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When people go into a jewelry store to buy a ring, brooch, or bracelet, they don’t often give much thought to all the people who make those items possible. We’re talking about the jewelers who employ a high level of artistry and skills to make one-of-a-kind pieces using precious gems and metals. The U.S Jewelry market is now growing so fast and hiring more than ever. From engagements to anniversaries to simple self-expression, jewelry is a major player in American culture and the American economy.
Here are the key statistics on the jewelry industry: The U.S. jewelry market earned $57.965 billion in annual revenue in 2021. The global jewelry industry is valued at $228 billion as of 2020. The U.S. jewelry market is expected to earn $61.868 billion in revenue by 2026. The recognized Brazilian jeweler expert and designer Wesley Bustamante, with multiple years of experience and a high level of recognition in the industry, explains the scenario:
“As of 2021, there are 51,153 jewelry store businesses in the U.S. California has the highest number with 2,614, New York with 2,170, and Florida with 1,881”, explains Bustamante. According to the specialist, the market will keep growing in 2022.
Working in the field for the last 20 years, Mr. Wesley Bustamante is now predicting that immigrants from Latin American countries are raising the demand in the U.S market. And he is right. Global Jewelry Market Research report covering in-depth and qualitative analysis related to business development, advanced growth techniques, latest trends, and prospects predictions, shows revenue growth in the industry in 2022 and the next years. Another report predicts the market to witness a potential growth of USD 27.19 billion from 2021 to 2026.
“The U.S. jewelry market earned $57.965 billion in annual revenue in 2021. The global jewelry industry is valued at $249.02 billion as of 2021. The U.S. jewelry market is expected to grow by a CAGR of 1.31% from 2021 to 2026 and earn $61.868 billion in revenue by 2026”, says Bustamante. “Online jewelry sales amounted to almost $7.6 billion in 2021 in the U.S”, explains the specialist.
Bustamante also explains that the average American spent $62.12 on jewelry in 2020. Jewelry companies reported a 38% increase in custom jewelry sales from 2019 to 2020. “There are many reasons for this, but many experts point to millennials’ increased focus on individuality over tradition and social media providing greater ideas and options than a traditional jewelry store would, increasing customers’ desire for a customized item”, says.
The U.S. holds 48% of the world’s polished diamond demand. This means 48% of polished diamonds sold worldwide go to American customers each year. This is up from the 42% demand that the U.S. held in 2014.
Wesley Bustamante is a recognized expert in the field and owner of the U.S. Company “Making Time Corp”. Throughout his career, Wesley Bustamante has created jewels and customized luxury watches for many public figures and important athletes including the soccer star Neymar; the former president Jair Bolsonaro; and the soccer star Willian Borges da Silva among many others.
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