Surveys

US Jewelry, Watch Sales Slowed in March

SurveysMay 10, 2022

US Jewelry, Watch Sales Slowed in March

Full-year watch and jewelry sales are still expected to rise, but not quite as sharply as last year.

A sapphire and garnet ring by Stephen Silver, featuring a 6.03-carat cushion-cut violet purple sapphire with purple garnets and diamonds ($28,900). U.S. watch and jewelry sales were up nearly 9 percent year-over-year in March, according to preliminary data from the U.S. Bureau of Economic Analysis.
New York—U.S. watch and jewelry sales slowed in March, government data shows.

Sales in the category were up nearly 9 percent year-over-year, according to preliminary data from the U.S. Bureau of Economic Analysis (BEA), down from 28 percent growth in February.

While still positive, the numbers are a far cry from March 2021, when watch and jewelry sales more than doubled, rising 103 percent year-over-year.

Watch and jewelry sales for the full year are expected to rise but not nearly as high as last year.

The government’s data what panelists said at a session at the recently concluded American Gem Society Conclave—that jewelry sales seem to be coming down from their pandemic peak, a trend that panelists attributed to a return to spending on travel and experiences.

In 2021, dubbed by industry analyst Edahn Golan as “the year of jewelry,” full-year sales in the category reached an estimated $115.29 billion, a 51 percent increase year-over-year, according to preliminary BEA data.

In 2022, as of March, full-year watch and jewelry sales are expected to reach an estimated $125.53 billion, about a 9 percent year-over-year increase.

Year-over-year growth in jewelry and watch sales reached its zenith last April, up 218 percent, more than tripling when compared to April 2020, a month after COVID-19 lockdowns began.

 Related stories will be right here … 

Overall U.S. retail sales in March followed a similar path of muted growth, up 0.5 percent month-over-month, but down from an 0.8 percent rise in February.

Consumers have continued to battle rising prices.

Prices hit a four-decade high in March, driven by increasing food and energy costs coupled with strong consumer demand and supply chain constraints.

The consumer price index, which measures the average change in prices over time consumers will pay for a basket of goods and services, rose 1.2 percent month-over-month in March.

It was up 8.5 percent year-over-year, the largest 12-month increase since December 1981.

In an effort to combat inflation, the Federal Reserve raised its benchmark interest rate by half a percentage point last week, its largest interest rate hike in more than two decades.

Lenore Fedowis the associate editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

The Latest

CrimeOct 03, 2022
Delaware Jeweler Viciously Attacked During Robbery

The jeweler was left in critical condition after a suspect pistol-whipped and beat him before stealing jewelry out of the display cases.

CollectionsOct 03, 2022
Vrai, Brides Magazine Partner on Lab-Grown Diamond Collection

Readers are taking a “strong interest” in lab-grown jewelry, said Brides’ editorial director.

WatchesOct 03, 2022
‘Unicorn’ Cartier Cheich Watch Sells for $1.1M

One of only four in existence, it more than doubled its pre-sale estimate at the Sotheby’s Paris auction.

Brought to you by
Sarine’s Second Generation AI-Based Diamond Grading

The diamond industry is dramatically evolving from manual to AI-based 4Cs grading. Stay up-to-date and discover the new AI-powered advances.

IndependentsOct 03, 2022
Day’s Jewelers Names New VP of Marketing

Long-time employee Nikia Levesque takes on the role as former owner Jeff Corey retires.

Weekly QuizSep 29, 2022
This Week’s Quiz
Test your knowledge of the latest jewelry news with this quick test.
Take the Quiz
AuctionsSep 30, 2022
Red Diamond Earns $1.8M at Auction

The final hammer price blew the pre-sale estimate out of the water.

EditorsSep 30, 2022
The Best of Betty White’s Jewelry Sold at Auction

Michelle Graff recaps the cats, fortune cookies, and charm bracelets that caught her eye while covering the late actress’ estate sale.

Brought to you by
6 Steps to Start a Dynamic Company Culture

Learn how to better serve your employees, customers and community by having a dynamic and supportive company culture.

Policies & IssuesSep 30, 2022
Voting Is Open for the Fairmined 100 Challenge’s Best Collection

The winners, picked by a group of judges and voted as the public’s favorite, will be announced in a webinar on Oct. 11.

CollectionsSep 30, 2022
Piece of the Week: Fewer Finer’s ‘Family Bracelet’

The engravable piece is a perfect family heirloom.

GradingSep 30, 2022
GSI India Names Ramit Kapur Managing Director

Kapur has spent nearly two decades working in the gemological labs sector of the jewelry industry.

Supplier BulletinSep 29, 2022
How to Create an Engaging Experience and a Sparkling Reputation

Sponsored by Synchrony

SourcingSep 29, 2022
Q&A: Constantin Wild Celebrates 175 Years in the Colored Stone Business

The family business’ fourth-generation eponymous owner reflects on the milestone and the market today.

AuctionsSep 29, 2022
See the Top Lots in Christie’s Upcoming Rare Watch Sale

According to Christie’s, the auction is its most important single-owner watch collection ever.

CollectionsSep 29, 2022
Trove Has a New Proposal: Ring Boxes

The jewelry box brand is expanding with both single and double ring boxes in red, mint green, and white.

SourcingSep 29, 2022
AGTA Names Jennifer Heebner Editor-in-Chief of its Publications

The association has also hired a new marketing manager and announced two staff transitions.

Policies & IssuesSep 29, 2022
JA Members Return to Capitol Hill to Voice Jewelers’ Concerns

The topics up for discussion with lawmakers included inflation, rising interest rates, hiring challenges, and crime.

AuctionsSep 28, 2022
The 18-Carat ‘Fortune Pink’ Diamond Could Sell for $35M

The pear-shaped fancy vivid pink diamond will lead the Christie’s Geneva Magnificent Jewels auction on Nov. 8.

MajorsSep 28, 2022
Artistry’s 2023 Catalog Is Out Now

The jewelry catalog features an updated layout and 160 pages of product.

MajorsSep 28, 2022
JFC’s 2022 ‘Hope for the Holidays’ Program Is an Adorable Menagerie

There are three designs to choose from this year, all featuring animals drawn by kids who have had wishes granted through Make-A-Wish.

AuctionsSep 27, 2022
In Betty White’s Blockbuster Estate Sale, Jewelry Held Its Own

Fine jewelry comprised three of the auction’s top 10 lots, though it could not top her director’s chair or scripts from “The Golden Girls.”

CrimeSep 27, 2022
3 Suspects in Beverly Hills Smash-and-Grab Robbery Arrested

A total of four suspects are now in custody with police still on the lookout for the remaining two.

ColumnistsSep 27, 2022
Creative Connecting: Fun Ideas for Holiday 2022 In-Store Events

From a “whodunnit” murder mystery to a permanent jewelry party, Duvall O’Steen and Jen Cullen Williams share a wealth of suggestions.

MajorsSep 27, 2022
Stuller Releases 2 Updated Catalogs Ahead of the Holiday Season

“Mountings 2023-2024” and “Diamonds & Gemstones 2023-2024” offer a vast selection of options to create custom pieces.

Events & AwardsSep 27, 2022
ICA’s 2023 Congress Will Be Held in Dubai

The event will be hosted by the Dubai Multi Commodities Centre from Feb. 15-17.

IndependentsSep 26, 2022
Roberson’s Fine Jewelry to Close After 42 Years

The store’s liquidation sale will showcase the mix of classic and unique jewels it’s known for stocking.

CollectionsSep 26, 2022
Go ‘Inside the Dream’ of Bulgari Via a New Documentary on Amazon Prime

It follows Creative Director Lucia Silvestri as she crafts the brand’s high jewelry collections.

×

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