Over the next few years, jewellery is forecast to be the fastest-growing category in fashion by unit sales, growing at nearly four times the rate of clothing. Both costume and fine jewellery are expected to grow similarly, with sales growing between 5.3 and 5.6 percent per year through 2028.

This growth is particularly pronounced in branded jewellery: Sales of branded jewellery made up 25 percent of the market in 2024 and grew 8.3 percent per year between 2021 and 2024, almost double unbranded jewellery’s 4.3 percent growth. In 2025, 61 percent of consumers say jewellery is a category in which brand matters most, increasing to 82 percent in China.

Diamond jewellery accounts for roughly one-third of global jewellery sales and is expected to expand at 4 to 5 percent per year through 2028. Within this, lab-grown diamonds are forecast to grow 15 to 16 percent annually as adoption increases, particularly in India, China and the US.

This momentum reflects jewellery’s unique role as both an emotional and financial value store. When asked to compare categories for their investment potential, consumers rank jewellery top — 15 percentage points higher than handbags and other accessories.

Regional tailwinds and demand for long-term value will propel the market

Asia Pacific will continue to drive the largest share of market growth through 2028, led by China and India, where jewellery sales already represent around two-thirds of the APAC market.

For international brands — which account for over 50 percent of branded jewellery sales in China — sharp price increases in soft luxury categories such as ready-to-wear and handbags have weakened perceived value, prompting consumers to shift spending towards hard luxuries like jewellery. Several local brands are also performing well, including Laopu Gold — which offers fixed-price gold, where prices do not fluctuate daily with the market rates— and Kering-owned Qeelin, whose Chinese heritage design codes are resonating with local consumers. In the unbranded jewellery segment, a softer property market has reinforced fine jewellery’s appeal as a store of value.

According to De Beers, India has now overtaken China as the world’s second-largest diamond market, accounting for roughly 11 percent of global demand, second only to the US at over 50 percent. India’s rising middle class and deep cultural affinity for gold and diamonds are fuelling sustained double-digit growth for domestic jewellers — which make up more than 90 percent of branded jewellery sales.

Jewellery is moving beyond gifting, with more men and women buying it for themselves

75% of consumers say they love to treat themselves with jewellery

As jewellery becomes more associated with personal identity than occasion, more consumers are buying it for themselves rather than as a gift for others. Forty-two percent of women and 35 percent of men report buying more jewellery for themselves than two or three years ago.

This shift is fuelled partially by rising incomes and evolving gender roles. By 2028, women will command over 75 percent of global discretionary spend, likely benefitting jewellery sales to women buying for themselves. Forty-one percent of jewellery retailers surveyed say female self-purchasing is the top opportunity in silver jewellery, whereas just 26 percent cite gifting. Self-purchasing is set to propel accessibly priced jewellery, with retailers already seeing strong sales for pieces priced $100 to $500.

+58% increase in jewellery sales of women buying for themselves in 2024, compared to 2021

Although still a small part of the market, men’s jewellery is one of fast-growing segments, set to grow 7 to 8 percent per year through 2028, compared to women’s jewellery at 4 to 5 percent. Brands are meeting this demand by launching male or genderless collections, often fronted by celebrities like Korean actor Byeon Woo Seok.

Many brands are already tapping into this opportunity:

David Yurman: The American jewellery brand launched its first-ever men’s high jewellery collection in 2024 with campaigns featuring brand ambassador Michael B. Jordan. It comprised a 30-piece assortment of necklaces, bracelets, rings and cufflinks, and supplements the brand’s existing men’s offering, which was introduced in 2004.

Graff: Diamond jeweller Graff launched a unisex line in 2024, the Laurence Graff Signature collection, featuring rings, pendants and bracelets, moving beyond its traditional bridal focus. Though diamonds are traditionally associated with women, the collection extends the brand’s DNA as well as the addressable market.

De Beers: As women have increasingly become independent consumers in the diamond market, De Beers has shifted its messaging from a primary focus on everlasting love and marriage to celebrating one’s authentic self in a bid to stay relevant. Its revised messaging highlights narratives such as uniqueness and self-worth.

Mejuri: The fine jewellery brand is known for its competitive prices, thanks to its direct-to-consumer model, as well as its marketing that encourages women to buy jewellery for themselves. Female self-empowerment is core to the brand’s story, including its Mejuri Play initiative, which launched in 2025 and celebrates female athletes.

Self-expression is becoming a defining force in jewellery across price segments

Jewellery is increasingly valued as a canvas for individuality and signifier of taste. For example, buyers can signal their taste and style through artisan handwork, customisation and unique materials at the higher end of the market, as well as express their identity through layering and stacking pieces in custom ways — a trend that applies to jewellery across price segments.

75% of consumers say they prefer jewellery designs that are creative or unique

Novelty jewellery featuring whimsical, fun designs — from food-themed rings to neon enamel pendants that lend themselves to social media — is growing in appeal. This spans from entry-level costume jewellery to precious gemstone pieces costing $25,000 or more. Smaller jewellery brands that offer unique, limited quantity designs, such as Irene Neuwirth or Nadine Ghosn, are also on a rise.

The rise of jewellery as a form of self-expression is creating momentum for branded players. Unlike unbranded pieces, branded jewellery often carries its own iconography and symbolic language — a shorthand for identity.

71% of consumers say jewellery is how they express their personality

Lab-grown gemstones are making fine jewellery more accessible for everyday occasions

As prices for lab-grown diamonds continue to fall — now priced 80 to 90 percent below mined equivalents — diamonds are expanding from symbols of heritage and permanence to more accessible accessories worn for a broader range of occasions. Lab-grown diamonds account for nearly 20 percent of global diamond jewellery sales and could reach 50 percent by 2030.

While half of US lab-grown diamond sales come from bridal jewellery, brands can fuel growth by expanding their use across other collections and introducing lab-grown coloured gemstones into pieces that tap into consumer demand for individuality and self-expression. Reflecting this shift, consumers are wearing lab-grown diamonds more regularly: 57 percent would wear lab-grown diamonds daily, versus 30 percent for natural diamonds.

As lab-grown diamonds reshape the market, brands and retailers must sharpen the narratives around their collections. Prices for lab-grown stones may continue to fall, strengthening value-for-money narratives. Lab-grown diamond marketing can also emphasise sustainability, which resonates strongly with younger consumers. By contrast, natural diamond players are emphasising rarity, provenance and emotional value: De Beers and Signet have partnered in the US to train associates on these attributes.

How should executives respond to these shifts?

Anchor a jewellery extension into the brand’s core DNA

As more fashion and luxury players move into or expand their presence in jewellery, success will depend on articulating a credible point of differentiation. Brands should identify existing strengths, such as heritage craft or material innovation, and reflect these in collection development for it to feel like a natural extension of the brand rather than an opportunistic add-on.

Expand male and genderless jewellery collections

Brands can develop modular, minimalist and sculptural designs that transcend traditional gender categories. This may also involve reducing gendered product segmentation — both in-store and online — and marketing existing pieces as universal. Product and marketing should reflect regional nuances: In some markets, social stigma around men wearing jewellery persists. Male influencers can help build credibility and reframe jewellery as a form of self-expression.

Empower personal expression through customisation

Examine how existing products can be customised and personalised. This may differ across price segments, from engraving core pieces as an add-on service to offering custom jewellery painting or bespoke creation. Brands should rebalance messaging around bespoke jewellery and customisation to include self-reward and self-expression as well as gifting, targeting women and younger consumers as empowered buyers.

Define a strategic approach to lab-grown gemstones

Brands — especially pure jewellery players — should define a clear approach to if, where and how lab-grown diamonds and coloured gemstones can be incorporated into the product pyramid beyond bridal occasions. For example, they could be incorporated into multi-stone pieces like bracelets or necklaces, or as melee stones to highlight mined solitaires. This strategy should be tailored to regional differences in consumer attitudes. Retailers should clearly differentiate marketing between natural and lab-grown diamonds to emphasise distinct value propositions.

This article first appeared in The State of Fashion 2026, an in-depth report on the global fashion industry, co-published by BoF and McKinsey & Company.