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

FinancialsJan 27, 2023
Tiffany & Co. Shines for LVMH in 2022

Acquired in 2021, the brand’s high jewelry sales have doubled and its new “Lock” collection was an instant hit.

MajorsJan 27, 2023
Diamond Council of America Appoints Treasurer, Board Member

Executives from Fred Meyer Jewelers and Riddles Jewelers have filled the roles.

CollectionsJan 27, 2023
Piece of the Week: Heavenly Vices’ Lock Necklace

The Victorian-inspired design is a functional lock and key.

Brought to you by
Bringing Over 130 Years of Diamond Expertise to Modern Grading

De Beers Institute of Diamonds provides the very best in diamond verification, education and diamond services.

Supplier BulletinJan 26, 2023
JA New York Spring Brings the Industry Together

For over 100 years, JA New York has played an integral role in facilitating the evolution of our industry, while also honoring past traditions.

Weekly QuizJan 26, 2023
This Week’s Quiz
Test your jewelry news knowledge with this short test.
Take the Quiz
TrendsJan 26, 2023
At Vicenzaoro, Paola De Luca Gazes Into Jewelry’s Future

The trend forecaster and her guests explored unconventional jewelry designs, NFTs, AI art, and more during her Trendvision presentation.

CollectionsJan 26, 2023
NDC and Lorraine Schwartz Announce New ‘EDDI’ Class

The Emerging Designers Diamond Initiative provides diamond credit and mentorship to young brands helmed by BIPOC designers.

Brought to you by
De Beers Institute of Diamonds Expands to Offer Education

De Beers is sharing over 130 years of experience and expertise through the De Beers Institute of Diamonds with a selection of courses.

IndependentsJan 26, 2023
Lee Michaels Fine Jewelry Set to Open 10th Store

It will be located in San Antonio’s Alamo Quarry Market and will be Lee Michaels’ third location in the city.

Policies & IssuesJan 26, 2023
Diamonds Do Good Names 10 to Board of Directors

Stephanie Gottlieb, Jewelers Mutual’s Mike Alexander, and Craig Rottenberg of Long’s Jewelers are among the new board members.

WatchesJan 25, 2023
These Were 2022’s Top-Selling Watch Brands, Chrono24 Says

Rolex remained No. 1 while a brand known for its pilot watches slipped into the No. 5 spot.

MajorsJan 25, 2023
John Hardy Names New CEO

Luxury retail executive Frédéric Levy has taken on the role.

Events & AwardsJan 25, 2023
Couture DAC Accepting Applications for Mentorship Program

Jewelry designers have until early February to apply to take part in Couture's Diversity Action Council program.

CollectionsJan 25, 2023
Stephanie Gottlieb Announces First President, CCO Hire

Morgan P. Richardson joins from La Perla.

Policies & IssuesJan 25, 2023
PGI’s New Portal Wants to Teach You About Platinum

The new portal will share information on responsible platinum sourcing and how it’s used beyond jewelry.

SourcingJan 24, 2023
Tiffany Buys 35 of the Last Diamonds Recovered From Argyle

Purchased directly from Rio Tinto, the collection consists of pinks, purples and one red, none larger than 1.52 carats.

ColumnistsJan 24, 2023
On Data: Here’s How Independent Jewelers Did in 2022

Sherry Smith breaks down retailers’ performance last year, including how natural diamonds fared vs. lab-grown.

GradingJan 24, 2023
GIA and AGS Launch Diamond Light Performance Supplement Report

The AGS Ideal Report by GIA is a digital-only addition to GIA diamond reports.

MajorsJan 24, 2023
WJA Announces New International Board Members

The seven newcomers include executives from David Yurman, De Beers, and GIA.

EditorsJan 23, 2023
Designers to Watch in 2023: Aurelia Demark

The designer finds the modernity in classic motifs and family heirloom jewels.

Policies & IssuesJan 23, 2023
Melanie Grant Named Executive Director of RJC

She has more than 20 years’ experience in watches and jewelry, and says sustainability is the “greatest single issue” facing the industry.

Policies & IssuesJan 23, 2023
AGTA Forms Committee to Standardize Industry ‘Sustainability’ Terms

Its focus are words like “sustainability,” “ethics,” and “responsible sourcing.”

IndependentsJan 23, 2023
10 Jewelry News Stories You Might Have Missed

Another “Designer to Watch” and Kim Kardashian’s auction purchase were among our most-read stories.

MajorsJan 20, 2023
Quality Gold Acquires Herco

Herco President Reuven Itelman is retiring and selling the company, which will relocate to Ohio from California.

Lab-GrownJan 20, 2023
Siobhán Duffy Promoted to Chief Executive of Element Six

She was previously the executive director of sales and marketing for the De Beers Group-owned company.

TrendsJan 20, 2023
Piece of the Week: Loquet London’s Lunar New Year Charm

It’s from a new collection of charms designed to go in the brand’s signature lockets.

IndependentsJan 20, 2023
Edge Retail Academy Announces Annual Award Winner

Lonnie Iannazzo of Vincent Anthony Jewelers is the 2022 William (Wag) Wagner Business Excellence Award recipient.

×

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