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.

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.”
The Latest

Ryan Perry, who has been with De Beers since 2002, also will be leaving the company next year.

The watch seller’s new index tracks sales data from 14 brands, including Rolex and Patek Philippe.

The industry veteran will step down from both roles in April 2024.

Without the ability to instill confidence within the industry and directly to the consumer, a diamond holds very little value.

Tanzanite, turquoise, and zircon are all options for December babies, who sometimes “get the birthday shaft,” Amanda Gizzi writes.


The lab-grown diamond brand also collaborated with the website The Future Rocks on a collection launching today.

The company said it is facing a “challenging retail environment” but is prepared for the holiday season.

With holiday proposals right around the corner, encourage your customers to go for platinum when making the big purchase.

It’s the hero piece of the newest "Green Jewel" collection, a collaborative offering from the two mines.

The 15.48-carat fancy intense “Pink Supreme” topped Christie’s fall jewelry auction in Asia, while a Patek Philippe led the watch sale.

Chris Cramer, who also spent time at Gen Z intimates brand Parade, will take on the dual role.

The stone headlining the upcoming sale could fetch up to $5 million.

The retail offering lets customers track their diamond’s journey.

The Luele mine is expected to eventually make the country the world’s third-largest diamond producer.

The growing company also plans to open more of its own boutiques.

The best quotes from the Oracle of Omaha and his right-hand man Charlie Munger from the 2018 Berkshire Hathaway shareholders meeting.

J. Dostie Jewelers will move from Lewiston to Yarmouth this spring.

It’s the company’s second location in Tennessee.

You can have this jewelry, why don’t you take it?

Next year’s milestone show will be full of educational programming and collaborations.

Sales experts and a diamantaire share their best advice on how to send customers home with diamond jewelry.

The brand has released five new collections.

The Albany Business Review recently honored the 100-year-old company.

To honor his legacy, GIA has set up a scholarship in his name.

There have been eight attacks in the last month, spanning from a jewelry store parking lot in Rhode Island to highways in California.

These 15 pieces of jewelry celebrate November babies and the hues of citrine and topaz that reflect the colors of the season.

The money will help a nonprofit rehabilitate sea turtles.