Columnists

On Data: 2021 Ended on a High Note, But ...

ColumnistsMar 08, 2022

On Data: 2021 Ended on a High Note, But ...

Last year was great and 2022 has started out strong, but, Sherry Smith notes, myriad factors could impact sales going forward.

2021_Sherry Smith.jpg
Sherry Smith is director of business development for data and consulting company The Edge Retail Academy. She can be reached at sherry@edgeretailacademy.com.
In a recent webinar with National Jeweler’s Michelle Graff, I joined Peter Smith and Edahn Golan to discuss what business in 2022 might look like. 

An interesting conversation among the four of us ultimately concluded it will be difficult to predict how long the tide will continue to rise for the jewelry business. 

In fact, if the last two years have taught us anything, it is to expect the unexpected, and there is every reason to believe that will also be true this year.

To make matters even more challenging, we now have a dangerous military conflict in Europe to factor into the equation. 

While we hope for continued growth, we must also recognize there are many variables outside of our control that could negatively impact results this year; inflation, supply chain issues, and labor shortages, to name just a few. 

Given this uncertainty, it would be prudent to pay attention to both your own data as well as the broader industry data, and to monitor the trends as closely as possible.

In reviewing the numbers from 2021, we saw independent jewelers’ gross sales increase 41 percent over 2020.  

Number of units sold increased a healthy 25 percent, and there was a 13 percent increase in the average retail sale. 

Diamond products performed incredibly well for independent jewelry retailers, representing nearly half (49.3 percent) of total sales in 2021, with category increases in all the key performance indicators.

Bridal, which includes loose diamonds, semi-mounts, and complete engagement rings, made up 23.8 percent of annual sales, and was up 36 percent in gross sales year-over-year. 

The category was also up 23 percent in units sold and 11 percent in average retail sale compared with 2020.

Loose diamonds comprised 58 percent of the bridal category, with an average retail sale of $6,769, up from $6,148 in 2020.

The Northeast had the highest average retail sale in loose diamonds at $7,400, followed by the Southeast at $7,282 and the West at $7,217.

 Related stories will be right here … 

Moving on to other categories, watches represented 14.9 percent of annual sales in 2021 and, like the diamond categories, was up in gross sales, units sold, and average retail sale.

The category of “services” was 12.1 percent of 2021’s total annual sales and also was up in all key performance indicators. 

While the colored stone category comprised only 7 percent of independent jewelers’ annual sales for 2021, it too experienced double-digit growth, with a whopping 50 percent increase in gross sales, a 28 percent increase in units sold, and a 17 percent increase in average retail sale.

Colored stone rings made up 42 percent of total colored stone categories, followed by earrings and pendants.

The sterling silver and alternative metal categories experienced a 29 percent increase in gross sales, a 19 percent increase in units sold, and a 9 percent increase in average retail sale.

Rolling 12 months, February 2021 through January 2022, showed a 41 percent increase in gross sales, a 25 percent increase in units sold, and a 13 percent increase in average retail sale when compared with the prior-year period (February 2020 through January 2021). 

Looking at jewelry sales so far this year, January 2022 was up 14 percent in gross sales over January 2021. There was a slight decline in number of units sold, 2.6 percent, but a 17 percent increase in average retail sale.

Valentine’s Day sales were strong, with February ultimately up 16 percent in gross sales, up 6 percent in units sold, and 9 percent up in average retail sale when compared with February 2021. 

The diamond categories also performed well in February and were up 19 percent in gross sales, up 7 percent in units sold, and up 12 percent in average retail sale. 
According to Kiplinger’s latest forecast on retail sales and consumer spending, expect retail sales to continue to do well for several months due to improvements in supply chain issues. 

But keep in mind that as the decline in COVID cases continue, we will most likely see consumers shift their spending to travel, dining out, travel, concerts, etc.

So far, 2022 is off to a stellar start, and we’re looking forward to seeing how the first quarter will play out for our independent channel.

In my next On Data column, we will look at the performance of that first quarter.

Sherry Smithis director of business development at Edge Retail Academy, the leading jewelry business consulting and data aggregation firm.

The Latest

1 Camilla Dietz Bergeron.jpg
Supplier BulletinMay 15, 2025
Treasure Hunting at the Las Vegas Antique Jewelry and Watch Show

Sponsored by the Las Vegas Antique Jewelry and Watch Show

The Mediterranean Blue diamond
AuctionsMay 15, 2025
'The Mediterranean Blue' Diamond Sells for $21M at Sotheby’s

A private American collector purchased the 10-carat fancy vivid blue diamond.

Jessica McCormack Fruit Salad Campaign Imagery
CollectionsMay 15, 2025
Jessica McCormack’s ‘Fruit Salad’ Collection Is Fresh for Summer

The designer has taken the appeal of freshly picked fruit and channeled it into a capsule collection of earrings, necklaces, and pendants.

antique_Vegas_2024_by_headshot_stories_9454.jpg
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the Globe

Gain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.

Stock image of diamonds
SourcingMay 15, 2025
Tariffs Take Toll on India’s Gem and Jewelry Industry in April

The country’s gem and jewelry exports fell 5 percent year-over-year last month, while imports declined 18 percent.

Weekly QuizMay 15, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Disability advocate Catarina Rivera, JVC ADA compliance guide, circle of hands wearing jewelry
Policies & IssuesMay 15, 2025
State of Retail: How to Better Serve Customers With Disabilities

Around 54 million Americans and counting live with a disability. Here’s how to make your jewelry store and website more accessible.

Sekou Andrews
Events & AwardsMay 15, 2025
Poet Sekou Andrews to Give Closing Keynote at Converge

The event is also accepting poster submissions now through June 16.

Supplier Spotlight -Recorded-Webinar.png
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest Addition

Supplier Spotlight Sponsored by GIA

Pope Francis
Policies & IssuesMay 14, 2025
Here’s What Happened to Pope Francis’ Ring

Before Pope Leo XIV was elected, a centuries-old procedure regarding the late pontiff’s ring was followed.

1998 Cosmograph Daytona, Ref.16516 Rolex
AuctionsMay 14, 2025
Custom Rolex Pulled From Sotheby’s Sale

The one-of-a-kind platinum Rolex Cosmograph Daytona was estimated to fetch up to $1.7 million.

Jeweler Constance Polamalu at Bloomstone, a store that specializes in lab-grown diamonds
Lab-GrownMay 14, 2025
State of Diamonds: What’s Next for Lab-Grown Diamonds?

While the product has entrenched itself in the market, retailers and consultants are assessing the next phase of the category’s development.

Surveillance footage Tiffany & Co. Seattle robbery
CrimeMay 14, 2025
Seattle Detectives Seek Public’s Help in Tiffany & Co. Robberies

The police are trying to identify the man suspected of robbing two Tiffany & Co. locations in the area.

Jeff Corey, new chairperson of the board for the Jewelers Board of Trade
MajorsMay 14, 2025
Jeff Corey Elected Chair of JBT Board

The well-known Maine jeweler takes over for Brian Fleming and will serve a one-year term.

Foundrae Ingot Pendant
Policies & IssuesMay 14, 2025
Foundrae Donates $11K to Ethical Metalsmiths

The donation was the result of the brand’s annual Earth Day Ingot event.

Eiseman Jewels ribbon cutting ceremony
IndependentsMay 13, 2025
Eiseman Jewels’ Renovated Dallas Store Is Bigger and Better

Located in NorthPark Center, the revamped store is nearly 2,000 square feet larger and includes the first Tudor boutique in Dallas.

Diamond Council of America
MajorsMay 13, 2025
DCA Announces New Learning Platform, Course Updates

The nonprofit has made updates to the content in its beginner and advanced jewelry sales courses.

Malyia McNaughton and Elyssa Jenkins-Pérez
MajorsMay 13, 2025
BIJC Launches New Education Fund

BIJC President Malyia McNaughton will shift roles to lead the new foundation, and Elyssa Jenkins-Pérez will succeed her as president.

Harwell Godfrey Snake Giza Ring, Foundrae Mind, Body Soul Story Necklace, Tiffany & Co. Tiffany Titan By Pharrell Williams Bracelet
TrendsMay 13, 2025
State of Jewelry Design: The Top 10 Jewelry Trends of the Past Decade

As a nod to the theme of JCK Las Vegas 2025, “Decades,” National Jeweler took a look back at the top 10 jewelry trends of the past 10 years.

Lightbox’s Reminiscence Poet earrings in 14-karat white gold with lab-grown diamonds
Lab-GrownMay 12, 2025
Lightbox to Go Dark by Summer, De Beers Says

The company plans to halt all consumer-facing activity this summer, while Lightbox factory operations will cease by the end of the year.

Stock image of shipping containers
Policies & IssuesMay 12, 2025
Tariffs on Chinese Imports Temporarily Slashed as U.S.-China Reach Deal

Following weekend negotiations, the tax on Chinese goods imported into the United States will drop by 115 percent for the next 90 days.

Artists’ Jewelry: From Cubism to Pop, the Diane Venet Collection
Events & AwardsMay 12, 2025
Jewelry By Picasso, Dalí on Display at Florida Art Museum

“Artists’ Jewelry: From Cubism to Pop, the Diane Venet Collection” is on view at the Norton Museum of Art through October.

2025 CASE Award Submission Graphic
Events & AwardsMay 12, 2025
CASE Awards Now Accepting Entries For 2025

The deadline to submit is June 16.

Lugano Diamonds store in Greenwich, Connecticut
IndependentsMay 09, 2025
Lugano Diamonds CEO Resigns Amid Internal Investigation

Moti Ferder stepped down Wednesday and will not receive any severance pay, parent company Compass Diversified said.

Coeur Percé Scapular Necklace and Love Baby Locket
CollectionsMay 09, 2025
Pieces of the Week: Marie Lichtenberg’s Collaborations for Mother’s Day

Lichtenberg partnered with luxury platform Mytheresa on two designs honoring the connection between mothers and daughters.

Gemfields emeralds
SourcingMay 09, 2025
Gemfields Resumes Emerald Mining in Zambia

The miner announced plans to recommence open-pit mining at Kagem.

Stock image of a man’s hands in handcuffs
CrimeMay 08, 2025
Former NYC Jewelry Store Employee Arrested in 2017 Choking Death of Boss

Michel Desalles allegedly murdered Omid Gholian inside World of Gold N Diamond using zip ties and then fled the country.

2025 Met Gala jewelry
EditorsMay 08, 2025
5 ‘Superfine’ Met Gala Jewelry Moments

Associate Editor Lauren McLemore shares her favorite looks from a night of style inspired by Black dandyism.

×

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