Over the last decades, the global jewelry market has driven the fashion industry. To see where the jewelry industry is headed, we compiled the latest jewelry industry statistics and facts you should be aware of. Keep on reading for the details.
Top 10 Jewelry Industry Statistics for 2022
- The global jewelry market is expected to reach US$292 billion in 2025.
- In 2022, the revenue of the Canadian jewelry segment amounts to $3,276 million.
- In 2020, there were 4,247 jewelry establishments in Canada.
- Jewelry’s retail sales in Canada decreased by 60% in March 2020.
- Canada’s costume jewelry market is projected to grow at a 2.4% CAGR in 2020–2027.
- Canadians spent nearly $2.1 billion on luxury jewelry in 2016, jewelry industry statistics in Canada note.
- In 2022, the revenue of the watches sector amounts to $963 million.
- In 2016, Canadian shoppers spent $214.1 million on luxury watches.
- The average cost of a 1.0-carat diamond engagement ring in Canada is US$3,500.
- In 2019, Canadian mines generated $2.25 billion worth of carats of rough diamonds.
Fascinating Jewelry Industry Statistics
Let’s take a trip around the world and explore the statistics and facts about the jewelry industry in the United States, China, and most importantly, Canada. Keep on reading.
1. The global jewelry market is projected to grow from around US$230 billion in 2020 to around US$292 billion in 2025.
(Statista)
China accounts for the most significant chunk of the jewelry and watch market revenue, followed by the US, Japan, and India. Other jewelry industry statistics from 2020 unveiled that the worldwide luxury jewelry market generated around €18 billion that year.
2. In 2018, Unique & Co reported an 8% growth in men’s jewelry sales compared to the previous year.
(Professional Jeweller)
According to recent men’s jewelry sales statistics, the men-focused jewelry industry is thriving, too. Interestingly, the hottest jewelry trends among men remain layering and stacking. Overall, the men’s jewelry category continues to be dominated by bracelets.
3. In 2022, the revenue of the Canadian jewelry segment amounts to $3,276 million.
(Statista)
According to the jewelry industry statistics in Canada, the market is forecast to expand at a CAGR of 1.32% in 2022–2025. In terms of worldwide sales, China generates the most, $91,601 million in 2022, to be exact.
4. In 2020, there were 4,247 jewelry establishments in Canada, jewelry industry trends revealed.
(Government of Canada)
Interestingly, almost all (99.5%) of these establishments had under 100 employees. According to industry averages for SMEs, the average revenue for 2019 totalled $443.1 thousand — 74.6% of businesses were profitable.
5. Canada’s jewelry sales plummeted during the lockdown, jewelry industry trends for 2020 noted.
(Euromonitor International)
With the lockdown measures in effect from March 2020, there was less opportunity to wear a costume or fine jewelry.
Moreover, many Canadian consumers restricted their spending to essential services (such as medicines and groceries), worried about unemployment and decreased working hours.
6. According to fashion jewelry industry statistics in Canada, jewelry retail sales decreased by 60% in March 2020.
(Jewellery Business)
As suggested, the compulsory closure of non-essential companies in Canada culminated in an all-time high decrease in retail sales. Namely, merchants sold 10% fewer products in March 2020 than in February. According to CBC News, it is the most significant drop on record. That said, total retail trade sales were up 3.6% in March 2021. Thus, the outlook is quite promising.
7. Canada’s costume jewelry market is projected to grow at a 2.4% CAGR in 2020–2027.
(Globe Newswire)
According to costume and fashion jewelry sales trends, the market for costume jewelry is expected to grow faster than the market in Japan (0.9% CAGR) or Germany (1.6% CAGR). By comparison, the market in China is forecast to grow at a 5.9% CAGR.
8. In 2015, online sales accounted for 8.9% of the overall sector sales, forecast to rise to 14.8% by 2020.
(PR Newswire)
The online jewelry sales statistics were optimistic in 2015. The following year, watches, accessories, and jewelry accounted for 1.82% of total retail sales in the country. Generally, the retail sales of watches, accessories, and jewelry were projected to grow at a 4.42% CAGR in 2015–2020.
9. In 2018, 57.6% of online shoppers in Canada made at least one purchase of jewelry, accessories, or clothing.
(Statistics Canada)
According to jewelry online sales statistics from 2018, the most significant percentage of online shoppers shopped for jewelry, accessories, or clothing, followed by books/magazines and toys/games (29.4% and 29.2%, respectively).
The Canadians who reported purchasing physical goods spent an average of $1,165. Considering that ecommerce sales almost doubled during the pandemic, online shopping channels are certainly something for businesses to tap into.
10. Canadians spent nearly $2.1 billion on luxury jewelry in 2016.
(Retail Insider)
The amount increased from $1.28 billion in 2011. Overall, the expenditure growth adds up to over 60% from 2011 to 2016. According to Euromonitor International’s findings, the sales increased for luxury watches and jewelry.
Watch Industry Statistics
A luxurious watch does not only tell time — it also makes you look and feel expensive. Let’s see what the statistics reveal about the watch industry in Canada.
11. In 2022, the revenue in the luxury watches segment amounts to $228 million.
(Statista)
Luxury watch industry statistics reveal that the market is forecast to grow at a CAGR of 0.12% in 2022–2026. In terms of global sales, China generates the most, $13,971 million in 2022, to be precise. The leading players in the luxury watch segment are Richemont, Swatch, LVMH, and Rolex.
12. In 2022, the revenue of the watches sector amounts to $963 million.
(Statista)
According to watch-wearing statistics, the market is projected to grow at a CAGR of 2.15% in 2022–2026. Again, most revenue is generated in China, $21,704 million in 2022, to be exact. Per person revenues stand at $25.08.
13. The Paragon is a time-only wristwatch created in Canada, worth US$22,000.
(SJX)
According to the latest wristwatch facts, Bradley Taylor debuted the Paragon, a classical wristwatch created in Canada. While experts in Switzerland create most components, Taylor makes the hands himself.
14. In 2016, Canadian shoppers spent $214.1 million on luxury watches.
(Retail Insider)
According to expensive watch statistics from 2016, this figure was up from what Canadians spent on luxury watches in 2011 — $166.3 million. In other words, over five years, Canadians spent 28.7% more on luxury watches.
Engagement Ring Statistics
Are you planning to get married? Or are you just curious about what the stats and facts have to say about engagement rings and wedding rings? Read on to find out more about this segment.
15. The average cost of a 1.0-carat diamond engagement ring in Canada is US$3,500.
(CreditDonkey)
Compared to the United States, the average cost of a diamond engagement ring in Canada is relatively low. Namely, on average, engagement ring facts reveal that a 1.0-carat diamond engagement ring in the United States costs US$7,750. Whereas, in the United Kingdom, a 0.5-carat diamond ring costs around US$2,000.
16. Manufacturers often use natural materials found in Canada to create exclusive Canadian wedding rings.
(Love to Know)
Wedding ring facts reveal that Canadian gold and diamond from local mines are among the most frequently used materials. Moreover, some people opt for rings with Canadian imagery — the country’s lakes, mountains, trees, and rivers.
Interesting Facts About the Jewelry Industry
Here are some interesting facts about the world of jewelry. You won’t want to miss these!
17. In 2019, Canada was the third-largest producer of rough diamonds in terms of volume — 13.5% of global production.
(Government of Canada)
Moreover, Canada accounted for 12.5% of the global production of rough diamonds by value. Diamond industry facts show that Canada’s total primary diamond exports stood at $2.21 billion the same year.
18. In 2019, Canadian mines generated $2.25 billion worth of carats of rough diamonds.
(Government of Canada)
Namely, these stats refer to 18.6 million carats of rough diamonds. In other words, this figure represented a 17% drop in value and a 20% decrease in volume over 2018.
According to diamond industry trends for 2019, four out of five active Canadian diamond mines witnessed drops in production volume. The Renard mine located in Quebec was the only mine that recorded an increase.
19. In Canada, gold has exceeded all other types of metals extracted and exported in terms of value.
(Mining Watch Canada)
Gold jewelry facts reveal that up to 60% of mined gold is for jewelry. Moreover, up to 40% is for investments and banks, and 10% for technology and industry. Australia, Canada, China, the US, South Africa, Russia, and Latin America are the primary gold-producing regions.
20. Around 15% of Canadians have a nickel allergy, body jewelry facts note.
(Chronicink Tattoo)
One of the most prevalent metallic allergens is nickel. Unfortunately, nickel can be found almost everywhere — from buttons and earrings to body piercings.
Conclusion
All in all, we can conclude from these jewelry industry statistics that the pandemic affected the sector. Yet, it didn’t stop it from growing. The good news is that we can undoubtedly expect the industry to thrive in the upcoming years, considering that accessories remain one of the top holiday gift picks among Canadians.
FAQ
Is the jewelry industry growing?
Yes! The global jewelry market is forecast to grow from about US$230 billion in 2020 to US$292 billion in 2025. The market in Canada is growing as well. According to experts, it is projected to grow at a 1.32% CAGR in 2022–2026.
(Statista)
What age group buys the most jewelry?
According to findings, consumers aged 25 to 34 are the largest buyers of jewelry. In other words, the generation that is believed to purchase jewelry the most is Millennials. With the combined approximate wealth of $217 billion, it is no wonder Canadian Millennials make most purchases.
(A Fashion Blog)
What is the average profit margin for jewelry?
Nowadays, the average jeweller makes only up to 47% gross profit margin. Whereas, back in the early ’70s, a typical jeweller had a gross profit margin of up to 72%.
(Polygon)
How much is the diamond industry worth?
In 2019, the sales value of rough diamonds totalled US$13.9 billion worldwide. The value almost doubled after polishing, reaching US$26.7 billion. The same year, the global jewelry market value stood at US$79 billion.
(Statista)
How big is the jewelry industry?
The lion’s share of watch and jewelry industry sales are generated by China, followed by the United States, Japan, and India.
As for Canada, the revenue in the jewelry segment amounts to $3,276 million in 2022, jewelry industry statistics unveil.
(Statista)
Sources:
- A Fashion Blog
- Credit Donkey
- Euromonitor International
- Globe Newswire
- Government of Canada
- Government of Canada
- Government of Canada
- Jewellery Business
- Love to Know
- Mining Watch Canada
- Chronicink Tattoo
- Polygon
- PR Newswire
- Professional Jeweller
- Retail Insider
- Retail Insider
- SJX
- Statista
- Statista
- Statista
- Statista
- Statistics Canada
Hermina Drah
Hermina believes that every day is a chance to learn something new about the obscure world around us. The driving force behind her writing is her passion for sharing knowledge with others all around the world. After attaining her master’s degree in English language and literature, she has decided to join the team of creative writers dedicated to delivering the hottest content on the web. So what are Hermina’s favorite topics to cover? Animals, good books, health, fitness, self-care—you name it.
