Signet Jewelers, the world’s top diamond jewellery retailer, reported a 7% revenue drop for fiscal 2025, falling to $6.7 billion from $7.1 billion, after a 12% decline the prior year, according to a report by Forbes.com. Operating brands like Kay Jewelers and Zales, Signet forecasts 2026 sales between $6.53 billion and $6.8 billion—a 13-16% drop over three years. CEO J.K. Symancyk admitted to Forbes.com, “Growth has been elusive.”
Despite a 5% U.S. jewellery market rise to $85.4 billion in 2024 (Bureau of Economic Analysis, via Forbes.com), affluent consumers are pulling back. Forbes.com notes Pandora’s 14% US growth in the mass market, while luxury brand Richemont (Cartier) rose 15% to $4.3 billion. LVMH’s jewellery group (Tiffany) grew just 1% to $2.8 billion. Tenoris reported a tepid 1% sales increase among independent jewellers, Forbes.com reported.
Chandler Mount of Affluent Consumer Research Company told Forbes.com, “The luxury market will shift in 2025,” driven by preferences for experiences, sustainability, and economic caution. ACRC data shows jewellery purchase intent among high earners ($200k+) fell from 28% in 2022 to 22% this year—1.5 million fewer buyers quarterly. Forbes.com highlights lab-grown diamonds (LGD) gaining traction, with 43% unit sales growth and lower prices, cutting into natural diamond sales. Mount noted to Forbes.com that affluent consumers favour experiences like travel over goods, signalling a “notable” jewellery market contraction ahead if economic optimism doesn’t rebound.