US specialty jewellery retail sales increased 5.7% year on year in September, as consumers spent more per purchase even as unit volumes came under pressure, according to jewellery market analytics firm Tenoris.
According to the report, average spending per item rose 11% during the month. The increase helped sustain revenue growth despite a decline in the number of pieces sold, particularly in the lower-priced segments.
The September performance extends a period of sustained growth for the U.S. jewellery market. Specialty jewellery retail revenue was up 8.5% during the first nine months of 2026.
The strongest gains continued to come from the upper end of the market. Jewellery priced above $2,500 outperformed lower-priced merchandise, while sales of lower-priced jewellery at specialty jewellers declined 11%. The divergence suggests that current revenue growth is being driven increasingly by higher average transaction values rather than greater volumes.
The trend comes amid a mixed economic environment in the U.S., with consumer confidence under pressure while employment and economic growth continue to support spending.
Diamond jewellery recorded a more subdued September. Tenoris reported that sales of finished diamond jewellery declined 0.6%, while natural diamond jewellery sales, including loose diamonds and finished jewellery, fell 1%. Average spending per stone nevertheless increased 11%, indicating that consumers buying diamonds continued to favour higher-value purchases.
Lab-grown diamond jewellery continued to expand its presence in the market. Tenoris recorded a 26% increase in demand for lab-grown diamond jewellery compared with September 2025. Revenue from loose lab-grown diamonds declined for a fifth consecutive month, despite growth in unit demand. Wholesale prices for lab-grown diamonds have recently begun to recover, which could influence retail pricing and margins in the coming months.