U.S. jewelry market resilient amid luxury decline: LGD jewelry dominate

The U.S. jewelry market grew 5% in 2024 to $85.4 billion but faces a slowdown in 2025. Mass-market retailers like Signet, which dominate engagement rings and everyday jewelry, reported a 7% revenue drop in fiscal 2025, with sales falling to $6.7 billion. Their guidance for fiscal 2026 forecasts an additional decline of 13-16% over three years, a stark contrast to luxury brands.

On the other hand, Lab-grown diamonds (LGDs) now dominate the engagement ring market, with 51% of couples choosing them in 2024. Their 35% price discount over mined diamonds has reshaped bridal jewelry, but this trend isn’t purely negative. LGDs are democratizing access to luxury, creating a new market tier.