Jewelry and Watch Stores Market Report 2025

The jewelry and watch stores market size has grown strongly in recent years. It will grow from $180.98 billion in 2024 to $190.74 billion in 2025 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to economic prosperity, cultural significance, tourism and travel, celebratory occasions, branding and marketing initiatives.

The jewelry and watch stores market size is expected to see steady growth in the next few years. It will grow to $229.62 billion in 2029 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to sustainability and ethical practices, customization and personalization, rise of millennial and Gen Z consumers, global events and market expansion, health and wellness trends. Major trends in the forecast period include digital transformation and e-commerce, personalization, digital marketing strategies, omnichannel retailing, rise of lab-grown diamonds.

The jewelry and watch stores market size is expected to see strong growth in the next few years. It will grow to $218.4 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The anticipated growth in the forecast period can be attributed to a focus on sustainability and ethical practices, the increasing demand for customization and personalization, the rising influence of millennial and Gen Z consumers, global events impacting market expansion, and the growing health and wellness trends. Major trends expected in this period include digital transformation and the growth of e-commerce, the continued emphasis on personalization, the use of digital marketing strategies, the adoption of omnichannel retailing approaches, and the rise of lab-grown diamonds as a product category.

The increasing trend of purchasing jewelry for a higher return on investment (ROI) is anticipated to boost the growth of the jewelry and watch store market in the future. Jewelry encompasses any ornamental item, such as necklaces, bracelets, rings, or earrings, that individuals wear. To achieve a high return on investment, consumers are increasingly opting for company stores that prioritize ethical practices, embrace diversity, and possess a robust online and offline brand presence, which will enhance the demand for the jewelry and watch store market. For example, in March 2023, the Silver Institute, a US-based nonprofit international association, published the 2022 Silver Jewelry Sales Results, revealing that 52 percent of jewelry retailers reported a rise in silver jewelry sales in 2022 compared to 2021. Among these, 52% noted an increase of 11-25%, 7% experienced a rise exceeding 25%, and the average sales increase was 14%. Additionally, 30% indicated that silver had the highest inventory turnover rate, compared to 13% for diamonds, 16% for bridal jewelry, and 36% for gold. Therefore, the growing trend of purchasing jewelry for a higher ROI is driving the growth of the jewelry and watch store market.

The expansion of e-commerce is expected to drive the growth of the jewelry and watch stores market in the upcoming years. E-commerce, or electronic commerce, refers to the buying and selling of products and services through the Internet or other electronic means. The rise of e-commerce enhances jewelry and watch retailers by expanding their customer base, providing a convenient platform for global sales, and offering customers easy access to a wider variety of products, leading to increased online sales in the luxury goods sector. For instance, in August 2023, reports from the United States Census Bureau, a US government agency, indicated that in the second quarter of 2024, U.S. retail e-commerce sales reached $291.6 billion, representing a 1.3% increase from the previous quarter and a 6.7% increase compared to the same period in 2023. Total retail sales were estimated at $1.82 trillion, reflecting a 0.5% increase from the first quarter and a 2.1% year-over-year growth, with e-commerce accounting for 16% of total sales. Therefore, the rise of e-commerce is propelling the jewelry and watch stores market.

Technological advancements have become a prevailing trend in the jewelry and watch store market, with major companies actively integrating new technologies to maintain their competitive edge. For instance, in February 2022, Perfect Corp, a beauty tech solutions provider based in China, unveiled an innovative AR try-on technology. This groundbreaking technology enables customers to virtually try on rings and bracelets through online platforms. It promises a hyper-realistic virtual try-on experience for watches, rings, and bracelets, utilizing diverse features such as a range of movements, textures, skin tones, hand and finger sizes, and 3D hand models. Through sophisticated hand tracking software, this technology aims to simulate a life such as try-on experience for customers browsing jewelry items online. Additionally, it offers fine jewelry businesses a novel avenue to personalize interactions and engage with customers throughout their online shopping journey.

Major companies in the jewelry and watch stores market are increasingly turning to strategic partnerships as a means to introduce unique collections from renowned brands. Strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefit and success. For example, in July 2022, Ethos Limited, an India-based company specializing in luxury watches, announced a partnership with Jacob & Co., a US-based jewelry and wristwatch manufacturer. This partnership aims to provide Ethos' clients in India with exclusive access to Jacob & Co.'s distinctive collections. Ethos will serve as the sole reseller of the brand's haute horlogerie products in the Indian market. Jacob & Co., known for its high-complication timepieces and impressive designs, has garnered significant attention from watch enthusiasts in recent years. Ethos is excited to introduce the brand to the Indian market and is optimistic about its reception among customers. The company looks forward to a successful collaboration with Jacob & Co.

In May 2023, Timex Group, a global watchmaker based in the US, acquired Just Watches for an undisclosed sum. This acquisition is in line with Timex Group's strategy to expand its consumer reach in the Indian market by acquiring the brand's e-commerce platform and physical retail locations. Just Watches is an India-based company that operates as a significant player in the watch retail industry.

Major companies operating in the jewelry and watch stores market include LVMH Group, Compagnie Financière Richemont S.A., Kering SA, Chow Tai Fook Jewellery Group Limited, Tiffany & Co, Rolex SA, The Swatch Group Ltd., Signet Jewelers Limited, Boucheron SAS, Malabar Gold & Diamonds, Pandora's Art Jewellery, Audemars Piguet Holding SA, Seiko Holdings Corporation, Swarovski AG, Patek Philippe SA, Casio America Inc., Bucherer AG, Fossil Group Inc., Mikimoto & Co Ltd., Breitling SA, TAG Heuer SA, Omega SA, Chopard Manufacture SA, Graff Diamonds Limited, Piaget SA, Harry Winston Inc., Cartier SA, SHR Jewelry Group, Buccellati, Bulgari Parfums S.p.A., Hublot SA, Jaeger-LeCoultre SA, Vacheron Constantin SA, IWC International Watch Co Ltd.

Jewelry and watch stores are establishments or businesses that buy and sell jewelry and watches. They also offer a range of services, including remodeling and repairing different types of jewelry and timepieces.

Jewelry and watch stores offer a variety of products including necklaces, rings, earrings, bracelets, and others. Necklaces, in particular, are worn around the neck and are crafted from materials such as silver, gold, platinum, diamond, and others. These items are available in different price ranges, including low-range, mid-range, and luxury, and cater to end-users such as women, men, and unisex customers.

The jewelry and watch stores market size has grown strongly in recent years. It will grow from $168.36 billion in 2023 to $177.86 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to economic prosperity, cultural significance, tourism and travel, celebratory occasions, branding and marketing initiatives.

Asia-Pacific was the largest region in the jewelry and watch stores market in 2024. The regions covered in the jewelry and watch stores market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the jewelry and watch stores market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The jewelry and watch stores market includes revenues earned by entities by providing services such as repairs, inspection and cleaning, ring-size adjustment, chain-length reduction, hand engraving, custom-made jewelry, and jewelry redesign. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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