Growth within the US jewellery market continued to slow in 2013, having risen by 10% in 2011 and by 6% in 2012 in current value terms.
Following the Great Recession, Americans returned to buying jewellery in 2011. The 10% value growth in jewellery in 2011 was driven by the combination of higher prices and pent-up demand during the economic downturn.
The rapid rise in gold and silver prices forced companies to raise the prices of real jewellery. After this demand was released, consumers did not have the same desire to purchase jewellery.
The US currently accounts for the largest jewellery market in the world with more than half of its market being dominated by the diamond jewellery segment.
The US jewellery market is very fragmented, with no single company controlling more than a 6% share of sales in 2012.
Sterling Jewelers was the leader in jewellery overall, with a 6% value share in 2012, up slightly from 2011. The company owns the leading jewellery brand in the US, Kay Jewelers, and the third brand, Jared the Galleria.
As the US economy improves, consumer demand for jewellery is expected to grow over the next five years.
Fashion trends emphasising a retro look are expected to lead to good demand for jewellery, especially costume jewellery. Consumers are expected to look for retro glamour looks, as well as flashier statement pieces.
Values sales within the industry have been forecast to increase by 14% in constant value terms over the next five years, to reach a value of $67.3 billion.
For more information on the US jewellery market, see the latest research: US Jewellery Market
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