When people walk into a jewelry store to buy a ring, brooch, or bracelet, they often don’t think much of all the people who make those items possible. We are talking about jewelers who employ a high level of artistry and skill to create unique pieces using precious stones and precious metals. The US jewelry market is growing so fast and hiring more than ever. From engagements to birthdays to simple self-expression, jewelry is a major player in American culture and the American economy.
Here are the key jewelry industry statistics: The US jewelry market generated $57.965 billion in annual revenue in 2021. The global jewelry industry is valued at $228 billion in 2020. The US market jewelry industry is expected to generate $61.868 billion in revenue by 2026. Wesley Bustamante, a well-known Brazilian jeweler and designer with several years of experience and a high level of recognition in the industry, explains the scenario:
“In 2021, there were 51,153 jewelry businesses in the United States. California has the highest number at 2,614, New York at 2,170, and Florida at 1,881,” says Bustamante. According to the specialist, the market will continue to grow in 2022.
Working in the field for 20 years, Mr. Wesley Bustamante now predicts that immigrants from Latin American countries will increase demand in the US market. And he’s right. The Global Jewelry Market Research report covering in-depth and qualitative analysis related to business development, advanced growth techniques, latest trends and outlook forecasts, shows revenue growth in the industry in 2022 and in the coming years . Another report predicts that the market will witness a potential growth of USD 27.19 billion from 2021 to 2026.
“The U.S. jewelry market generated $57.965 billion in annual revenue in 2021. The global jewelry industry is valued at $249.02 billion in 2021. The U.S. jewelry market is expected to grow by a CAGR by 1.31% from 2021 to 2026 and earn $61.868 billion in revenue by 2026,” says Bustamante. “Online jewelry sales amounted to nearly $7.6 billion in 2021 in the United States,” explains the specialist.
Bustamante also explains that the average American spent $62.12 on jewelry in 2020. Jewelry companies reported a 38% increase in personalized jewelry sales from 2019 to 2020. Tradition and social media offering more ideas and options than a traditional jewelry store, increasing customers’ desire for a personalized item,” says.
The United States holds 48% of the world’s demand for polished diamonds. This means that 48% of polished diamonds sold worldwide are destined for American customers each year. That’s up from the 42% demand the United States held in 2014.
Wesley Bustamante is a recognized expert in the field and owner of the American company “Making Time Corp”. Throughout his career, Wesley Bustamante has created custom jewelry and luxury watches for many prominent public figures and athletes, including soccer star Neymar; former President Jair Bolsonaro; and soccer star Willian Borges da Silva among many others.
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