Jewelry markets had different behaviors in 2022, with a drop in the United States and rises in Canada and the United Kingdom, according to Signet Jewelers Limited, who relied on other primary data sources.
As the world’s largest diamond jewelry retailer, Signet Jewelers operates approximately 2,800 stores, primarily under the Kay Jewelers, Zales, Jared, Banter by Piercing Pagoda, Diamonds Direct, Blue Nile, JamesAllen.com, Rocksbox, Peoples Jewellers, H.Samuel and Ernest Jones brands.
Its operations and supply chain relationships span Africa and India.
Based on industry and transaction data from MasterCard and market research firm The NPD Group, Signet Jewelers estimates the total U.S. jewelry and watch market declined 5% in 2022, from $69 billion in the previous year to $65 billion in 2022.
This implies a Signet jewelry and watch market share of 9.7%, an increase of 40 basis points from the previous year.
Since 2013, the industry’s average annual growth rate is 2 percent.
About 85% of the U.S. market is represented by jewelry, with the remainder attributed to watches.
According to the latest data from Jewelers Board of Trade, there were approximately 17,900 jewelry stores in the country in December 2022, 2 percent less than the previous year.
The median of the most recent estimates for the Canadian jewelry and watch market published by Euromonitor in December 2022 and Statista in June 2022 was approximately C$5.7 billion (adjusted to exclude Quebec), an increase of 5% over the previous year.
From 2022 to 2026, based on the average of the above sources, the market is expected to grow at a compound annual growth rate of 3 percent.
In the UK, the jewelry and watch market hovered around £6.4 billion in 2022, based on the average of estimates published by Euromonitor in February 2023, Statista in June 2022 and Mintel in August 2022.
This was an increase of approximately 9% over the previous year.
From 2022 to 2026, according to the average of the above sources, the market is expected to grow at an average annual rate of 4 percent.