North America’s jewellery market is increasingly becoming a story of two economies: wealthy consumers are still spending heavily on luxury diamonds and watches, while mass-market retailers face growing pressure from cautious middle-class shoppers.
According to National Jeweler’s latest State of the Majors report, Rupert-controlled Richemont overtook Walmart to become North America’s second-largest jewellery and watch retailer by sales in 2025.
The Swiss luxury group generated $3.62 billion in regional sales from just 105 stores, most of them high-end boutiques operated by brands such as Cartier, Van Cleef & Arpels, IWC Schaffhausen and Vacheron Constantin.
By comparison, market leader Signet Jewelers retained the top position with $6.36 billion in sales, but required 2,329 stores across North America to achieve it.
The contrast exposes the extraordinary economics of global luxury retail.
