ColumnistsAug 10, 2022
On Data: What We Know About Jewelry Sales So Far This YearTechnologyAug 22, 2022
Specialty Jewelers’ Sales Cooled Off in July, Data Shows
The data comes from Tenoris, the new trend analysis company started by Edahn Golan and Chris Casey.
A 14-karat gold engagement ring set with a 2 1/5-carat oval-shaped lab-grown diamond from the Pnina Tornai collection sold at Signet Jewelers-owned banner Jared. Lab-grown diamond jewelry, particularly bridal, experienced growth in July, bucking the overall trend of jewelry sales.
New York—Sales for specialty jewelers slowed down in July, declining both month-over-month and year-over-year, the latest data from Tenoris shows.
A new venture launched earlier this year by industry veterans Chris Casey and Edahn Golan, Tenoris collects data on retail jewelry sales in the United States, analyzes it, and provides it to suppliers and manufacturers.
According to its latest figures, sales of finished jewelry in value terms was down 7 percent month-over-month in July and 8 percent year-over-year, while unit sales fell 14 percent year-over-year.
Tenoris’ data tracks with what Signet Jewelers, the market’s largest specialty jeweler by far and considered a bellwether for the entire industry, said last week when downgrading its forecast for the full fiscal year—that jewelry sales slowed down in July as consumers continued to grapple with inflation.
The year-over-year decline included a drop in bridal sales.
Up against “outstanding” comps from 2021, bridal sales in value terms fell 16 percent, while unit sales dropped 14 percent, with diamond bridal sales underperforming when compared with the overall diamond category.
Year-to-date, specialty jewelers’ sales in value terms are up 9 percent compared with 2021 but unit sales are down 4 percent.
In its analysis of the July numbers, Tenoris said it is not unusual for jewelry sales to slow down in the U.S. in June and July. There are no major jewelry-gifting holidays and many people take vacation.
This year, however, there were two interesting twists to consumer behavior.
While overall sales were down year-over-year, pieces of jewelry priced at $5,000—particularly fashion rings set with diamonds and/or sapphires—sold well in July.
Casey, co-managing partner of Tenoris, said it is the high end of the jewelry market that continues to drive both business and growth in fine jewelry.
Also bucking the trend was lab-grown diamond jewelry, particularly bridal jewelry set with lab-grown diamonds.
The category continues to win market share in fine jewelry, accounting for up to a third of loose diamond sales by value in July.
However, lab-grown diamonds’ average retail and wholesale purchase prices continued to slide overall, dropping when compared to both to June of this year and year-over-year.
“Lab-grown continues to be a growth market despite and, at times, because of lab-grown’s declining
prices,” Golan said.
Golan and Casey will join National Jeweler Editor-in-Chief Michelle Graff to talk more about Tenoris on the Sept. 8 episode of “My Next Question,” the publication’s regular webinar series.
The discussion will air live at 11 a.m. EDT. Replay will be available on the National Jeweler YouTube channel as well as on the website.
More information and registration are available online.
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