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Prouds the Jewellers had the highest number of fine jewelry chain stores open in Australia in 2023, at over *** stores. Owned by the James Pascoe Group, which also operates fine jewelry chains Angus & Coote and Goldmark, Prouds was Australia's largest jewelry and watch retailer. Prouds led the market with over 100 stores more than Michael Hill, which ranked second, followed by Danish jewelry brand Pandora.

Australia’s jewelry market

Australia’s jewelry retail landscape is comprised of small independent jewelers and brand-only stores, as well as fine and fashion jewelry chains such as Prouds, Lovisa, and Michael Hill. Independent jewelry stores are the most prevalent, with over independent stores operating across Australia’s states and territories at the end of 2023. New South Wales is at the heart of the country’s jewelry market, home to the largest number of jewelry stores, over . In 2023, almost ***fine jewelry stores were operating in New South Wales, with fine jewelry predominantly made from expensive materials, precious metals, and gemstones. The high presence of fine jewelry stores across the state can be attributed to its population size and high number of shopping centers. Shopping centers are attractive retail spaces for fine jewelers, offering better security for valuable products.

Fine versus fashion jewelry

The rivalry between fine and fashion jewelry stores in Australia has been occurring for some time; fine jewelry has been winning for the past decade, but one fashion jewelry brand has consistently given them a run for their money. Sydney-born chain Lovisa topped the fashion jewelry segment and maintained its place among the leading retail companies listed on the Australian Securities Exchange (ASX). With around *** stores worldwide, Lovisa generated a revenue of over *** million Australian dollars in 2024. While Lovisa is a success story, Australia’s fashion jewelry segment has been struggling to keep up, with many consumers maintaining a preference for fine jewelry from brands like Michael Hill, another key fine jewelry player alongside Prouds.