Events & Awards

At JCK, 5 Panelists Give Their Outlook on the State of the Industry

Events & AwardsAug 30, 2021

At JCK, 5 Panelists Give Their Outlook on the State of the Industry

Sarin Bachmann, David Bonaparte, Detria Courtalis, Tirath Kamdar, and Miya Owens talk about the last 18 months and what lies ahead.

Las Vegas—Jewelry sales were strong in 2020, driven by consumers’ desire for meaningful gifts and the funneling of money to fine jewelry from other categories.

And the Roaring ’20s have continued into this year as the industry has quickly adapted to the new normal created by COVID-19, the guests at a JCK Las Vegas keynote talk said Saturday morning.

Sarin Bachmann, David Bonaparte, Pandora’s Detria Courtalis, eBay’s Tirath Kamdar, and Miya Owens sat down with Mary McGinty, the National Retail Federation’s vice president of communication and public affairs, for a discussion that centered on the last 18 months in retail and what lies ahead.

According to data shared during the discussion, U.S. jewelry store sales dropped 72 percent in March and April of 2020, as COVID-19 forced physical stores to close and consumers, in general, were uncertain and scared.

As of February 2021, jewelry store sales are up 25 percent year-over-year—meaning people are spending more on jewelry than they were pre-pandemic in the U.S.—with money that normally would have been spent on dining out, going out, and travel funneled to fine jewelry last year.

Kamdar, who noted eBay recorded a significant jump in sales, put it like this: “People were not spending on experiences anymore. They were at home, but they thought, ‘I still want to get my luxury experience.’”

The good times have continued to roll into the middle of 2021. A recent MasterCard SpendingPulse survey showed jewelry sales jumped 83 percent year-over-year in July and are up 54 percent compared to pre-pandemic levels.

And the NRF’s forecast calls for a great holiday ahead, with McGinty noting during the keynote that household wealth is at an all-time high.

In June, the NRF increased its outlook for retail sales in 2021. Spurred by the resiliency of consumer spending, the organization is now forecasting 10.5 percent to 13.5 percent year-over-year growth, up from its previous prediction of 6.5 percent to 8.2 percent growth.   

Courtalis, who is Pandora’s vice president of wholesale sales, said while it is unknown exactly what the second half of 2021 will hold, Pandora knows it needs to meet the consumer where they want to shop, whether that’s online, in stores safely, or some combination of both. 

She said Pandora does expect to have a strong holiday season.

“We have to be very smart, though,” she noted, “and we have to have a plan.” 

Courtalis also mentioned the importance of getting the brand in front of Gen Z consumers, noting twice during the discussion how key TikTok is for reaching this generation. 

 Related stories will be right here … 

Saturday morning’s keynote also included conversations on the other big issue of 2020—the push for racial justice and equity that arose after the police killing of George Floyd in May 2020.
 
Among the changes the racial reckoning brought about in the jewelry industry was the creation of the Black in Jewelry Coalition, an organization created for the advancement of Black professionals in the jewelry and watch industry. 

Owens, a BIJC co-founder who is also the Jewelers Vigilance Committee’s associate counsel and director of mediation, said the industry needs to continue to foster the launch of Black-owned companies and provide mentorship to Black business owners so existing businesses can grow. 

Mentorship is also needed in high schools so young Black people know there are fulfilling careers available in jewelry, which is something she did not realize when she was in school. 

When panelists were asked for their biggest takeaways from the past year-and-a-half, Owens said people need to not be afraid to have uncomfortable conversations about race and they need to act in order to make change.

“Do better; just don’t talk about it. Operationalize these discussions,” she said. 
For Bonaparte, the president and CEO of Jewelers of America, the biggest takeaway was the way the industry came together to support each other during COVID-19, while Pandora’s Courtalis emphasized the importance of listening to your team and over-communicating. 

Both Bachmann, the group vice president of RX Jewelry Group, and Kamdar, the senior director and general manager of luxury at eBay, said their biggest takeaway was the importance of being open to change. 

“Things are going to be different for a while,” Bachmann noted.

Michelle Graffis the editor-in-chief at National Jeweler, directing the publication’s coverage both online and in print.

The Latest

Cartier Panthère watch
WatchesSep 11, 2024
These Are the Watches Women Want, Says Chrono24

Its “Her-ology” report highlights trends in the women’s luxury watch market, from top brands to movement preferences.

Marrow Fine x Adalina Martini and Tennis Necklace
IndependentsSep 11, 2024
Take a Sip of Marrow Fine x Adalina’s $13K Martini

The smoked heirloom tomato mezcal martini, only available at Adalina in Chicago, is served with a 9-carat diamond tennis necklace.

Brilliant Earth Showroom Fairfax Virginia
MajorsSep 11, 2024
Brilliant Earth Expands International E-Commerce

Customers in more than 150 countries can now shop at the jewelry retailer’s online store.

How to Increase Instagram Followers Naturally in 2024 2.0 (1).jpg
Brought to you by
How to Increase Instagram Followers Naturally in 2024

Growing your Instagram following organically is more important than ever in today's technological environment.

Gems Keep Giving
Policies & IssuesSep 11, 2024
Gems Keep Giving Reorganizes, Taps Hayley Henning as Board Chair

The organization, which was started by the International Colored Gemstone Association, is now a 501(c)(3).

Weekly QuizSep 05, 2024
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
 Jeffrey Lynn High
IndependentsSep 10, 2024
Industry Technology Visionary Jeff High Dies at 60

The Gemvision founder is remembered as a passionate mentor with a deep love for God.

Foundrae Golden Hour Campaign
CollectionsSep 10, 2024
Foundrae’s Latest Collection Harnesses the Glow of the Golden Hour

The “Golden Hour” collection was designed to “inspire and encourage reflection,” said the brand.

Supplier Spotlight -Recorded-Webinar.png
Brought to you by
Watch: Natural Diamonds: A Great (but Often Untold) Geology Story

Supplier Spotlight Sponsored by GIA.

Movado When I Move You Move campaign
MajorsSep 10, 2024
Ludacris, Jessica Alba Star in New Movado Campaign

Movado has named five new brand ambassadors, featuring them in its new “When I Move You Move” campaign.

Carol Woolton
TrendsSep 10, 2024
Carol Woolton To Release New Book

The jewelry historian discusses the history and cultural significance of jewelry throughout time and across the globe.

US Senator Dianne Feinstein
AuctionsSep 09, 2024
US Senator Dianne Feinstein's Jewels Going to Auction

Bonhams will offer more than 70 pieces of the late dignitary’s jewelry next month.

Hearts On Fire Love, Unleashed Campaign
CollectionsSep 09, 2024
Hearts On Fire Debuts New Campaign, Designs

The “Love, Unleashed” campaign is an ode to love, featuring 16 new designs from Hearts On Fire’s “Vela” collection.

Fuli gemstones beidou cut
SourcingSep 09, 2024
Fuli Gemstones Introduces ‘Beidou Cut’

The miner’s new peridot cut will debut at the upcoming Hong Kong jewelry trade show.

Fabergé Beetlejuice Beetlejuice jewelry collection
CollectionsSep 06, 2024
The ‘Fabergé x Beetlejuice Beetlejuice’ Collection is Scary Chic

It’s showtime for these jewels, inspired by the motifs and color palette of the new Tim Burton film.

Movado Connect 2.0 watches
FinancialsSep 06, 2024
Movado Lowers Guidance as Q2 Sales Slip

CEO Efraim Grinberg pointed to a challenging consumer spending environment, particularly in the watch category.

Lizzie Mandler’s Liquid Gold Hoops
CollectionsSep 06, 2024
Piece of the Week: Lizzie Mandler’s ‘Liquid Gold’ Hoops

Inspired by a 19th century sculpture, Mandler transformed gold into liquid for these earrings.

Bella Hadid in Chopard Campaigns
CollectionsSep 05, 2024
Bella Hadid Is Chopard’s New Brand Ambassador

The model and entrepreneur stars in two new Chopard campaigns.

Nordstrom men’s store New York City
MajorsSep 05, 2024
Nordstrom Family Offers to Buy Namesake Retailer for $3.8B

Members of the founding family partnered with Mexican retail company El Puerto de Liverpool to possibly take Nordstrom private.

Tiffany & Co. Elsa Peretti Bone cuff
MajorsSep 05, 2024
Tiffany & Co. Celebrates Elsa Peretti’s Bone Cuff

The iconic design has joined a lineup of notable pieces featured in the jeweler’s “With Love, Since 1837” campaign.

New Cadar CEO Ralph Simons
MajorsSep 05, 2024
Former Chopard, Frederique Constant Executive Tapped to Head Cadar

Ralph Simons is now CEO of the jewelry brand started by fashion designer Michal Kadar and her husband, Avraham Kadar, in 2015.

National Jeweler columnists Duvall O’Steen and Jen Cullen Williams
ColumnistsSep 04, 2024
Creative Connecting: Why ‘Experience Content’ Matters

Jen Cullen Williams and Duvall O’Steen say it’s all about giving your social media feeds a human touch.

 Models Taylor Hill and Soo Joo Park wearing Messika jewelry
TrendsSep 04, 2024
Taylor Hill, Soo Joo Park Star in New Messika Campaign

The models and friends of founder and artistic designer Valérie Messika showcase the brand’s jewelry in the “Back to Icons” campaign.

Bloomingdale’s From Italy, With Love campaign
MajorsSep 04, 2024
Bloomingdale’s to Highlight Italian Jewelry in New Campaign

“From Italy, With Love” will showcase Roberto Coin, Marco Bicego, and other Italian brands.

Zales tennis necklace over Prince tennis racket
CollectionsSep 03, 2024
Zales, Prince Debut US Open-Inspired Collection

The jewelry retailer will also have a diamond-set tennis racket on display at the tournament.

Ylang 23 Flagship
IndependentsSep 03, 2024
Ylang 23 Relocates, Expands Dallas Flagship

The retailer has moved into a 3,200-square-foot space at The Shops of Highland Park.

Suzanne Kalan
TrendsSep 03, 2024
Amanda’s Style File: Sapphires for September

The month’s birthstone is vibrant in every color.

Breitling watches
WatchesAug 30, 2024
Breitling Marks 140 Years With Special Editions of 3 Classic Watches

The special editions of the Premier, Navitimer, and Chronomat are equipped with a new perpetual calendar movement from the brand.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy