Columnists

On Data: Here’s How Independent Jewelers Did in 2022

ColumnistsJan 24, 2023

On Data: Here’s How Independent Jewelers Did in 2022

Sherry Smith breaks down retailers’ performance last year, including how natural diamonds fared vs. lab-grown.

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.
Despite wide-ranging speculation about what sales results might be following 2021, the strongest year in the history of our industry, 2022 turned out to be a good year, all things considered. 

Gross sales finished flat with independent jewelers. The momentum from the COVID economy (good for our business, less so for other luxury) parlayed into strong first and second quarters. 

A more challenging environment settled in at the end of the second quarter, when a shortfall in unit sales (usually a good proxy for declining foot traffic) chipped away at gains made in the first half of the year. 

Overall gross sales were down only 1/10 of 1 percent (basically flat) when compared with 2021, while units sold slipped 5 percent year-over-year in 2022.

Despite declines in some key performance indicators, the average retail sale ended the year up 6 percent. 

One can speculate about why—the rising price of diamonds, fluctuations in metal pricing, economic climate, inflation, etc.—but the average retail sale has continued its four-year upward trajectory.  

Gross profit dollars in 2022 were down 2 percent, potentially a result of some creative pricing practices in the fourth quarter. 

The positive results in 2022 did not play out evenly across all categories, however. 

“While lab-grown loose [diamonds are] growing in market share, [they are] still a small percentage of the market when compared with natural loose diamond sales.” — Sherry Smith 

For example, all loose diamonds had consistent declines through the fourth quarter with gross sales down 21 percent in October and November, and down 20 percent in December. 

Only the strength of H1 sales kept overall declines at 6 percent for the full year.

The picture for natural diamonds versus lab-grown diamonds was vastly different. 

Natural loose diamonds were up 1.3 percent in gross sales for 2022, while gross sales of lab-grown loose diamonds grew a robust 45 percent. 

Both natural diamonds and lab-grown diamonds were down in units sold, 7 percent and 9 percent respectively.

It’s also important to note that while lab-grown loose is growing in market share, it still comprises a small percentage of the market when compared with natural loose diamond sales in the independent channel. 

Semi-mounts were down 7 percent in gross sales for the year after a challenging fourth quarter. Gross sales in the category dropped 22 percent in October, 13 percent in November, and 15 percent in December. 

Semi-mounts were also down 10 percent in total units sold, but up 4 percent in average retail sale when compared with 2021.

Complete diamond engagement rings experienced similar results, showing declines in gross sales in October (down 19 percent), November (down 19 percent), and December (down 16 percent).
 
For the full year, independent jewelers recorded a 9 percent drop in gross sales of complete diamond engagement rings and a 14 percent decline in units sold, but a 7 percent increase in average retail sale. 

 Related stories will be right here … 

The watch category continued to do well in 2022, showing a 3 percent increase in gross sales and an 8 percent increase in average retail sale. Watches were only 0.5 percent down in units sold, with margins holding steady.

The colored stones and pearl categories were up 2 percent in gross sales, down 6 percent in units sold and up 9 percent in average retail sale when compared with 2021.

Gross sales of jewelry in the precious metals without stones category rose 3 percent in gross sales but fell 3 percent in units sold. The average retail sale was up 6 percent for the year.

Sterling silver and alternative metals declined 7 percent in gross sales and 12 percent in units sold; however, the average retail sale was up 6 percent.

Services were up in all key performance indicators—9 percent in gross sales, 1 percent in units sold, 9 percent in gross profit and 8 percent in average retail sale.


I have read numerous articles about what to expect in 2023 and two common themes stand out.

First, retailers should focus on customer retention and second, improve the customer experience. This makes so much sense when you look at the statistics.

Many companies state that 65-75 percent of their business comes from existing customers, with many sources reporting that repeat customers spend an average of 67 percent more than new customers.

According to a 2021 study on personalization, 60 percent of consumers are more likely to become repeat customers after a personalized shopping experience.

While we may need to work harder for the customers’ business in 2023, customers continue to demonstrate an appetite to buy, even as we’ve seen a small decrease in discretionary spending.
Sherry Smithis director of business development at Edge Retail Academy, the leading jewelry business consulting and data aggregation firm.

The Latest

Sothebys The Desert Rose orangy pink diamond collectors week
AuctionsAug 29, 2025
Sotheby’s UAE Sale to Feature 32-Carat Fancy Vivid Orangy Pink Diamond

The highlight of a single-owner jewelry and watch collection, it’s estimated to fetch up to $7 million at auction this December.

Calvin Klein watch and jewelry campaign
FinancialsAug 29, 2025
Movado’s Q2 Sales Rebound Despite Tariff Impact

CEO Efraim Grinberg noted a resurgence in the fashion watch market.

Mark Davis Bullseye Necklace
CollectionsAug 29, 2025
Piece of the Week: Mark Davis’ ‘Bullseye’ Necklace

The “Bullseye” necklace, with vintage bakelite and peridot, August’s birthstone, is the perfect transitional piece as summer turns to fall.

japac-btyb.png
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key Issues

Jewelers of America is leading the charge to protect the industry amidst rising economic threats.

Image #1_Resized.png
Supplier BulletinAug 28, 2025
Clientbook Is Helping Jewelers Turn Clienteling Challenges into Wins with Hands-On Training and Coaching

Sponsored by Clientbook

Weekly QuizAug 29, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
GIA’s new report for lab-grown diamonds
GradingAug 28, 2025
GIA’s New ‘Quality Assessment’ for Lab-Grown Diamonds Is Coming

It will classify lab-grown stones into one of two categories, “premium” or “standard,” in lieu of giving specific color and clarity grades.

Botswana President Duma Boko
SourcingAug 28, 2025
Botswana Declares Public Health Emergency Amid Diamond Sales Slump

President Duma Boko addressed the country’s medical supply chain crisis in a recent televised address.

rio-article photo-diamond.jpg
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine Jewelry

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

Afton Robertson-Kanne Borsheims
MajorsAug 28, 2025
Borsheims Names New Jewelry Buyer

Former Free People buyer Afton Robertson-Kanne recently joined the retailer.

Sissy’s Log Cabin Back to School and Bling
IndependentsAug 28, 2025
Sissy’s Log Cabin Donates School Supplies to Memphis Students

The jeweler teamed up with two local organizations for its inaugural “Back to School and Bling” event.

Taylor Swift Engaged
EditorsAug 27, 2025
Taylor Swift’s Engagement Ring Is a Fairy Tale for Vintage Diamond Cuts

The singer’s new bling, reportedly a natural old mine-cut diamond, is no paper ring.

11,685-carat Imboo emerald
SourcingAug 27, 2025
11,685-Carat Emerald Recovered From Zambia’s Kagem Mine

Dubbed the “Imboo,” or “buffalo,” emerald, the rough gemstone is part of Gemfields’ latest emerald auction, which is taking place now.

Shopping cart
SurveysAug 27, 2025
Consumer Confidence Slips in August Amid Job, Income Worries

Plans for dining out, booking vacations, and buying big-ticket items were down.

Mine + Found Play Collection Prize Bubble Locket, Whistle Pendent, Fortune Dice
CollectionsAug 27, 2025
Mined + Found’s New Collection Gets Playful

The “Play” collection centers on nostalgic toys that have kinetic elements to carry playfulness and wonder into adulthood.

CCWW lifesaver necklace
CollectionsAug 26, 2025
Does Your Jewelry Stack Need a Snack?

Designer Christina Puchi, the creative force behind CCWW Designs, has created charms and pendants based on iconic candies and crackers.

Nick Jonas x Fossil Campaign
WatchesAug 26, 2025
Nick Jonas Gets Nostalgic in New Fossil Campaign

The Jonas Brothers star showed off new timepieces against the backdrop of his favorite spots in his home state of New Jersey.

Wally Hinkamp and Donna Hinkamp Warren
IndependentsAug 26, 2025
Hinkamp Jewelers Celebrates 70 Years

The family-owned jeweler in Fayetteville, North Carolina, is in the hands of the second generation.

London Jewelers Rolex East Hampton Boutique Exterior
WatchesAug 25, 2025
London Jewelers Brings Rolex to Historic Hamptons Home

The new stand-alone Rolex boutique is housed in the former Odd Fellows Hall, a landmark built in 1897.

Madison Keys
CollectionsAug 25, 2025
Tennis Star Madison Keys Has the Perfect Necklace for the US Open

The Brilliant Earth ambassador co-designed a diamond medallion featuring meaningful symbols.

Marie Lichtenberg emerald and diamond locket on the 18-karat gold “Rosa” chain
TrendsAug 25, 2025
Amanda’s Style File: That’s a Wrap

Wrap jewelry is more than just a trend; it’s the perfect motif for the coming season of layering, scarves, and pumpkin spice.

WatchTime New York
WatchesAug 25, 2025
WatchTime NY Show Returns for 10th Anniversary Edition

The three-day watch collector show, coming this October, will feature 44 exhibiting brands, as well as a new dinner experience.

Sriram “Ram” Natarajan
GradingAug 22, 2025
Former Head of GIA India Promoted to Oversee Global Operations

Sriram “Ram” Natarajan is now GIA’s senior vice president of laboratory operations and is based out of the lab’s headquarters in Carlsbad.

Retrouvaí Diamond Vein Bond Collar
CollectionsAug 22, 2025
Piece of the Week: Retrouvaí’s ‘Diamond Vein Bond’ Collar

The one-of-a-kind collar represents the beauty of imperfection and the strength to rebuild.

Kendra Scott
MajorsAug 22, 2025
Kendra Scott Returns as CEO of Her Jewelry Empire

Three C-suite executives, including former CEO Tom Nolan, have resigned as part of what the company describes as a “transition.”

Claire’s storefront
MajorsAug 21, 2025
Claire’s Finds Buyer, Could Save up to 950 Stores

The retailer, which recently filed Chapter 11, inked a deal to sell its North American business and intellectual property.

Target CEO Brian Cornell and COO Michael Fiddelke
MajorsAug 21, 2025
Target Names New CEO as Sales Continue to Lag

Target CEO Brian Cornell will step down in February and be replaced by the company’s chief operating officer, Michael Fiddelke.

Jewelers of America in Washington DC
Policies & IssuesAug 21, 2025
JA, IDMA Talk Tariffs With Execs in DC

The group met with the president's senior trade advisor earlier this week to express the industry’s concerns about the effects of tariffs.

×

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