New York— After nearly three years of declines, America’s mid-market jewelers are finally showing signs of life. The first half of 2025 delivered a rare upswing, catching many by surprise.
At the top end, luxury giants like Richemont surged ahead with double-digit gains. At the opposite end, mass-market titan Pandora continued its unstoppable momentum. But the real shock came from the middle: Signet Jewelers and Brilliant Earth both posted growth despite relentless economic and geopolitical headwinds.
The Squeeze on the Middle
This recovery, however, underscores a deeper conflict reshaping the jewelry landscape: growth is thriving at the extremes, while the middle remains under siege.
Luxury brands thrive by selling exclusivity. Mass-market names scale through accessibility. The mid-tier? It has to walk a razor’s edge—balancing value to keep price-conscious shoppers engaged, while chasing enough volume to satisfy shareholders and keep stores relevant.
For Signet and Brilliant Earth, the challenge is stark: how do you offer aspirational jewelry without losing ground to either lab-grown disruptors or heritage luxury houses?
A Market at a Crossroads
The U.S. market is diverging, leaving mid-market players with tough choices. Do they lean into value and risk cheapening their brand? Or chase volume with higher-ticket goods and risk alienating the cost-sensitive customer base?
It’s a paradox that defines today’s retail battleground. And while the latest numbers show resilience, the question lingers: is mid-market growth a comeback—or a last gasp?
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