ColumnistsAug 02, 2022
Why Passing on Lab-Grown Diamonds Might Be a Risky BetColumnistsAug 10, 2022
On Data: What We Know About Jewelry Sales So Far This Year
Sherry Smith digs into year-to-date data on lab-grown vs. natural diamonds, the performance of colored gemstone jewelry, and more.
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 note cited in this Bloomberg article, economists Yelena Shulyatyeva and Andrew Husby wrote: “The June retail sales data implies there’s still enough momentum for the U.S. economy to grow during the rest of the year as consumers find ways to cope with surging inflation, whether by dipping into savings or switching jobs.”
So, what does our data show about sales momentum in jewelry? Let’s take a look at the numbers and see.
Year-to-date numbers for January through July show independent jewelers up 5.8 percent in gross sales when compared with the same period in 2021.
It is worth considering the extent to which increasing prices accounted for that growth, especially in light of year-to-date unit performance.
Number of units sold is down 4.5 percent, while the average retail sale has climbed 10.7 percent.
Overall gross margin continues to increase year-over-year, driving a strong increase of 8.1 percent in gross profit dollars. The better margins retailers make on lab-grown diamonds might be a factor in that increase.
Now, let’s break it down by category, starting with diamonds.
In July, gross sales of loose diamonds (natural and lab-grown) declined a whopping 22 percent while units sold dropped 20 percent. The average retail sale was down as well.
It may be premature to signal a shift from natural to lab-grown, but the data comparisons bear watching.
Related stories will be right here …
So, what does our data show about sales momentum in jewelry? Let’s take a look at the numbers and see.
Year-to-date numbers for January through July show independent jewelers up 5.8 percent in gross sales when compared with the same period in 2021.
It is worth considering the extent to which increasing prices accounted for that growth, especially in light of year-to-date unit performance.
Number of units sold is down 4.5 percent, while the average retail sale has climbed 10.7 percent.
Overall gross margin continues to increase year-over-year, driving a strong increase of 8.1 percent in gross profit dollars. The better margins retailers make on lab-grown diamonds might be a factor in that increase.
Now, let’s break it down by category, starting with diamonds.
In July, gross sales of loose diamonds (natural and lab-grown) declined a whopping 22 percent while units sold dropped 20 percent. The average retail sale was down as well.
It may be premature to signal a shift from natural to lab-grown, but the data comparisons bear watching.
Diamond semi-mounts and diamond engagement rings also saw a decline in gross sales in July, 18 percent and 16 percent, respectively, likely reflecting a decrease in foot traffic into stores.
With respect to lab-grown diamonds specifically, our year-to-date data (January through June; data on lab-grown for July was not yet available) shows lab-grown loose is now 7 percent of total retail loose sales, an increase from 5.3 percent over the same period in 2021.
Lab-grown loose increased 46 percent in gross sales when compared with the same year-to-date period in 2021 and units sold grew 42 percent despite the likelihood of more challenging foot traffic into stores.
We’ve heard lots of questions about the average retail sale of lab-grown loose diamonds. Our year-to-date data (again, through June) of the independent channel shows the overall average retail sale grew by 6 percent.
When we delve into the data, it shows there were decreases in average retail sale in many sizes. However, larger lab-grown diamonds showed significant increases in most of the key performance indicators.
The 3.25- to 3.50-carat range showed a 194 percent increase in gross sales, a 114 percent increase in units sold, and a 25 percent increase in average retail sale, suggesting some customers might be trading up in size from smaller natural diamonds.
The 4.5- to 5-carat range recorded a spike of 582 percent in gross sales, 414 percent in units sold, and 33 percent in average retail sale, and the 5.5- to 6-carat range showed a 78 percent increase in gross sales, a 67 percent increase in units sold, and a 7 percent increase in average retail sale.
The data for lab-grown diamonds 6 carats and above show increase in gross sales and units sold as well as in the average retail sale.
I should also note that smaller lab-grown loose (under 0.60 carats) also grew in average retail sale.
It was the 0.60-carat to 3.25-carat range that showed decreases in the average retail sale, with declines ranging from 5 percent to 21 percent.
As sales for lab-grown loose continue to grow, so do inventory levels, which show a 109 percent increase in cost and a 79 percent increase in units in our year-to-date data.
Overall gross margin for lab-grown loose comes in at a very healthy 62 percent, up from 60 in the previous year-to-date data.
Now I’ll move on to color.
Although colored stone and pearl jewelry only make up about 8 percent of annual jewelry sales, a few categories showed slight increases this July.
Colored stone necklaces showed a 7 percent increase in gross sales and a 20 percent increase in average retail sale but an 11 percent decline in units sold, likely reflecting the aforementioned decrease in foot traffic into retail stores.
Colored stone pendants showed a 4.1 percent increase in gross sales and a 24 percent increase in average retail sale but, again, a 16 percent decline in units sold.
Pearl bracelets showed a 21 percent increase in gross sales, a 22 percent increase in average retail sale, and were flat in units sold.
Watches showed a 1.7 percent increase in gross sales and a 19 percent increase in average retail sale but a double-digit decline in units sold at 14 percent.
Precious metal jewelry without stones declined 7 percent in gross sales and 12 percent in units sold but increased 6 percent in average retail sale.
Precious metal bracelets were the one standout, recording an 11 percent increase in gross sales, a 13 percent increase in average retail sale, and only a slight decline of 1.3 percent in units sold.
All told, growth in overall sales reflects a healthy sales environment for retailers, although a decline in unit sales might signal a marked decline in foot traffic. In addition, year-to-date growth might have some price increases built in, so that is worth watching as prices stabilize.
Gross margin improvements might reflect retailers taking some extra profit on older owned inventory, as well as increased sales of lab-grown diamonds, as mentioned above.
The performance of natural diamonds and semi-mounts may reflect the assumed declines in foot traffic and the continued momentum of lab-grown diamond sales, which showed strength in larger sizes and stones under 0.60 carats.
Although colored stone and pearl jewelry only make up about 8 percent of annual jewelry sales, a few categories showed slight increases this July.
Colored stone necklaces showed a 7 percent increase in gross sales and a 20 percent increase in average retail sale but an 11 percent decline in units sold, likely reflecting the aforementioned decrease in foot traffic into retail stores.
Colored stone pendants showed a 4.1 percent increase in gross sales and a 24 percent increase in average retail sale but, again, a 16 percent decline in units sold.
Pearl bracelets showed a 21 percent increase in gross sales, a 22 percent increase in average retail sale, and were flat in units sold.
Watches showed a 1.7 percent increase in gross sales and a 19 percent increase in average retail sale but a double-digit decline in units sold at 14 percent.
Precious metal jewelry without stones declined 7 percent in gross sales and 12 percent in units sold but increased 6 percent in average retail sale.
Precious metal bracelets were the one standout, recording an 11 percent increase in gross sales, a 13 percent increase in average retail sale, and only a slight decline of 1.3 percent in units sold.
All told, growth in overall sales reflects a healthy sales environment for retailers, although a decline in unit sales might signal a marked decline in foot traffic. In addition, year-to-date growth might have some price increases built in, so that is worth watching as prices stabilize.
Gross margin improvements might reflect retailers taking some extra profit on older owned inventory, as well as increased sales of lab-grown diamonds, as mentioned above.
The performance of natural diamonds and semi-mounts may reflect the assumed declines in foot traffic and the continued momentum of lab-grown diamond sales, which showed strength in larger sizes and stones under 0.60 carats.
More on Columnists
The Latest
Events & AwardsMar 17, 2026
The Best Moments From the 2026 Gem Awards Held just before the Oscars, the jewelry industry’s big awards show had its share of standout jewelry, gowns, and acceptance speeches.
SourcingMar 17, 2026
Cruzeiro Mine Debuts ‘Winter Tourmaline’The Brazilian mine’s new collection features cabochons in soft, muted shades like silver and lilac.
TrendsMar 17, 2026
Natalie Portman Is Tiffany & Co.’s New AmbassadorThe Academy Award-winning actress stars in Tiffany & Co.’s latest commercial, which debuted Sunday night during the Oscars.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
MajorsMar 17, 2026
Kering Establishes Jewelry Division, Appoints CEOThe organizational change follows Kering’s promise of a transformation after declining sales in 2025.
Weekly QuizMar 12, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsMar 16, 2026
2026 Oscars Jewelry: One Necklace After AnotherNatalie Francisco rounds up the top Oscars jewels, including Rose Byrne’s Taffin necklace with a more than 20-carat yellow-brown diamond.
WatchesMar 16, 2026
TAG Heuer Has a New CEOBéatrice Goasglas has been with TAG Heuer since 2018. She is the first woman to head the 166-year-old, LVMH-owned watch brand.
Brought to you by
DCA Enters a New Chapter in Jewelry EducationWith refreshed branding, a new website, updated courses, and a pathway for growth, DCA is dedicated to supporting retail staff development.
IndependentsMar 16, 2026
Ben Bridge Debuts New Honolulu BoutiqueThe store features the first in-store build for the jeweler’s in-house “Bella Ponte” bridal brand.
AuctionsMar 16, 2026
Bonhams Paris To Offer Antique, Signed Jewels The live fine jewelry auction will take place later this week, showcasing antique pieces, rare gemstones, and signed jewels.
CollectionsMar 13, 2026
A Trio of Jewels from the 3 Gem Award Nominees for Jewelry DesignOur Pieces of the Week honor the 2026 nominees for the Gem Award for Jewelry Design, Silvia Furmanovich, Cece Fein-Hughes, and Catherine Sarr.
WatchesMar 13, 2026
Citizen, Vera Wang to Launch Watch CollectionThe 24-piece watch collection is set to debut in spring 2027.
SourcingMar 13, 2026
Andrea Pooler Joins Third-Generation Diamond Company as COO Pooler, who has more than 25 years’ experience in jewelry, is now chief operating officer of Modani Jewels, Soham Diamonds, and SNJ Creations.
MajorsMar 13, 2026
24 Karat Club of New York’s Banquet to Return to Waldorf AstoriaThe reopening of the Waldorf Astoria means a homecoming for the industry group’s annual event, which will take place Saturday.
CollectionsMar 12, 2026
Jessica McCormack Sends Gold, Gemstones Into ‘Orbit’McCormack looked to the 19th century’s “golden age” of astronomy when designing her new celestial-themed collection.
Events & AwardsMar 12, 2026
Johnny Nelson Wins David Yurman Gem Awards GrantNelson will be honored as the inaugural grant winner at the Gem Awards gala on Friday.
TechnologyMar 12, 2026
Caratwise Launches, Names Former Signet Exec CEO The new smart design software allows jewelers to configure, price, and confirm a custom engagement ring in real time for in-store customers.
SourcingMar 12, 2026
Grandview Klein Opens New Factory in South Africa The 10,000-square-foot diamond manufacturing facility officially opened in late February and employs 50 people.
Events & AwardsMar 12, 2026
MJSA ‘Future of Jewelry Making’ Scholarship Applications OpenThe MJSA Education Foundation’s scholarships support students pursuing jewelry careers.
AuctionsMar 11, 2026
‘Spectacular’ 26-Carat Diamond Going Up for Auction in London The largest white diamond to come to market in the U.K. in more than a decade, the VVS1, I-color stone is expected to top $1 million.
TechnologyMar 11, 2026
Cast Jewelry’s Rachel Skelly on Coming Back Online Only Skelly shares her plans for reimagining the fine jewelry retailer she re-acquired after it faltered last year.
CollectionsMar 11, 2026
Pyrrha Highlights ‘The Space Between’ In New CollectionThe collection takes inspiration from the emotional space between people, moments, and experiences.
IndependentsMar 11, 2026
From the Jazz Age to the Information Age: London Jewelers Turns 100In 2026, the jewelry retailer is celebrating a milestone only a small percentage of family-owned businesses survive to see.
IndependentsMar 11, 2026
Virginia Jewelers Raise Nearly $30K for Children’s HospitalThe group of jewelers held a jewelry raffle in support of the Children’s Hospital of Richmond at VCU.
FinancialsMar 10, 2026
Signet Jewelers’ Q4 Sales Fall Flat The jewelry giant released preliminary results for the fourth quarter and full year on Monday, with final results slated to come next week.
MajorsMar 10, 2026
Saks Global to Close 15 More StoresThe retailer also gave an update on its vendor partnerships.
TrendsMar 10, 2026
Messika Names Julianne Moore as AmbassadorThe award-winning actress is the “epitome of modern allure,” the brand said.
