Policies & IssuesMar 02, 2022
When It Comes to Russian Diamonds, Industry Is Watching, WaitingColumnistsMar 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.
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 …
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.
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.
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.
More on Columnists
The Latest
IndependentsSep 04, 2026
Orloff Jewelers Will Soon Unveil a Bigger, Better LocationThe California jeweler is renovating its store in Fresno, with plans to show off the new space in December.
CollectionsSep 04, 2026
Chelsea Gabrielle Transforms Pilates Reformer Springs Into Ring A lifelong practitioner of Pilates, Gabrielle looked to the springs’ tension and suspension when creating this ring, our Piece of the Week.
Events & AwardsSep 04, 2026
JCK Industry Fund Accepting 2027 ApplicationsThe deadline to apply is Nov. 13.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
AuctionsSep 04, 2026
Christie's Names New Global Head of WatchesThe auction house has promoted Remi Guillemin, formerly its head of watches for the Americas and EMEA, to the role.
Weekly QuizSep 03, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsSep 03, 2026
Q&A: Simon G.’s CEO on Why He Won’t Use AI for Jewelry DesignZaven Ghanimian discussed the value of human craftsmanship and where the implementation of artificial intelligence does work.
Events & AwardsSep 03, 2026
Here Are the First Recipients of Nina Pugliese Memorial Scholarship Jewelers of America also revealed the recipients of the Seymour & Evelyn Holtzman Bench Scholarship and its own scholarship programs.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
WatchesSep 03, 2026
Robert Pattinson Joins Jaeger-LeCoultre as Brand AmbassadorThe British actor, known for his roles in “Twilight” and “The Odyssey,” will star in a campaign for the Master Control Chronometre.
CollectionsSep 03, 2026
Sydney Evan Celebrates 25 Years With 4 New CollectionsThe “Confetti Disco,” “Champagne Cheers,” “Tuxedo,” and “Classic Punk” jewelry collections each capture a distinct spirit of celebration.
CrimeSep 02, 2026
CA Jeweler Gets 5 Years in ‘Phantom Rolex’ Ponzi SchemeNelson Holdo of Newport Beach pleaded guilty to multiple counts of felony grand theft and writing bad checks and was sentenced Monday.
AuctionsSep 02, 2026
If You Love Cats, This Jewelry Auction Is for YouCat ladies of the jewelry world, unite. Sandy Lerner’s “significant” collection of cat jewelry and other objects is going up for auction.
MajorsSep 02, 2026
Messika Names Former Omega Exec as New President, CEO of AmericasArnaud Michon, the former Omega USA President, will now lead Messika’s Americas region during its international development.
Events & AwardsSep 02, 2026
Emerald’s New Owner Introduces ‘Glitter in the Grove’The branding references the back-to-back jewelry shows that new parent company Forge will host in Miami's Coconut Grove this November.
AuctionsSep 01, 2026
UK Woman Uncovers Rare Patek Philippe Watch in Mom’s Jewelry BoxThe stainless steel Patek Philippe “Calatrava” watch from the 1930s sold for nearly $80,000 at a recent Hansons Cornwall auction.
MajorsSep 01, 2026
Kering Names New Pomellato, DoDo CEOsFormer Pomellato CEO Sabina Belli has been named president of Kering Italia amid a shakeup of Kering's new Jewelry division.
MajorsSep 01, 2026
Anne Marie Shulman Joins GPA GlobalThe veteran luxury packaging executive was appointed to help the company grow its North American business.
CrimeAug 31, 2026
$4M Van Cleef & Arpels Diamond Necklace Snatched From Vienna Museum Once the property of an Egyptian queen, the necklace was part of a larger exhibition of VCA jewelry at the Museum of Applied Arts (MAK).
GradingAug 31, 2026
GIA, Gübelin Gem Lab Confirm New Paraíba Tourmaline Deposit in EthiopiaThe labs’ separate investigations each determined that the East African country is producing copper-bearing tourmaline.
Events & AwardsAug 31, 2026
Wisconsin Museum to Host Jewelry Exhibition“Chicago Collects: Jewelry in Perspective” at the Oshkosh Public Museum will feature works by Fabergé, Lalique, and Louis Comfort Tiffany.
CollectionsAug 31, 2026
Catbird Launches First Men’s Jewelry CollectionThe “Worn Well” collection is Catbird's take on classic men's jewelry.
CollectionsAug 28, 2026
Dolly Parton Would Have Loved This Butterfly Necklace This Buddha Mama butterfly is our Piece of the Week honoring the legend, who embraced the beautiful insect as her symbol.
SourcingAug 28, 2026
Gareth Penny to Give Opening Speech at CIBJO Centenary CongressThe former De Beers CEO, and perhaps its next owner, will be a featured speaker at the event, slated for Sept. 4-7 in Italy.
IndependentsAug 28, 2026
Day’s Jewelers Honored With 3 Workplace AwardsThe employee-owned jeweler was named a “Best Place to Work” in Maine, New Hampshire, and for women.
CollectionsAug 27, 2026
Pandora Expands ‘Talisman’ Collection as Lawsuit Continues The second iteration of the jewelry collection was inspired by the zodiac and the four elements: earth, water, air and fire.
SourcingAug 27, 2026
OFAC Renews License Allowing Import of ‘Grandfathered’ Russian Diamonds General License 104B supersedes General License 104A, which was set to expire on Sept. 1.
CrimeAug 27, 2026
Customs Seizes Nearly 900 Pieces of Counterfeit JewelryThe package, intercepted in Indianapolis, contained fake Cartier, Tiffany & Co., and Van Cleef and Arpels jewelry.
