Steady Growth in US Watch and Jewelry Sales
October 05, 25
(IDEX Online) - Watch and jewelry sales in the US are growing slowly, according to the latest figures form the US Department of Commerce.
It reports a 4.1 per cent increase in August, following on from a 3.8 per cent increase in July (revised up from the more modest +1.0 per cent as originally stated, based on actual rather than estimated transactions).
It's the first time in a year that we've seen two consecutive months of increases at this level, though it's too early to call it a recovery.
US tariffs on Indian exports to the US will undoubtedly have a significant impact. The first 25 per cent was imposed in August, the second 25 per cent came in early September.
India's Gem & Jewellery Export Promotion Council (GJEPC) has warned that exports to the US could fall by over 75 per cent, leading to widespread order cancellations and jeopardizing jobs in India's jewelry sector.
Swiss watchmakers frontloaded exports to the US to beat 39 per cent tariffs that took effect on 7 August.
In its latest update the Department of Commerce increased sales figures for every month since February 2024.
The rate of growth in US jewelry sales generally has flattened both for all retailers (blue line) and for Signet (red line) in particular, which we use as our benchmark for specialist jewelers.
They're both just above zero, as shown in the graph. Total sales had been decreasing, Signet sales had been increasing.
Same-store sales for Signet's 2,400 North American outlets were up 2.0 per cent in Q2 2025, as consumers increasingly opted for lab growns over natural diamonds. That's slightly down on a 2.5 per cent increase the previous month.
Watch and jewelry sales in the US are constantly fluctuating, but the general trend since late 2024 remains downwards, following on from sustained growth earlier in the year.
Jewelry sales in the US rose by 1.2 per cent in July, compared to a 0.7 per cent fall in June. Watch sales were up 0.1 per cent, compared to a fall of 2.2 per cent the previous month. The figures for June have been revised up by the Commerce Department. The overall increase in sales of watches and jewelry for June was +1.0 per cent, compared to a fall of -0.9 per cent in May.
A longer view shows a huge sales peak in 2021, as luxury spending went to jewelry rather than travel, followed by steady increase from late 2023 onwards.
Jewelry sales in the US rose by 4.4 per cent during August, compared to a 4.0 per cent increase in July. Watch sales were up 3.0 per cent, compared to 3.2 per cent the previous month.
The overall increase in sales of watches and jewelry for August was 4.1 per cent, compared to a 3.8 per cent rise in April.
Swiss watch exports declined sharply in August, down 16.5 per cent overall, and down 23.9 per cent in the US, after manufacturers rushed to get their goods into the US before the introduction of 39 per cent tariffs.