemstone charms and strands of colorful beads.
Events & AwardsJun 24, 2026
AGTA Accepting Entries for Spectrum 2026This year’s AGTA Spectrum & Cutting Edge Awards will feature two new categories.
SourcingJun 24, 2026
Columbia Gem House To Offer Alexandrite Melee OnlineThe collection features traceable alexandrite from Brazil in calibrated sizes that is sorted by grade.
MajorsJun 24, 2026
CaratLane Names New Chief Sales OfficerDhaval Raja has been appointed to the role.
CollectionsJun 23, 2026
Francesca Villa Goes ‘On the Road’The capsule collection looks to vintage trunk pins that echo the spirit of speed, freedom, and the mythology of the American road trip.
SourcingJun 23, 2026
New Paraíba Tourmaline Source Reportedly Discovered in EthiopiaSSEF issued a notice about the potential new source of the sought-after gemstone, citing “credible reports” from trade sources.
MajorsJun 23, 2026
Etsy Says ‘Shop Other Jeffs’ This Prime DayAs Amazon Prime Day kicks off, Etsy is encouraging shoppers to support small businesses.
Events & AwardsJun 23, 2026
AGA Announces 2026 Scholarship WinnerCole Winward is the recipient of 2026 AGA Gemological Scholarship.
EditorsJun 22, 2026
15 Pieces of Jewelry That Brought Us Joy in Vegas Whether they evoked nostalgia, wonder, or laughter, these jewels put a smile on our faces.
Events & AwardsJun 22, 2026
Plans Announced for New Trade Show in BaselScheduled for April 2027, Basilia will be the first watch and jewelry trade show held in Basel since the collapse of Baselworld in 2020.
Events & AwardsJun 22, 2026
Gem Awards Opens 2027 Nomination PeriodSubmissions for the milestone 25th annual Gem Awards will be accepted across three categories from now through July 31.
WatchesJun 22, 2026
Snoopy Inspires New ‘Flying Ace’ Ball WatchThe beloved beagle dons his aviator outfit for the new Engineer Master II Snoopy Flying Ace timepiece.
AuctionsJun 18, 2026
Paraíba Tourmalines Sell for $3.4M at Sotheby'sThe recent high jewelry auction, which also featured the sale of a 10-carat blue diamond, was “a celebration of color.”
CollectionsJun 18, 2026
Michelle Obama Wears Almasika Earrings Symbolizing Feminine PowerShe wore the “Le Cauri Endiamanté” earrings, our Piece of the Week, in the Obamas’ first dual portrait for the Obama Presidential Center.
PodcastsJun 17, 2026
Episode 6: Las Vegas 2026-Trends, Traffic, Broken BathroomsCouture’s Michelle Orman joins Amanda Gizzi and Michelle Graff for this special post-Market Week episode of My Next Question.
GradingJun 17, 2026
SSEF Issues Warning on Refilled EmeraldsThe lab is seeing emeralds with filler added post-testing enter the market, accompanied by reports that indicate little to no treatment.
