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
Events & AwardsDec 20, 2024
Two Participants Complete Inaugural Ella Klein InternshipJamie Dunton and Gabriella Botelho are the first graduates of the program, created by the WJA Foundation and Julius Klein Diamonds.
CollectionsDec 20, 2024
Piece of the Week: Retrouvaí’s Ring for CharityIn the spirit of giving, Retrouvaí will donate $4,000 from the sale of this ring to the Los Angeles Regional Food Bank.
IndependentsDec 19, 2024
Michigan’s DeVries Jewelers Unveils New Location in Time for the HolidaysCo-owner Dan DeVries shared what it’s like moving into a space triple the size of its old store and how it feels to be a “real jeweler” now.
Brought to you by
De Beers Group Launches Holiday Campaign for Natural Diamonds‘Forever Present’ campaign revives the iconic A Diamond is Forever tagline and celebrates the diamond dream.
CollectionsDec 19, 2024
State Property Transforms Spain’s Generalife Gardens into JewelryAlong with the latest “Gardens” collection, the brand has released limited-edition designs offering more indulgent pieces.
Weekly QuizDec 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeDec 19, 2024
Alleged Jewelry Thieves Attempt Rowboat EscapeThe man and woman are accused of stealing jewelry from a shipping container then trying to flee by paddling a small boat out into a bay.
SourcingDec 19, 2024
The Second-Largest Diamond Ever Found Now Has a Name The 2,488-carat diamond recovered from a mine in Botswana has been dubbed “Motswedi” while its 1,094-carat sibling is “Seriti.”
Brought to you by
Advocacy and Excellence: How Jewelers of America Is Committed to Elevating Our Industry For over a century, Jewelers of America has been the voice of the industry and valuable resource to jewelers across the country.
SourcingDec 19, 2024
Gemfields Reports Record Ruby Auction Results Despite Challenges at SourceThe average price per carat hit a record high for the miner, which said it remains unaffected by the conflict in Mozambique.
AuctionsDec 18, 2024
Alexandrite Ring Sells for Record-Setting $1.9M at Sotheby’sThe nearly 17-carat stone made history for the color-change gem that, according to the auction house, is experiencing a “notable surge” in the market.
WatchesDec 18, 2024
Historic Titanic Pocket Watch Winds Its Way Back to Tiffany & Co. More than a century after survivors gifted a Tiffany timepiece to the captain of the ship that rescued them, the jeweler has reclaimed it.
TechnologyDec 18, 2024
Picchiotti Utilizes AI in ‘Spotlight’ Video CampaignThe videos highlight how pieces from the “Xpandable” and “Reversible Xpandable” collections put the wearer in the spotlight.
IndependentsDec 18, 2024
Industry Veteran Steve Feldman Set to RetireFeldman reflected on 45 years in the jewelry industry and clarified that it’s not a total retirement.
Events & AwardsDec 17, 2024
Chanel to Receive Gem Award for High Jewelry ExcellenceThe luxury brand is being honored for excellence in high jewelry design in its “Haute Joaillerie Sport” collection.
SourcingDec 17, 2024
Frank Circelli, Founder of Gem Shopping Network, Dies at 75Circelli was a pioneer in the world of TV shopping who is remembered for his passion for gemstones and his big personality.
AuctionsDec 17, 2024
Blue Diamond Fetches $8.8M at Christie’sThe nearly 6-carat stone headlined the recent jewelry auction, which also featured Mica Ertegun’s jewelry.
CrimeDec 17, 2024
‘Black Bin Crew’ Robbers Get 14-16 Years in Prison The three men, who got their nickname because they’d toss the jewelry they stole into black plastic bins, were arrested back in August.
TrendsDec 16, 2024
Marion Fasel’s New Book Delves Into the History of Engagement Rings“The History of Diamond Engagement Rings: A True Romance” is a 128-page small-format book containing more than 165 images.
WatchesDec 16, 2024
Take a Look Inside the New Rolex Boutique on Rodeo DriveGearys opened a 6,200-square-foot Rolex store with a design that pays homage to the brand’s connection to the ocean.
GradingDec 16, 2024
GCAL By Sarine Expands 8X to 2 More Fancy Shapes The diamond cut grade is now available for marquise- and pear-shaped diamonds.
SourcingDec 16, 2024
Diamonds Do Good Announces 2025 Award RecipientsDDG said the honorees’ business practices embody a commitment to positive social impact, industry innovation, and community empowerment.
TrendsDec 13, 2024
Selena Gomez Said ‘Forever Begins Now’ to Marquise Diamond Engagement RingEstimates on the size and value of the solitaire diamond, which is mounted on a diamond pavé-set yellow gold band, vary.
TrendsDec 13, 2024
Piece of the Week: Martin Katz’s Tanzanite Drops These half-moon tanzanite earrings totaling 25 carats are part of a special trunk show taking place this weekend in Dallas.
Recorded WebinarsDec 13, 2024
Watch: The Highs and Lows of 2024The National Jeweler editors recap the top news, the best jewels, and their favorite stories of the year.
AuctionsDec 12, 2024
Tom Brady’s Watches Top $4M at Sotheby’s AuctionThe highest-grossing lot of the sale was the retired QB’s Rolex Paul Newman Daytona “John Player Special.”
SourcingDec 12, 2024
Grizzly Emerald Auction Garners $22.4MRecent expansion initiatives at the Zambian emerald mine have shown strong production numbers, said Grizzly founder Abdoulaye Ndiaye.
MajorsDec 12, 2024
Mark Henry Appoints New Director of SalesCarrie Forman joins the brand to guide it into the next phase of growth with major and independent retailers in the U.S. and abroad.
