TechnologyAug 22, 2022
Specialty Jewelers’ Sales Cooled Off in July, Data Shows SurveysAug 29, 2022
Here’s the Latest Government Data on Jewelry Sales
Plus, National Retail Federation Chief Economist Jack Kleinhenz shares his thoughts on inflation and a possible recession.
A gold and diamond ring from Gismondi 1754’s “Clip Sintesi’ collection ($3,945). U.S. watch and jewelry sales slowed in June and July, according to preliminary data from the U.S. Bureau of Economic Analysis.
New York—U.S. watch and jewelry sales picked up in July following a relatively quiet June, government data shows, but the numbers still pale in comparison to last year.
Sales in the category in July were up 10 percent year-over-year, according to preliminary data from the U.S. Bureau of Economic Analysis (BEA).
Jewelry sales alone increased 10 percent year-over-year while watch sales were also up 10 percent.
In June, sales in the watch and jewelry category rose only 0.8 percent year-over-year, with jewelry sales increasing 0.9 percent and watch sales essentially flat.
Watch and jewelry sales were up 5 percent year-over-year in May and up 14 percent year-over-year in April, as per revised data.
Watch and jewelry sales for the full year are expected to continue to grow but won’t reach the highs of last year.
In 2021, dubbed by industry analyst Edahn Golan as “the year of jewelry,” sales in the category reached an estimated $115.29 billion, a 51 percent increase year-over-year, according to BEA data.
This year, as of July, full-year watch and jewelry sales are expected to reach an estimated $126.66 billion, a 10 percent year-over-year increase.
The overall economy is expected to be on a similar trajectory of slowing growth amid rising inflation and geopolitical unrest.
In the National Retail Federation’s August review, Chief Economist Jack Kleinhenz gave an overview of the current economic situation.
“Today, inflation is both sky-high and on everyone’s mind,” he said.
The Consumer Price Index, which measures the average change in prices over time consumers will pay for a basket of goods and services, rose about 9 percent year-over-year in both June and July.
“Many of the forces contributing to inflation will not be unwound soon but we are seeing some potential relief as commodity and oil prices decline,” he said.
As gas prices fell, CPI was flat month-over-month in July compared with a 1 percent increase in June.
Related stories will be right here …
Sales in the category in July were up 10 percent year-over-year, according to preliminary data from the U.S. Bureau of Economic Analysis (BEA).
Jewelry sales alone increased 10 percent year-over-year while watch sales were also up 10 percent.
In June, sales in the watch and jewelry category rose only 0.8 percent year-over-year, with jewelry sales increasing 0.9 percent and watch sales essentially flat.
Watch and jewelry sales were up 5 percent year-over-year in May and up 14 percent year-over-year in April, as per revised data.
Watch and jewelry sales for the full year are expected to continue to grow but won’t reach the highs of last year.
In 2021, dubbed by industry analyst Edahn Golan as “the year of jewelry,” sales in the category reached an estimated $115.29 billion, a 51 percent increase year-over-year, according to BEA data.
This year, as of July, full-year watch and jewelry sales are expected to reach an estimated $126.66 billion, a 10 percent year-over-year increase.
The overall economy is expected to be on a similar trajectory of slowing growth amid rising inflation and geopolitical unrest.
In the National Retail Federation’s August review, Chief Economist Jack Kleinhenz gave an overview of the current economic situation.
“Today, inflation is both sky-high and on everyone’s mind,” he said.
The Consumer Price Index, which measures the average change in prices over time consumers will pay for a basket of goods and services, rose about 9 percent year-over-year in both June and July.
“Many of the forces contributing to inflation will not be unwound soon but we are seeing some potential relief as commodity and oil prices decline,” he said.
As gas prices fell, CPI was flat month-over-month in July compared with a 1 percent increase in June.
Looking at the overall economy, Kleinhenz noted that key economic indicators, including employment, retail sales, income and industrial production have slowed, but have not yet reached contraction territory.
“Clearly, demand has slowed, but the slowdown is entirely a result of towering inflation,” he said.
The Federal Reserve has hiked interest rates an unprecedented amount recently in an effort to combat inflation, but the problem is complex.
“The Fed is caught between an economic rock and a monetary policy hard place,” he said.
If the Fed doesn’t do enough, inflation rates will continue to rise, but if it goes too far in adjusting monetary policy, there could be a recession.
“Consumer reaction to interest rate hikes is hardly immediate or predictable, making it impossible to judge the effect of the Fed’s actions in real time and quickly correct any oversteering,” said Kleinhenz.
As for the remainder of 2022, he predicted inflation forecasts will continue to be “highly uncertain” and that supply constraints will factor into the second half of the year.
The NRF has not changed its full-year outlook, and still expects 2022 retail sales will grow by a range of 6-8 percent year-over-year.
“The driver of the U.S. economy is the consumer and spending has been fueled by the stronger-than-ever labor market,” he added.
For now, Kleinhenz reiterated his prediction that the U.S. should be able to avoid a recession this year.
“Despite ongoing uncertainties, we believe the underlying strength of the economy is strong enough to deal with inflation and keep a recession at bay – or short-lived even if we are wrong.”
More on Surveys
The Latest
SourcingMay 06, 2026
Canada’s Oldest Diamond Mine Faces Uncertain FutureThe owner of the Ekati mine, which opened in 1998, has filed for insolvency protection amid the significant decline in diamond prices.
FinancialsMay 06, 2026
Pandora to Add Carbon Footprint Info to Lab-Grown DiamondsThe company announced the change alongside its Q1 results, which showed that the jewelry brand’s year is off to a shaky start.
MajorsMay 06, 2026
Saks Global Begins Layoffs, Reorganization Plans ApprovedThe retailer will cut 16 percent of its corporate workforce as part of its plan to exit bankruptcy.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
AuctionsMay 06, 2026
Steve McQueen’s Heuer Monaco Watch Heads to Sotheby'sOf the many examples used in the filming of “Le Mans,” this one is believed to have spent the most time on Steve McQueen’s wrist.
Weekly QuizApr 30, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsMay 05, 2026
This Ohio Designer’s Jewelry Made It to the Met GalaMegan Piccione dressed Lauren Wasser in layers of diamond jewelry, making her stand out in a crowd that included celebrities like Beyoncé.
SourcingMay 05, 2026
Doug Hucker Returns to His RootsFollowing decades of association leadership, the “semi-retired” colored gemstone expert is turning his focus to gemstone education.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
Events & AwardsMay 05, 2026
AMNH to Showcase Famous Jewelry, Trophies in Sports HistoryThe museum’s new exhibition will feature one of Jesse Owen’s Olympic medals, Yogi Berra’s crown, Super Bowl rings, and more.
Events & AwardsMay 05, 2026
JIS Launches Brand Exposure ProgramThe new program provides access to media exposure and editorial opportunities for exhibitors and retailers.
CollectionsMay 04, 2026
Melanie Georgacopoulos Turns Pearls Into Light for ‘Eclipse’ CollectionThe “Eclipse” jewelry collection captures the fleeting moment where light and shadow align though onyx, diamonds, and freshwater pearls.
ColumnistsMay 04, 2026
The Key Mindset for Better Trade Show BuyingBuying discipline at trade shows starts with clarity about your inventory levels, Smith writes.
CrimeMay 04, 2026
Pawn Shop Manager Shot, Killed in FloridaLazaro Rodriguez Vega was murdered inside Cash Out Gold and Silver in Fort Pierce. A 20-year-old man has been charged in the case.
IndependentsMay 04, 2026
Zadok Jewelers, Austin Parks Foundation Support Wildflower PreservationA portion of every engagement ring sold in its Austin showroom will support the care and preservation of Austin’s wildflowers and green spaces.
TechnologyMay 01, 2026
Gemist, Saban Onyx Partner on Retailer-Focused Customization OfferingTheir partnership combines Gemist’s customization technology with Saban Onyx’s U.S.-based manufacturing capabilities.
CollectionsMay 01, 2026
A ‘Hidden Garden’ Emerges in Tiffany & Co.’s 2026 Blue BookOur Piece of the Week, the “Butterfly” necklace, showcases a 7.02-carat oval diamond set between diamond, platinum, and 18-karat gold wings.
ColumnistsApr 30, 2026
Peter Smith: A Sleazy Salesman and the Case for Regret Avoidance Smith uses a comment he overheard in the grocery store to remind retailers that their job is to inspire buying behavior, not just sell.
MajorsApr 30, 2026
Claire’s New Summer Campaign Is a Sensory Wonderland for Gen Alpha“A Girl SMR at Claire’s” celebrates girlhood through the five senses with stacked jewelry, slime toys, scented accessories, and ASMR.
AuctionsApr 30, 2026
Vintage Cartier Watch Crashes Through Records, Selling for $2MBelieved to be one of three made in 1987, the Cartier London Crash was hot at the “Shapes of Cartier” sale at Sotheby’s Hong Kong.
CrimeApr 30, 2026
Masked Group Uses Hammers, Pepper Spray in Texas Jewelry Store RobberyOfficials are looking for a group that robbed Marc Robinson Jewelers at an outlet mall in Round Rock, Texas, in broad daylight on April 21.
Supplier BulletinApr 30, 2026
OROAREZZO 2026: The B2B Event for Italian Excellence in Goldsmith, Jewelry and Silver ManufacturingSponsored by OROAREZZO International Jewelry Exhibition
TechnologyApr 29, 2026
The Thought Process Behind the Mother's Day Email Opt-OutSome retailers are taking a nuanced approach to marketing what can be a difficult holiday for many.
IndependentsApr 29, 2026
Dick Abbott to Retire From The EdgeThe Edge has announced its new CEO, as well as a new partnership with an investment firm focused on founder-led software businesses.
SourcingApr 29, 2026
De Beers’ Production Rises, Market Remains ‘Challenged’De Beers’ diamond production was up 17 percent in Q1, boosted by increased output at its mines in South Africa and Canada.
AuctionsApr 29, 2026
This'll Be the Day You Own John Wayne's RingA signet ring belonging to the Western film star of Hollywood’s Golden Age will be up for auction at Elmwood’s next month.
Policies & IssuesApr 28, 2026
Tariff Refunds: How to File, What to Expect Importers can submit claims now to receive money back for the IEEPA tariffs they’ve paid, with refunds expected to take up to 90 days.
IndependentsApr 28, 2026
This North Carolina Jeweler Is Passing the TorchThe owners of Gregory Jewelers in Morganton, North Carolina, are heading into retirement.
