SourcingJul 02, 2026
London Diamond Bourse Elects First Female PresidentCharlotte Rose said her election is “a sign that this is an industry capable of change.”
MajorsMar 03, 2016
Global luxury market surpasses trillion-dollar mark
A Bain & Company report shows that the global luxury industry has surpassed $1 trillion in retail sales value this year, with the category that includes jewelry and watches seeing slight but positive real growth.
Milan, Italy--The global luxury industry has surpassed $1 trillion in retail sales value this year, with the category that includes jewelry and watches seeing slight but positive real growth.
According to Bain & Company’s Luxury Goods Worldwide Market Monitor report released last week, the $1.120 trillion spent in luxury markets around the globe is a 5 percent year-over-year increase at constant exchange rates.
Spending in the personal luxury goods category--the category that includes jewelry and watches—has reached $253 billion, a 13 percent increase overall but only a 1 to 2 percent improvement at constant exchange rates.
In the report, Bain & Company identified three macro-economic events that hampered growth potential for the global luxury industry this year: the strength of the U.S. dollar, dissuading tourists from visiting the United States and driving Americans to buy their goods in Europe; the Chinese stock crisis impacting consumer confidence in the U.S.; and oil’s price drop reducing the wealth of most exposed economies and its key luxury consumers.
Around the world
In 2015, the strength of the U.S. dollar has continued to weaken luxury consumption in the Americas.
Department stores have suffered because of a slowdown in spending by both tourists and locals and played on promotions to bring in consumers. The off-price channel has become a top performer, with organized trips driving tourists to premium outlet centers and local shoppers looking for bargains while buying online, the report stated.
Canada also has witnessed improved luxury goods sales, as there has been decreased competition from the U.S. due to the strength of the dollar.
When it comes to cities, the report showed that the top luxury goods market in the world are New York, followed by Tokyo, Beijing, Milan, and Paris.
E-commerce
Online also has turned out to be a winner in 2015, as European and American retailers continued to actively respond to customer requests for an omnichannel experience.
Social e-commerce also has begun to pick up steam, the report said, with “buy” buttons transforming the role of social networks from pure referral to a retailer’s website to direct shopping on social platforms.
RELATED CONTENT: More social networks enter e-commerce
Mobile commerce also is becoming a central touchpoint and growing channel, with wearables potentially becoming the “new frontier of mobile,” Bain & Company said.
Off-price shopping
The U.S., Europe and Japan have been trending as the most-penetrated geographies when
it comes to off-price shopping in 2015, meaning that’s where most outlet stores have opened.
RELATED CONTENT: Macy’s gets into the off-price business
The report said luxury brands currently are reconsidering their strategic approach to the off-price channel, with some reducing markdowns in regular stores and instead shuttling slow-moving merchandise to outlet stores.
Jewelry and watches
Bain & Company said hard luxury accessories, which includes jewelry and watches, have had a trend of “polarized performance” in the past two years.
Global watch sales in 2015 have dropped by 6 percent year-over-year at constant exchange rates, impacted by the slowdown of the Asian economies, a trend occurring since 2013 that also has led to the worst Swiss export figures since 2009.
Global jewelry sales, meanwhile, have risen 6 percent at constant exchange rates, with the report stating that this category is evermore perceived as a safe investment in an uncertain economic and financial environment.
Though growing at a “slower” pace, luxury branded jewelry continues to outperform the overall luxury market, as jewelry remains among the top preferred investments thanks to the intrinsic value of the raw materials. What’s more, Bain & Company said global demand for diamonds still is growing, just at a more modest pace.
Additional takeaways from the report include:
--The personal luxury goods market still is a western one, but is being driven by masses of “borderless” consumers, consumers who travel everywhere and spend anywhere;
--Consumers from mature markets are more demanding and detached;
--Retail and mono-brand stores still are the favorite formats in which to invest;
--E-commerce is starting to become disruptive, yet brands still are struggling with it; and
--Growing value awareness and blurred pricing strategies are questioning the luxury value proposition.
“For the last several years, we’ve referenced ‘luxury’s new normal’ with a deceleration of the personal luxury goods market,” said Claudio D’Arpizio, a Bain & Company partner in Milan and lead author of the study. “Now, we are starting to feel the impact of that slowdown. The challenge for luxury brands in this environment is how to successfully navigate through hard-to-predict volatility.”
The complete Luxury Goods Worldwide Market Monitor report can be found here.
More on Majors
The Latest
Supplier BulletinJul 02, 2026
Elevating Retail Showcases with Today's Necklace & Bracelet TrendsSponsored by Rio Grande Jewelry Supply
TrendsJul 02, 2026
Oscar Heyman’s Flag Brooch Celebrates AmericaThe American jewelry house, founded by Latvian immigrants, has been creating American flag brooches since 1917.
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.
IndependentsJul 02, 2026
D. Geller & Son Partners with KSU Art Students on Store MuralThe artwork celebrates the Atlanta jeweler’s legacy and symbolizes its commitment to supporting local artists and its community.
Weekly QuizJul 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJul 02, 2026
Stratus Estate Buyers Offers Jewelers Turnkey Buying EventsIts team can evaluate jewelry and watches, as well as luxury handbags, artwork, and collectibles.
SurveysJul 01, 2026
Consumer Confidence Ticks Up in JuneFalling oil prices were a factor in the slight month-over-month improvement.
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.
CollectionsJul 01, 2026
Rio Grande Launches First Finished Bridal CollectionThe new offering comprises more than 120 bridal and engagement ring styles with natural and lab-grown diamonds.
WatchesJul 01, 2026
Rolex Unveils Clock at Rockefeller CenterThe clock is part of the celebration for the soon-to-open Rolex headquarters on New York City’s Fifth Avenue.
IndependentsJul 01, 2026
Kristen Cannon of Valobra Master Jewelers Dies at 49The public relations professional is remembered for her benevolent generosity and unwavering commitment to those around her.
WatchesJun 30, 2026
Pokémon Fans Will Want to Catch This New G-Shock WatchThe new watch commemorates Pokémon’s 30th anniversary.
CollectionsJun 30, 2026
Jade Ruzzo’s New Collection Embodies the Art of Being a LadyThe “Lady” collection is a new take on old beauty standards with gemstone-adorned hair pins and combs, a compact mirror necklace, and more.
SourcingJun 30, 2026
Blue Nile Introduces Montana Sapphire CollectionThe new line is included in the e-tailer’s curation of jewelry celebrating America’s 250th anniversary.
GradingJun 30, 2026
AGS Opens 2026 Recertification ExamAll active members who earned their credential or designation before Dec. 1, 2025, are required to recertify.
CollectionsJun 29, 2026
Briony Raymond’s New Collection Is a ‘Carousel’ of Hard StonesThe new jewelry collection uses a colorful palette of onyx, malachite, tiger’s eye, mother-of-pearl, lapis, turquoise, and coral.
IndependentsJun 29, 2026
Look Inside Lee Michaels’ Revamped Mississippi FlagshipLee Michaels Fine Jewelry is celebrating 30 years in the Ridgeland, Mississippi community.
GradingJun 29, 2026
National Rarities Announces New Gemology ManagerSean Milliner has joined the company.
GradingJun 29, 2026
GIA to Open New London CampusClasses will begin in August at GIA’s new Canary Wharf location.
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.
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.
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.
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.
