Average Jewelry Spending Up, Diamonds Down in Asia

Mid-April signals the start of the first-quarter earnings season, when we begin to assess just how the industry fared in the early months of the year — especially across the mining and retail sectors. We’re tracking a range of data points as they emerge.

>>> Before diving into earnings, though, The Plumb Club has released findings from its 2025 industry and market insights survey. It reports a rise in average spending on jewelry since its last survey in 2023: average spending on bridal jewelry rose 2% to $5,493, while non-bridal jewelry spending jumped 28% to $1,664.

I’m always a bit surprised that the average bridal spend is that high — though The Knot, Tenoris, and others peg it close to $6,000 as well. Even so, it feels like the number really depends on who’s being surveyed. The Wedding Report, for example, puts the average at a more modest $3,500, which to me seems a bit more realistic for a nationwide average.

Spending at independent jewelers is probably driving those higher averages, and my impression is that these surveys tend to skew toward that segment.

The Plumb Club didn’t offer much commentary yet — it plans to reveal the full report at JCK Las Vegas on June 7. My hunch? The spike in non-bridal jewelry spend is likely fueled by retailers upselling lab-grown pieces. We’ll see when the full report drops.

One interesting takeaway from the survey so far: it offers a breakdown of where people are buying their jewelry — something worth noting:

>>> Now onto earnings… The luxury sector continues to feel the weight of a sluggish Asian market. LVMH reported group sales dipped 2% year over year to EUR 20.31 billion ($23.37 billion) in Q1.

The watches & jewelry division, which includes Tiffany & Co. and Bulgari, was the bright spot, posting a 1% increase to EUR 2.48 billion ($2.86 billion). It was the only segment to show growth, though organic growth — excluding currency effects — was flat. wines & spirits, fashion & leather goods, perfumes & cosmetics, and selective retail all recorded declines.

Regionally, LVMH saw growth in Europe, a slight dip in the US (despite a solid performance in fashion & leather and watches & jewelry), and continued weakness in Japan and the rest of Asia.

>>> Meanwhile, Hong Kong-based Luk Fook Holdings reported signs of life in China, with same-store sales on the mainland up 2% in its fiscal fourth quarter (ending March 31). The company credited its success to a shift toward fixed-price gold products over diamonds. Group diamond sales plunged 36% year on year during the quarter.

Chart Check

Rio Tinto reported a 27% year-on-year increase in diamond production for the first quarter, reaching 942,000 carats. The jump reflects a recovery from a subdued 2024 comparable period, when operations at the Diavik mine in Canada were temporarily halted to honor employees who tragically died in a helicopter crash en route to the site. This marks the highest quarterly output from the mine in two years.

Hot Off The Diamond Press

• This Week in Diamonds (News Roundup)

Coming Up

• Mountain Province Diamonds 1Q sales update: April 23 (unconfirmed)

• Anglo American / De Beers 1Q operating update: April 24

• Bonhams paris jewels auction: April 24

• Jewellery & Gem Asean Bangkok show: April 23 to 26

• Chow Tai Fook 4Q’25 key operational data

• Gem Diamonds 1Q operations update

• Petra Diamonds 1Q operations update

Pic of the Week

Bulgari expanded its jewelry-manufacturing facility in Valenza, Italy, from 14,000 to 33,000 square meters. The larger space will allow it to double production capacity and hire more than 500 new craftsman over the next four years. Pictured from left: Bulgari CEO Jean-Christophe Babin, president of LVMH Italy Toni Belloni, vice president and regional minister of the Piedmont Region Elena Chiorino, undersecretary of Ministry of Enterprises and Made In Italy Fausta Bergamotto,, and Bulgari's jewelry chief operations officer Nicolò Rapone. (credit: Bulgari via LinkedIn)