From engagements to anniversaries to simple self-expression, jewelry is a major player in American culture and the American economy. Here are the key statistics on the jewelry industry: The U.S. jewelry market earned $57.965 billion in annual revenue in 2021. The global jewelry industry is valued at $228 billion as of 2020. The U.S. jewelry market is expected to earn $61.868 billion in revenue by 2026. Wesley Bustamante, who is an expert Jewelry designer with years’ experience explains the scenario.
39% of the Jewelry market growth will be originated from North America in the next years. Jewelry Market Report Forecast to 2025 delivers information on the market growth. Wesley Bustamante is a Designer with high skills that is working in the field for the last 20 years. As an expert in the production of watches and active in the jewelry segment, Bustamante sees the future of the Jewelry market globally positively.
“After those years working in the field I`m seeing now the market employment posting consecutive growth in the U.S and also Latin American countries”, reveals the expert that collects excellent results and performance evaluations. “It is not easy to find skilled labor, engineers, and designers in the jewelry business”, explains Wesley Bustamante.
And he is right. Global Jewelry Market Research report covering in-depth and qualitative analysis related to business development, advanced growth techniques, latest trends, and future prospects predictions shows revenue growth in 2022 and next years. Another report predicts the market to witness a potential growth difference of USD 27.19 billion from 2021 to 2026.
“Only the online Jewelry sales amounted hit to almost $7.6 billion in 2021 in the U.S. The U.S. jewelry store market size is $33.9 billion as of 2021”, explains Wesley Bustamante. According to recent researchers, there are 123,294 people employed in the Jewelry store industry in the US as of 2022. “The average business in the Jewelry Stores industry in the US now employs more workers than it did five years ago”, says Bustamante.
Data shows that the Jewelry store industry in the US is the 38th ranked Retail Trade industry by employment and the 259th largest in the US. Jewelry consists of decorative items or accessories which are typically worn on the body or attached to clothing. Jewelry was initially very crude in form, consisting of basic materials like bone, stone, and shell. As time progressed so too did the form and materials used for pieces of jewelry. Precious metals such as gold, silver, and platinum are molded into rings, bracelets, and many other forms.
“Gemstones, such as diamonds, and precious items are often combined with those metals to create even more elaborate and fancy pieces”, explains Bustamante. He says that “however, it is not always made of expensive materials as there is also a market for costume jewelry which is much more accessible and modestly priced”, emphasizes the expert.