A new 90-page report offers the most detailed look yet at Australia’s jewellery industry, challenging assumptions about store numbers, profitability, and the future of retail in a sector that has undergone significant change over the past decade.
What the report covers
The State of the Industry Report draws on six months of investigation by Jeweller magazine, combining survey data from retailers and suppliers with analysis of market trends. The study examines independent stores, fine and fashion chains, brand-only retail locations, and buying groups.
It also turns a critical eye on industry associations, including the Jewellers Association of Australia, whose membership has declined as critics increasingly view the group as a closed circle rather than a representative voice for the sector.
Key questions the report tackles
The study addresses questions that many in the industry have wondered about but lacked data to answer. How many jewellery stores operate in Australia today? Have stores become more or less profitable since COVID disrupted retail? How many locations have shut their doors over the past decade?
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Other areas covered include the growth of fashion jewellery chains since 2010, the role of buying groups in the supply chain, and whether consumers actually care about where their diamonds originate. The report also examines how shopping centre occupancy arrangements have shaped where jewellery retailers operate.
Changing setting for chains and independents
The fine jewellery chains have fared reasonably well over the past ten years, according to the report, though consolidation may be coming as larger players pursue new customers through retail brand differentiation.
Fashion jewellery chains have experienced a rockier path, marked by rapid expansions followed by dramatic collapses. The report notes the turmoil continued into 2024, raising questions about which operators can sustain their positions.
Vertical integration and brand control
One of the most notable shifts documented in the report involves international watch and jewellery brands taking greater control of their retail presence. Rather than relying on third-party stockists, these companies have expanded their own stores, managing how customers experience their products from purchase through after-sales service.
This vertical market model represents a fundamental change in how the industry distributes high-end goods, with implications for both independent retailers and traditional chain operators who now compete directly with brand-controlled outlets.
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The trend toward brand-only stores mirrors broader retail shifts seen across multiple product categories, where manufacturers seek to protect margins and maintain customer relationships rather than cede those interactions to intermediaries.
Looking ahead to 2030
Beyond documenting current conditions, the report ventures into forecasting. It asks how the industry might adapt to coming changes and what strategies businesses should consider as consumer habits evolve.
Lab-created diamonds represent one area where the industry faces a fundamental question about product positioning and customer perception. The report documents what jewellers themselves think about these alternatives to mined stones, revealing a range of views on how the technology fits within the broader market.
Whether the sector can attract new customers while managing ongoing structural changes remains to be seen. The report stops short of making bold predictions but provides the data foundation for others to draw their own conclusions.
