The jewellery market experienced a robust 5% growth in revenue during the first half of 2025, according to a recent report by Tenoris. This positive trend, which includes a 3% increase in June sales, marks a consistent five-month upward trajectory for the industry.
Despite a notable decline in the sheer volume of jewellery pieces sold, consumers are demonstrating a “connoisseur-like behaviour,” opting for fewer but higher-priced items. This shift is reflected in a significant 10% surge in expenditure per unit in June, contributing to a 5% year-to-date increase. The average price of diamond jewellery, for instance, climbed by 9% in June and 2.3% in H1 2025, primarily due to reduced spending on lower-priced options. Similar trends were observed across various categories, including sapphire, other gemstones, gold, platinum, and silver jewellery.
The report highlights several long-term trends shaping the industry. Conventional round-shaped diamonds now account for 52% of sales, indicating a gradual decline in their dominance, while oval shapes are steadily gaining traction, comprising one-fifth of total sales. A particularly prominent trend is the burgeoning popularity of lab-grown jewels, which are experiencing rising unit sales despite a decrease in average prices (down 4% in June and 7% in H1).
The first half of 2025 marks a significant rebound from the flat sales recorded in H1 2024, with jewellers successfully increasing their gross margins. Gold jewellery, in particular, exhibited strong performance with low double-digit revenue growth, fuelled by a substantial increase in average gold jewellery prices since 2020. Finished jewellery sales also showed favourable results in June, up 3.3%, with an 11% increase in average retail price. Bracelets emerged as a star performer, registering nearly 10% year-on-year revenue growth. Demand is also robust in higher price categories, particularly between $7,500 and $10,000.
While sales of finished jewellery with natural diamonds saw a decline in June, they still climbed 3% year-to-date, with increased demand for diamond-set pendants, bracelets, and necklaces. The demand for finished diamond jewellery is increasingly converging into a narrower price range of $2,500 and above, largely propelled by the rising popularity of lab-grown diamond-set jewellery.
The loose natural diamond market presented mixed demand in June, with the average carat weight increasing to 1.50 carats from 1.40 carats in 2024. However, these diamonds are experiencing longer inventory periods, leading to higher stock levels and an increase in memo goods, as more market share is being captured by loose lab diamonds. Despite stable consumer demand, the industry recognizes the need to expand into new demographics to ensure continued growth.