That was the finding in the latest analysis from Retail Edge Consultants, combing through data collected across more than 400 independent jewellery stores in Australia and New Zealand. Jewellery sales in September improved by 4 per cent on a year-on-year comparison and sat 18 per cent higher than in 2024.
Unit sales improved by 6 per cent on a year-on-year comparison, with the report noting that this reflected a reversal of the softness witnessed earlier in the year. The average retail sale (inventory only) declined to $289, representing an 11 per cent drop on a year-on-year comparison, while remaining slightly higher than in September 2024.
Retail Edge Consultants general manager Leon van Megen said that as basket values eased during the month, this left transaction volume to carry the overall revenue improvement.
“Revenue performance strengthened in September, with sales increasing against both comparison periods. Higher unit volumes supported the result, while the lower average sale limited the contribution from transaction value,” he explained.
“The two-year gain indicates that the business is trading from a stronger base than 2024, though growth is currently driven by purchase frequency rather than basket size.”
Interestingly, diamond jewellery sales declined by 12 per cent on a year-on-year comparison after performing well in August. Elsewhere, colour gemstone jewellery experienced a more moderated decline, with sales dropping by 2.9 per cent.
“Diamond remains a significant contributor to overall revenue, yet the softer result points to reduced momentum at the premium end of the market. Performance here will remain a key indicator of higher-value jewellery spending,” van Megen added.
Looking elsewhere, precious metal jewellery without a diamond or colour gemstone spiked by 11 per cent in September and sat 34 per cent higher than in 2024. Silver and alternative metals jewellery was a similar, albeit less extreme, story, declining by 5 per cent on a year-by-year comparison but remaining 20 per cent higher on a two-year comparison.
“The two-year increase indicates the category is operating from a considerably stronger base than two years ago. Accessible pricing continues to support transaction flow, helping sustain engagement as purchase frequency rises,” van Megen concluded.
These figures follow a modest decline in revenue in August and July. Jewellery sales were stronger in June (8 per cent) after dropping in May (3 per cent).
Earlier in the year, a 5 per cent rise in sales was reported in April, a 7 per cent leap in jewellery sales in March and February, and a 12 per cent improvement in January.
2026 Jewellery Retail Sales September Results
Charts published with permission courtesy of Retail Edge
The charts below are based on data collected via Retail Edge POS software
at more than 400 independent Australian jewellery stores.
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Positive momentum continues for jewellers in February
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