Consumers buckling under rising living costs are opting for affordable jewellery items, pre-owned pieces and lighter-weight items this festive season. However, the December wedding season has boosted jewellery sales at retail outlets.
Jewellery Council of South Africa (JCSA) chair Johan Bezuidenhout told Business Times that people are gravitating towards more affordable pieces.
“We’ve definitely noticed a shift. With inflation, exchange-rate volatility and general economic uncertainty, a lot of consumers are treating jewellery and watches almost like hard assets. They’re increasingly looking at luxury pre-owned pieces or items from established brands that tend to hold or even increase in value,” he said.
Bezuidenhout added that consumers have moved away from impulse buying and are more discerning as they opt for pieces that feel timeless or investment-worthy rather than trend-driven.
“There’s also a clear move toward affordability. We’re seeing more interest in lighter, simpler jewellery rather than the heavier, more opulent pieces we used to see.”
“There’s also a clear move toward affordability. We’re seeing more interest in lighter, simpler jewellery rather than the heavier, more opulent pieces we used to see.”
Bezuidenhout said shoppers are also opting for silver pieces or lighter-weight gold items instead of heavier carats.
Commodity prices have been volatile as gold reached record prices in 2025, underscoring its status as an investment haven amid global uncertainty. However, natural diamonds have been under pressure from cheaper laboratory-grown gemstones.
Bezuidenhout said changing spending patterns are also seen in how younger buyers shop for jewellery.
“Younger buyers especially are leaning towards everyday-wear designs rather than ornate traditional jewellery,” he said.
Trade tensions and higher gold prices have also had a negative impact on the jewellery market. In October, Richline SA, the biggest local jewellery manufacturer, shut down after parent company Richline Group pulled out of South Africa due to the 30% US tariffs affecting Agoa beneficiary countries, including South Africa, and a declining export market.
Bezuidenhout said that, looking ahead, there is room for recovery. “If local manufacturers and exporters can find alternative markets and if the gold price eventually stabilises at more reasonable levels, we could see the industry thrive again.”
The JCSA is an industry association representing retailers, manufacturers, wholesalers, importers and refiners.
James Wilkinson, spokesperson for The Foschini Group (TFG), owner of jewellery retail outlets American Swiss, Sterns and Galaxy & Co, said customers were continuing to make jewellery purchases despite the tough operating environment. He added that TFG had also noted a rise in demand for gold jewellery.
“Jewellery remains a deeply personal and emotional purchase, and consumers are willing to invest in pieces that bring joy and lasting value,” he said.
Wilkinson said silver chains paired with pendants, lab-grown diamonds, and classic earrings topped the list of popular gift items.
Pre-boxed collections like the Galaxy Range and the higher-end costume jewellery range in select American Swiss stores were popular among shoppers looking for convenience and elegance, he said.
“It’s not just about gifts; December is also bridal season, and we see a surge in engagement ring sales, particularly the timeless 1ct solitaire diamond.”
Wilkinson said that over the past five years the industry has changed, with innovation and adaptability emerging as key drivers of success. “Those who innovate and adapt quickly will always survive and grow, and we remain optimistic.”
He said that while some private jewellery businesses have closed their doors, this does not signal consolidation but a shift in consumer behaviour.
“E-commerce is booming, with more customers opting to buy fine jewellery online. Physical stores remain important in key locations, where customers are demanding a better shopping experience and affordable luxury,” he added.
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