Industry Commentary (AIDI journalist voice)
After nearly three years of decline, America’s mid-market jewelers finally posted growth in the first half of 2025. On paper, that looks like good news. In reality, it reveals a sharper divide in U.S. jewelry retail: the extremes are thriving, and the middle is being crushed.
Luxury vs. Mass—Clear Playbooks
At the top, luxury groups like Richemont continue to post double-digit growth, driven by exclusivity and brand power. At the bottom, Pandora dominates by scaling accessible “affordable luxury” at speed. Both strategies work because they’re clear.
The middle? Not so much.
Signet and Brilliant Earth—Growth Under Siege
Two names stood out in H1 2025: Signet Jewelers and Brilliant Earth. Both lifted sales despite inflation, tariffs, and geopolitical uncertainty. But their growth reflects survival tactics, not market dominance.
- Signet is a channel giant, leaning on its store network and acquisitions. Its fight is about holding on to middle-class bridal and gifting customers—without letting price wars destroy its margins.
- Brilliant Earth plays the “ethical sourcing” and digital-native card. That story resonates with younger shoppers, but scaling beyond niche appeal remains its biggest hurdle.
Both strategies are fragile. Signet risks being undercut; Brilliant Earth risks being overshadowed.
The Structural Problem
This mid-market squeeze is the deeper story. Luxury is pulling aspirational customers upward, while mass brands are pulling cost-conscious shoppers downward. That leaves Signet, Brilliant Earth, and their peers stranded in a shrinking middle ground—forced to trade off value vs. volume with no easy win.
As one analyst put it privately: “The U.S. mid-market is basically an orphan—ignored by luxury, undercut by mass, and abandoned by policy.”
The Path Forward
Yes, Signet and Brilliant Earth grew. But is this a comeback, or the last gasp of a segment that’s structurally broken? Unless mid-market players seize new narratives—lab-grown diamonds being the obvious one—the divide will only widen.
👉 Want to understand why lab grown diamonds are overtaking natural stones? Dive into our Lab Grown Diamonds guide.
👉 Explore how sustainability and transparency are driving change in our Ethics & Sustainability Hub.
👉 Discover how personalization is reshaping jewelry retail on our Jewelry Applications guide.
👉 See why younger consumers are embracing lab grown gemstones for both fashion and meaning.