Spending on luxury jewelry in May was up by 10.1 per cent, according to Citigroup.
The figure is strikingly at odds with the US Department of Commerce, which puts the year-to-year figure for May at just 2.9 per cent.
Citi, the third biggest bank in the US, bases its analysis of its 10m-plus US credit card holders. The Department of Commerce uses its own estimates, then revises its figures based on actual through-the-till transactions.
Citi also says luxury watch spending increased by 14.7 per cent. The Department of Commerce put the figure at 2.4 per cent.
Citi said the overall spend on luxury goods was weak but recovering in May, down 1.7 per cent year over year, compared with a 6.8 per cent decline in April and 8.5 per cent in March.
Luxury jewelry has consistently outperformed other luxury segments, such as handbags and apparel, since September 2024, according to the Citi data.
Jewelry was the only category to see both an increase in average spend per customer and a rise in the number of individual customers in May 2025.
Consumers are increasingly choosing jewelry over handbags and other luxury goods, which have seen less innovation and sharper price hikes.
Source: IDEX