U.S. jewelry sales saw a modest increase of 1.3% in 2024, largely driven by price hikes, while the number of units sold decreased by 1.6%, according to industry analyst Edahn Golan of Tenoris.
Despite the overall slowdown in the U.S. jewelry market, accessible-luxury brand Pandora saw impressive growth. The brand posted an 8% same-store sales increase in the U.S. last year.
Pandora’s performance was particularly strong in the U.S., which remains the brand’s largest market, accounting for 31% of total revenue. Organic sales in the U.S. rose 14%, reaching $1.3 billion (DKK 9,709 million). This growth was bolstered by the addition of 37 new concept stores and the acquisition of 36 partner stores.
On a global scale, Pandora’s sales surged 13% organically and 7% on a like-for-like basis, totaling $4.4 billion (DKK 31,680). Contributing to this growth were the opening of 236 new stores, including 137 Pandora concept stores and 99 Pandora-owned shop-in-shops. By the end of the year, Pandora had nearly 7,000 points-of-sale, including Pandora-owned, franchise, and third-party locations worldwide.
While Pandora’s core jewelry category of charms and bracelets accounted for 74% of its total sales, the company’s full-jewelry segment, including lab-grown diamonds under its “Fuel with More” collection, performed exceptionally well, rising 22% to $1.1 billion (DKK 8,149).
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