Columnists

On Data: What We Know About Jewelry Sales So Far This Year

ColumnistsAug 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.

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 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 … 

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.

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

The Latest

LIM-401 2024 National Jeweler Supplier Bulletin- iD100 Web and Eblast FINAL (1).jpg
Supplier BulletinApr 24, 2025
Protect Your Customers and Your Business

Sponsored by the Gemological Institute of America

Wolf CEO Simon Wolf
EditorsApr 24, 2025
Q&A: Wolf’s CEO Talks U.S. Expansion

Simon Wolf shares why the time was right to open a new office here, what he looks for in a retail partner, and why he loves U.S. consumers.

Iowa jeweler Herman Ginsberg
IndependentsApr 24, 2025
Longtime Iowa Jeweler Herman Ginsberg Dies at 99

A third-generation jeweler, Ginsberg worked at his family’s store, Ginsberg Jewelers, from 1948 until his retirement in 2019.

gia1d100 btyb.jpg
Brought to you by
Protect Your Customers and Your Business

The risk of laboratory-grown diamonds being falsely presented as natural diamonds presents a very significant danger to consumer trust.

Charles & Colvard moissanite ring
FinancialsApr 24, 2025
Charles & Colvard Delisted From Nasdaq Due to Noncompliance

The company failed to file its quarterly reports in a timely manner.

Weekly QuizApr 24, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Young Diamantaires
SourcingApr 24, 2025
Young Diamantaires Transition to Nonprofit

The organization also announced its board of directors.

Mined + Found "Hope" Matchbox Locket
TrendsApr 24, 2025
Amanda’s Style File: So Charming

Charms may be tiny but with their small size comes endless layering possibilities, from bracelets to necklaces and earrings.

gia-topimage 0325.jpg
Brought to you by
A Brilliant Future Is Here

Get online education from GIA experts.

Bulgari’s expanded factory in Valenza, Italy
MajorsApr 23, 2025
Bulgari Doubles Size of Jewelry Factory in Italy

Located in Valenza, the now 355,000-square-foot facility includes a new jewelry school that’s open to the public, Scuola Bulgari.

Jason McNary accepting FGI Fine Jewelry Rising Star award for Paola Sasplugas
Events & AwardsApr 23, 2025
PDPaola Creative Director Wins FGI’s ‘Rising Star’ Award

Paola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.

1999 Cosmograph Daytona, Ref.16516
AuctionsApr 23, 2025
Rare Custom Rolex Daytona Heads to Auction

A platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.

Carmelo Anthony and Jaylen Brown David Yurman campaign
MajorsApr 23, 2025
David Yurman’s New Campaign Stars Carmelo Anthony, Jaylen Brown

The basketball stars wear men’s jewelry from the “Curb Chain” collection.

Woman wearing Zales jewelry
MajorsApr 22, 2025
Zales’ Rebrand Takes Playful Approach to Fine Jewelry

The Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.

JAR Apricot Blossom bracelet
AuctionsApr 22, 2025
Christie’s to Auction JAR Jewelry Collection

The 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.

Avi Levy
GradingApr 22, 2025
Avi Levy Is GCAL By Sarine’s New Chief Growth Officer

GCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.

Scottsdale Fine Jewelers store exterior
IndependentsApr 22, 2025
Brinker’s Jewelers Acquires Fellow Independent

The Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.

Cartier Exhibition Installation at Victoria & Albert Museum
Events & AwardsApr 21, 2025
An Exhibition Exploring the History of Cartier Is Now on Display

“Cartier: Design, Craft, and Legacy” opened earlier this month at the Victoria and Albert Museum in London.

Bill and Birdie Levine of Van Cott Jewelers
IndependentsApr 21, 2025
New York Jeweler to Close After 111 Years

Van Cott Jewelers in Vestal, New York, is hosting a going-out-of-business sale.

IJO Director Samantha Larson
IndependentsApr 21, 2025
IJO Names New Director of Vendor Relations, Merchandise Strategy

Industry veteran Samantha Larson has held leadership roles at Borsheims, McTeigue & McClelland, Stuller, and Long’s Jewelers.

Events & AwardsApr 21, 2025
Jewelers of Louisiana, Mississippi Jewelers Association to Co-Host Convention

The two organizations will hold the educational event together this fall in Mississippi.

Daymond John
Events & AwardsApr 18, 2025
Daymond John to Give Keynote at JCK Las Vegas

The entrepreneur and “Shark Tank” star will share his top tips for success.

Dukachi Easter Bread Pendant
CollectionsApr 18, 2025
Piece of the Week: Dukachi’s ‘Easter Bread’ Pendant

The Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.

Bremer Jewelry
IndependentsApr 18, 2025
Bremer Jewelry to Reveal Renovated Store

The jeweler has announced a grand reopening for its recently remodeled location in Peoria, Illinois.

Tiffany & Co. Strong Like Mom campaign
MajorsApr 18, 2025
Tiffany & Co. Employees Star in Mother’s Day Campaign

The “Strong Like Mom” campaign features moms who work at Tiffany & Co. and their children.

Athena Calderone x John Hardy Collection
CollectionsApr 17, 2025
John Hardy, Athena Calderone Partner on Art Deco Decor-Inspired Collection

Interior designer Athena Calderone looked to decor from the 1920s and 1930s when crafting her first fine jewelry collection.

Movado Connect 2.0 watches
FinancialsApr 17, 2025
Movado Group to Increase Prices to Offset Tariffs Impact

During a call about its full-year results, CEO Efraim Grinberg discussed how the company is approaching the uncertainty surrounding tariffs.

Natural Diamond Council Diamond Learning Center Graphic
Lab-GrownApr 17, 2025
NDC Launches Its Diamond Learning Center

The free program provides educational content for jewelry salespeople and enthusiasts to learn or refresh their diamond knowledge.

×

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