Who is the largest jeweler in the US?

Drawing from our rich insights into the worldwide online Jewelry & Watches sphere, as well as an analysis of the UK market, we're equipped to delve into the contours of the U.S. market with precision. Staking its claim as the globe's second-largest hotspot for online Jewelry & Watches sales, the U.S. undoubtedly shines brightly on the world map of luxury.

eCommerce: Market Composition  

In the grand tapestry of the U.S. eCommerce realm for Bags & Accessories, the Jewelry & Watches segment glistens with a 10.7% share. With sights set on the horizon, this market is projected to glitter brighter, boasting an anticipated Compound Annual Growth Rate (CAGR) of 9.3% from 2023 to 2027. 

The Jewelry and Luxury Jewelry segments enthrall with their dominance, together holding nearly 80% of the market revenue. In contrast, the Watches and Luxury Watches segments, though not as vast, provide a critical counterbalance, suggesting a market shimmering with diversity and profundity.

Online Jewelry Market Development 

Charting the growth of the online Jewelry & Watches domain in the U.S. reveals a tale of escalating grandeur. In 2017, the landscape was already shining at a robust US$1.59 billion. The subsequent year, 2018, heralded a notable climb to US$1.9 billion, powered by a near 20% upswing. The momentum persisted into 2019, registering a revenue peak of US$2.13 billion, accompanied by a growth of 11.8%. 

Fast-forward to 2020, and the story becomes even more riveting. The year stamped a towering US$2.52 billion, championed by another near 20% expansion. 2021, not to be outdone, glittered at the US$3.14 billion milestone, ushered in by a 24.4% growth.

However, 2022 displayed a slight easing of momentum, posting US$3.31 billion with a more conservative 5.5% growth rate.

Looking ahead, things seem promising. Revenue for this year is expected to reach US$3.58 billion, an increase of 8%. For 2024, the forecast is even better with an expected US$4.25 billion and a strong growth of 18.8%. 2025 intends to uphold this spirit, as forecasts pinpoint revenues of US$5 billion and an accompanying 17.8% rise.

While 2026 and 2027 may project more moderated growth rates of 6.6% and 7.9%, their respective revenue estimates – US$5.34 billion for 2026 and an approach to US$5.76 billion in 2027 – paint a persistently thriving scenario.

Top 5 Jewelry Stores in the U.S.: A Closer Look 

Delving deeper into the U.S. eCommerce market for Jewelry & Watches, attention naturally gravitates toward its leaders. While behemoths like Amazon command a sizable portion of online sales across categories, the spotlight here is on niche players exclusively tailored to Jewelry & Watches sales. 

The quintet leading this segment are as follows: bluenile.com, brilliantearth.com, zales.com, jamesallen.com, and kay.com.

Bluenile.com tops the charts with an impressive 2022 revenue of US$509.9 million. Nipping at its heels is brilliantearth.com at US$385 million. Zales.com isn’t far behind, posting US$355.9 million. Rounding out the top 5 are jamesallen.com and kay.com, recording revenues of US$350.3 million and US$326.5 million, respectively.  

However, raw figures only tell part of the story. To discern the strategic positions and contributions these e-tailers make to the broader market, one must delve deeper. Join us as we unpack the profiles, strategies, and unique offerings of these leading Jewelry & Watches online retailers.  

Notably, four out of these five key players are under the umbrella of Signet Jewelers, Ltd.. Additionally, on a global stage, all five enjoy spots within the top 10, emphasizing their significant roles not just in the U.S., but worldwide.

#1: Blue Nile 

While sitting comfortably as the premier player in the U.S. Jewelry & Watches eCommerce landscape, bluenile.com also occupies the 3rd slot on the global stage. From 2018 to 2022, Blue Nile has remained unyielding at its helm, consistently reigning as the number one choice among American online jewelry consumers. 

Bluenile.com's trajectory has seen its own ebb and flow: a modest rise from 4% in 2017 to 7% by 2020, a surge to 14% in 2021, and a contraction to -11.7% last year – in line with overall slowing market trends. 

Although the platform's robust net sales predominantly emanate from the U.S., it does have a presence in other regions, albeit limited. For instance, sales from Canada represent just a fraction of its eCommerce net sales. 

Founded in 1999, Blue Nile’s journey as an online jeweler has been a remarkable one. Yet, it's worth noting that its lineage traces back to Signet Jewelers, Ltd., a publicly-traded enterprise established in 1949. 

Signet Jewelers doesn't just house bluenile.com under its expansive canopy. It also oversees several other juggernauts in our list, namely, jamesallen.com, zales.com, and kay.com. In 2021, eCommerce net sales from bluenile.com combined with other Signet entities made up approximately one fifth (19%) of Signet's consolidated revenue.

#2: Brilliant Earth 

Capturing the fourth slot on the global scale, Brilliant Earth's journey through the U.S. eCommerce Jewelry & Watches sector has been nothing short of dazzling: Embarking from a #6 position in 2018, brilliantearth.com took the marketplace by storm, leapfrogging to #3 by 2019.

But its course wasn't without turbulence. The online stores standing vacillated — retreating to #5 in 2020, nudging up to #4 in 2021, and then, in a spirited sprint, clinching the #2 spot last year.

Being the lone contender in our roundup not associated with Signet Jewelers, the online store operates under the aegis of Brilliant Earth Group, Inc. Founded in 2005, its online platform predominantly serves the U.S. clientele, while its footprint in other geographies, such as Canada, remains comparatively light. It’s worth noting that, in 2021, eCommerce net sales accounted for nearly all the company's revenue. 

The online store's growth trajectory has been a blend of vigor and volatility. From an admirable 34.9% growth rate in 2017, it journeyed through subtle crests and troughs, culminating in a lofty 51% in 2021. The momentum moderated slightly in 2022 with a growth rate of 15.7%.

#3: Zales 

Staking claim to the sixth berth in the global arena, zales.com's voyage within the American digital realm for Jewelry & Watches has seen highs and lows. 

Kicking off at a commendable #5 in 2018, zales.com experienced a mild descent to #6 in the subsequent year. But 2020 marked a turnaround as the store surged to the #3 rank. The following year witnessed a slight regression to #5. Yet, demonstrating resilience and robust market strategies, it rebounded, capturing the #3 position again in 2022.  

Zales.com, a significant entity under Signet Jewelers, Ltd., was founded in 1998 and has built a two-decade legacy, primarily focusing on the U.S. market where the majority of its eCommerce revenue originates, showcasing its deep connection with the American audience. 

The online store's financial performance outlines a tapestry of organic growth and aggressive ascents. While the period from 2017 to 2019 was marked by gradual progress, 2020 became a watershed moment with an astonishing 72.9% growth. The pace recalibrated in the ensuing years — 25.3% in 2021 and a more measured 8.4% in 2022. 

#4: James Allen 

Occupying the fourth berth on the domestic turf, jamesallen.com also shines on the global stage, clinching the fifth spot. 

Launching with a silver medal position in 2018, jamesallen.com tenaciously held its ground the following year. However, 2020 marked a small retreat to the fourth position. Demonstrating adaptability, the store ascended to #3 in 2021, only to find itself back in the #4 slot the subsequent year. 

With its eCommerce earnings primarily stemming from the U.S., jamesallen.com underscores its significant footprint in the domestic market. While international sales contribute to their revenue, it's places like Canada that pitch in, albeit in smaller proportions. 

Introduced to the digital domain in 2006, the online store has successfully etched almost two decades of presence. 

A glance at its fiscal journey showcases commendable progress. Starting with a solid 24% growth rate in 2017, the store experienced growth momentum, peaking at 40.3% in 2021. However, 2022 signaled a time of consolidation, with a moderated growth rate of 2.1%. 

#5: Kay 

Concluding our top 5, kay.com doesn't merely hold its own domestically, but also makes its mark globally, seizing the eighth rank.  

Its digital market footprint shifted dynamically over the years. Commencing from a robust #4 in 2018, kay.com momentarily stepped back to #5 the next year. But 2020 showcased its vigor, propelling it to the #2 spot. The company managed to maintain this momentum through 2021, before retracing its steps to #5 in 2022.  

Predominantly serving the U.S. audience, nearly all of kay.com's eCommerce revenue sources from the domestic market. 

Financially, the online store presented an intriguing narrative. Embarking at a growth rate of 7.8% in 2017, the crescendo reached a staggering 81.2% growth in 2020. The momentum moderated to 26.5% in 2021. However, 2022 posed challenges, reflecting a decline of 13.1%.

Brilliant Earth and James Allen: Growth Expected

Let’s have a look at the expected growth trajectory of these online stores, as forecasts for 2023 and beyond suggest varied outcomes for these players. 

Bluenile.com is predicted to experience a decline of 2.5% in 2023, with a further minor drop of 0.1% in 2024. Brilliantearth.com's projections show a reduced growth with 7.4% in 2023 and 5.8% in 2024. Zales.com's forecasted rates for 2023 and 2024 are declines of 6.6% and 4.1% respectively. 

Jamesallen.com is anticipated to see a modest growth of 5% in 2023, tapering off to 1.5% in 2024. Lastly, kay.com's growth is predicted to decline by 5.2% in 2023, with a further drop of 0.5% in 2024. 

Blue Nile Leads the Top 5 in Global Revenue 

As we conclude our analysis, it's pertinent to touch upon the global influence wielded by these online retailers. 

In terms of global revenue, bluenile.com leads the pack at US$610.9 million. However, looking beyond the top 5, pandora.net (ranked #7 in the U.S.) comes first in global revenue with US$817.5 among online stores specialized in Jewelry & Watches in the U.S. 

While zales.com and kay.com generate all of their revenue domestically, bluenile.com, brilliantearth.com and jamesallen.com generate 83.5%, 87.5% and 81.1% of their revenue, respectively, from U.S. sales.

Top 5 Jewelry Stores in the U.S.: Key Takeaways 

As the digital landscape reshapes the contours of commerce, the online Jewelry & Watches sector in the U.S. stands as a testament to this transformation. Delving into the numbers and patterns of this niche reveals an intricate tapestry of growth and competition.

Let's distill the essence of our exploration to understand the current state and potential trajectories of this domain: 

The U.S., as the world's second-largest online Jewelry & Watches market, accounts for 10.7% of the country’s eCommerce in Bags & Accessories, with Jewelry and Luxury Jewelry segments contributing almost 80% of the revenue. 

The top 5 U.S. niche online Jewelry & Watches stores are bluenile.com, brilliantearth.com, zales.com, jamesallen.com, and kay.com, with four of them being part of Signet Jewelers and all five ranking in the global top 10. 

Blue Nile, securing the top spot in the U.S. and third globally, has seen fluctuating growth and is a significant pillar for Signet Jewelers. Brilliant Earth, surging to #2 in the U.S. by 2022, had its 2021 eCommerce sales match its entire revenue, with growth peaking at 51% that year. Zales, under the Signet banner, oscillated between #3 and #6 in the U.S. from 2018-2022 and boasted a 72.9% growth in 2020. James Allen, positioned fourth in the U.S. and fifth globally, has consistently been a prominent player since 2018, with its growth spiking at 40.3% in 2021. Lastly, Kay ranks fifth in the U.S. and eighth worldwide, primarily catering to the U.S. audience with an 81.2% growth in 2020 followed by a 13.1% decline in 2022. 

For 2023-2024, while most top jewelry e-retailers anticipate declines, only Brilliant Earth and James Allen expect growth. Globally, Blue Nile dominates, but Pandora surpasses them all in revenue – despite not being in the U.S. top 5. Most revenue for these players primarily originates from the U.S. market.

Sources: ECDB

In this article, we take a look at the 15 biggest jewelry companies in the world. You can skip our detailed analysis of the global jewelry industry and go directly to 5 Biggest Jewelry Companies in the World. 

Market Insights

The global jewelry market is valued at $249 billion as of 2021 and is projected to grow with a CAGR of 8.5% from 2022 to 2030 according to Grand View Research. As far as materials go, the industry is dominated by gold, silver, platinum and diamond. Gold held the highest revenue share, at 40%, and is projected to maintain its dominant position in the forecast period. 

In terms of product, ring dominates the market with the highest revenue share at 25%. The demand for rings is primarily driven by weddings. It is the most popular wedding jewelry item across many cultures around the world. It is followed by the demand in bracelets, which has a projected CAGR of 8.9% for the period 2022-2030. 

Another important insight from the report shows that Asia-Pacific holds the greatest share of the jewelry market, at a whopping 60%. It can be attributed to the growth in the size of the middle class in countries like China and India, that have a collective population of 2.8 billion.

Insofar as the US is concerned, its jewelry market added $47 billion to the global jewelry market in 2021. It grew 27% from 2020, which had seen a 13.4% decline from 2019, presumably due to the onset of the pandemic and the following supply chain disruptions and lockdowns. 

The growth in jewelry market in the US apparently fell in 2022 but that can be interpreted as normal given the pandemic correction in 2021 due to delayed events like weddings. The demand is steadily growing in the US due to falling gold and silver prices, and rising GDP per capita. 

While the pandemic hurt the industry, it was not all bad. A survey conducted by The Plumb Club showed a net 9% respondents saying their jewelry shopping rose amid the pandemic. 

Cultural Role

Jewelry is a prominent aspect of many cultures, especially in Asia-Pacific. For instance, in India, there are numerous events that drive up jewelry sales. These include weddings, Diwali as well as other religious events. Further, wearing jewelry is often associated with certain Hindu religious traditions. StarLuxe, Nemichand Bemalwa & Sons, M&B private jewelers, Titan Company, and Chow Tai Fook are some of the top companies in the Asia-Pacific region.

Another factor in global jewelry market growth is that men, especially in the western world, have also been increasingly buying more jewelry compared to the past as gender roles lose their grip on society.  According to Euromonitor International, men’s jewelry market size is worth $6.5 billion within the larger market as of 2021, indicating a 17% growth from 2020.

LVMH Moët Hennessy - Louis Vuitton, Société Européenne (PARIS:MC.PA) and Chanel are some of the most prominent companies in Europe and North America. Other than physical stores, their products can be conveniently purchased online via Amazon.com, Inc. (NASDAQ:AMZN), Walmart Inc. (NYSE:WMT) and eBay Inc. (NASDAQ:EBAY).

Now that we’re done with industry analysis, let’s move on to the 15 biggest jewelry companies in the world.

Photo by Fotis Nakos on Unsplash

Our Methodology

For our list of the 15 biggest jewelry companies in the world, we’d be ranking them based on their annual revenue for the latest available fiscal year data. We’d also be discussing secondary factors like number of employees, number of outlets, products and other factors wherever appropriate. 

Here are the 15 biggest jewelry companies in the world:

15. Graff 

Annual Revenue 2021: $0.7 billion

Graff is a global jewelry company based in London. It designs, makes and sells jewelry and watches. The company’s high jewelry is especially exquisite. It's made with unique and rare gems. These include emeralds, white & yellow diamonds, rubies and sapphires. 

The company’s high jewelry collection also includes jewelry made with Graff’s Infinity, Timeline, Empress and Lesedi La Rona diamonds. Graff’s products can be purchased from 50 stores it operates across the world, which employ over 500 people as of 2021. In the same year, Graff had a revenue of $697 million. 

Graff’s items can be found either on their own website, or on Amazon.com, Inc. (NASDAQ:AMZN), Walmart Inc. (NYSE:WMT) and eBay Inc. (NASDAQ:EBAY).

14. Audemars Piguet

Annual Revenue 2021: $1.6 billion

Audemars Piguet is a Swiss luxury watchmaker based in Le Brassus, Switzerland. Its Royal-Oak line of watches are its best-selling products and also helped the company rise to prominence. It is also a leader in innovation in functional jewelry. 

It pioneered carbon movement in 2007 through Royal-Oak Carbon Concept. It went on to develop the first independent-memory-mechanical-chronograph in 2015 and introduced it in its Royal Oak Concept: Laptimer Michael Schumacher. The company employs over 1,400 people as of 2021.

13. Prada S.p.A. (OTCMKTS:PRDSF)

Annual Revenue 2021: $3 billion

Prada is an Italian high-end luxury company, owned and operated by the Prada S.p.A. (OTCMKTS:PRDSF). It designs and sells luxury accessories (including jewelry) for both men and women. Its jewelry collection includes fine jewelry, silver jewelry, fashion jewelry and customized jewelry. 

Prada S.p.A (OTCMKTS:PRDSF) operates a global network of 635 retail outlets in over 70 countries and employs over 13,000 people. Its annual revenue for FY 2021 was $2.87 billion. Prada has a market share of $13 billion as of 2022.

12. Burberry Group plc (LSE:BRBY.L)

Annual Revenue 2021: $3 billion

Burberry Group plc (LSE:BRBY.L) is a British luxury company based in London. It designs and sells fashion apparel as well as accessories which primarily include jewelry for men and women. The company generated an annual revenue of $3 billion in 2021 in worldwide sales and had a total of 9,234 employees across the globe in the same year. 

In terms of jewelry, Burberry Group plc (LSE:BRBY.L) sells bracelets, necklaces, tie bars, signet rings and cufflinks made of palladium for men. Its women’s jewelry includes items like motif rings, earrings, necklaces and bracelets made of gold and palladium.

11. Pandora A/S (OTCMKTS:PANDY)

Annual Revenue 2021: $3.5 billion

Pandora A/S (OTCMKTS:PANDY) is a globally renowned jewelry brand based in Copenhagen, Denmark. It was founded in 1982 by Danish goldsmith Per Enevoldsen, who imported jewelry from Thailand and sold it in Denmark. The manufacturing site of Pandora A/S (OTCMKTS:PANDY) is located in Thailand and the company sells its jewelry in more than 100 countries through 6,800 points of sale. It has nearly 22,500 employees worldwide. 

Pandora A/S (OTCMKTS:PANDY) generated $3.5 billion in revenue in 2021, a 23% increase from the previous year. The rather significant growth in revenue has to do with its expansion in the US. The country accounted for 30% of Pandora’s sales, which were up 24% from 2020.

10. Signet Jewelers Limited (NYSE:SIG)

Annual Revenue 2022: $7.8 billion

Signet Jewelers Limited (NYSE:SIG) is one of the world’s biggest jewelry companies in the world. It is based in Akron, Ohio. The company operates in the mid-market jewelry segment and gained 270 basis points in market share in 2022. Signet Jewelers Limited (NYSE:SIG) employs over 30,000 people across the world in roughly 2,800 stores. Its revenue for fiscal year 2022 was $7.8 billion.

As of the third quarter of 2022, 28 hedge funds held a total equity of $806 million in Signet Jewelers Limited (NYSE:SIG), with Select Equity Group having the Lion’s share at $567 million. 

Signet Jewelers Limited (NYSE:SIG) runs its business with what it calls the “inspiring brilliance” strategy. Its principles include consolidation in big business, accelerating service and digital-commerce aspects of the company and expansion in accessible luxury and value in top mid-tier and low mid-tier jewelry segments.

9. The Swatch Group AG (OTCMKTS:SWGAY)

Annual Revenue 2021: $8 billion

The Swatch Group AG (OTCMKTS:SWGAY) is one of the largest luxury watch conglomerates in the world. It is headquartered in Biel/Bienne, Switzerland. The company is parent to brands like Swatch, Harry Winston, Blancpain, Tissot, Rado, Omega and Longines. Its brand, Harry Winston, is particularly known for diamond and other high-end jewelry for both men and women. 

Other brands like Rado and Omega are also world-famous for mid-tier as well as luxury watches. The Swatch Group AG (OTCMKTS:SWGAY) had a revenue of $8 billion in 2021, with an Year on Year growth of 11%. The company has a share of 25% in the luxury watch market worldwide as of 2020. The Swatch Group AG (OTCMKTS:SWGAY) employs over 31,000 people globally as of 2021.

8. Hermès International Société en commandite par actions (OTCMKTS:HESAY)

Annual Revenue 2021: $10 billion

Hermès International Société en commandite par actions (OTCMKTS:HESAY), popularly known as Hermès, is a French luxury company that designs and sells high-end jewelry and other accessories like handbags, wallets, ties, belts, shoes and scarves, for both men and women. 

Its Collier de Chien, Clic Clac/Clic H and Rivale are some of the most popular bracelets on the market. Hermès International Société en commandite par actions (OTCMKTS:HESAY) sells worldwide and has a market cap of $163 billion as of 2021. Its annual revenue for the same year was $10 billion, with an YoY growth of 24%. 

Hermès International Société en commandite par actions (OTCMKTS:HESAY) operates 306 retail stores globally and employs roughly 16,000 people as of 2021.

7. Chow Tai Fook Jewellry Group Limited (HKSE:1929.HK)

Annual Revenue 2022: $12.5 billion

Chow Tai Fook Jewellry Group Limited (HKSE:1929.HK) is a Hong-Kong based conglomerate and one of the biggest jewelry companies in the world. Their revenue for fiscal year 2022 was $12.5 billion. 

The company’s edge, so to speak, is that apart from conventional jewelry designs, it also offers jewelry in cartoon designs, like Mickey Mouse and Bao-Bao-Family rings and necklaces. 

As of 2022, Chow Tai Fook Jewellry Group Limited (HKSE:1929.HK) has over 5,900 jewelry stores all over the world, operated by about 29,000 employees. In FY 2022, 88% of the company’s revenue came from China, where it captures 8.1% of the jewelry market.

6. Rolex SA

Annual Revenue 2021: $13 billion

Rolex SA is a world-renowned luxury swiss-watch company headquartered in Geneva, Switzerland. Its premium watches are handcrafted and go by the brand name, Rolex, and are worn as high-end jewelry items. Some of its prominent watches include Datejust, Yachtmaster, Daytona, and Submariner. 

The company had an annual revenue of $13 billion in 2021. In the same year, it had a market share of 29%, as much as the next 5 companies combined. 

As of 2022, Rolex watches are available at 1816 authorized retail outlets across the globe. You can check out their products’ reviews on Amazon.com, Inc. (NASDAQ:AMZN), Walmart Inc. (NYSE:WMT), eBay Inc. (NASDAQ:EBAY).

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Disclosure: none. 15 Biggest Jewelry Companies in the World is originally published on Insider Monkey.