US specialty jewellers posted a 5.7 per cent year-on-year increase in sales in September amid softer consumer confidence, revealed US-based market research firm Tenoris.

This extended the growth in sales that specialty jewellers have been seeing since October 2024. From January to September 2026, sales rose 8.5 per cent.

Across the wider market, overall US jewellery demand rose 6.1 per cent amid a mixed economic environment, according to the US Bureau of Economic Analysis. The US government reported a 3.7 per cent GDP growth in the third quarter alongside steady employment, which continued to support spending. Meanwhile, inflation and energy costs remain volatile.

Tenoris also pointed to a shift in the jewellery market where higher average transaction values are offsetting declining unit volumes.

The latest data revealed that average spending per item at specialty jewellers was up 11 per cent in September 2026. Meanwhile, sales of lower-priced jewellery fell 11 per cent, accompanied by a continued decline in unit sales. A similar pattern is evident among non-specialty jewellers.

“The underlying sales pattern, however, is becoming increasingly bifurcated. Revenue growth is being driven by higher spending per item, while unit demand is weakening, particularly at price points below US$2,500,” Tenoris noted.

Finished diamond jewellery sales slipped 0.6 per cent in September after a long run of near-continuous growth. Natural diamond jewellery sales, including loose stones and finished pieces, dipped 1 per cent. The decline in unit demand was partly offset by higher spending among consumers who purchased diamond jewellery and selected a stone for setting.

Gold jewellery followed the same trend, with higher revenue but lower unit sales. Pieces priced above US$2,500 continued to outperform lower-priced merchandise.

The market is increasingly divided by price point, making inventory allocation and price management more important for retailers, Tenoris remarked.

Tenoris collects jewellery and gem sales data and purchase activity from 2,500 US specialty jewellers. The retailer panel is a representative sample of the US jewellery landscape by size, volume and geographic location.