US jewellery sales rose moderately in November as consumers showed a clear preference for higher-priced items, according to a report released by industry analytics firm Tenoris. Total jewellery revenue for the month was up about 3% compared with last year, a slower pace than the double-digit growth seen in previous months this autumn.
Industry analyst Edahn Golan, Co-Managing Partner, Tenoris, found that average consumer expenditure per jewellery item jumped 14.5% year-on-year, driven by shoppers opting for pricier pieces even as the number of units sold declined roughly 10%. This pattern reflects a sustained trend of buyers focusing on higher-value purchases rather than increasing volume.
Finished jewellery was the key contributor to the November results, with overall finished goods revenue climbing nearly 5% over the prior year despite an ongoing drop in unit sales. Tenoris said the rising price of gold had a hand in that, but consumers were also willing to pay more. In fact, the share of demand for gold, silver, and platinum was unchanged in the past year, indicating that consumers were not looking for gold alternatives.
The company’s report showed mixed results within specific categories. Finished diamond jewellery sales declined slightly in revenue, yet average spend per item in that segment increased about 13% as customers selected more expensive diamond products. Demand for loose diamonds fell, particularly for lower-priced stones, though average spending on natural diamonds increased by about 12%.
Lab-grown diamond (LGD) jewellery saw weaker performance overall in November. While unit sales edged up modestly, revenue for these items declined, a continuation of a longer-term trend as buyers increasingly favour higher price points and natural diamonds when investing more in jewellery. Tenoris noted that the average price point for LGD items hovered around $500, underscoring the segment’s struggle to move beyond entry-level positioning.