Recorded WebinarsJan 17, 2023
Retail Trends With JA’s ’20 Under 40’ 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.
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.
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.
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.
More on Columnists
The Latest
CollectionsJul 17, 2025
2026 Winter Olympic Medal Design Symbolizes UnityThe medals feature a split-texture design highlighting the Games’ first time being hosted by two cities and the athletes’ journeys.
Supplier BulletinJul 17, 2025
The INSTORE Jewelry Show 2025: Your Holiday Preparations, All Wrapped Up! Sponsored by The INSTORE Jewelry Show 2025
SurveysJul 17, 2025
The Most Recommended Brands in the World, According to YouGovGlobally, travel and transportation brands reigned, while in the U.S., alcoholic beverage companies and a lingerie brand took the top spots.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
IndependentsJul 17, 2025
Gina Ferranti of GiGi Ferranti Jewelry Dies at 59The Brooklyn-based jewelry designer is remembered as a true artist and a rare talent.
Weekly QuizJul 17, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingJul 17, 2025
Rio Tinto Names New CEO, Production Rises at DiavikProduction at the mine in Canada’s Northwest Territories topped 1 million carats in Q2, the third consecutive quarter of growth.
Events & AwardsJul 17, 2025
JA to Hold Learning Workshops This FallA new slate of Learning Workshops will take place in Oklahoma, Mississippi, and Georgia.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
SurveysJul 16, 2025
Signet Jewelers Falls Lower on NRF’s ‘Top 100’ Retailers ListThe middle class is changing its approach to buying jewelry and affordable luxury goods, the NRF said.
FinancialsJul 16, 2025
Richemont’s Jewelry Sales Up 7% in Q1It marks the third consecutive quarter of growth for Cartier, Van Cleef & Arpels, Buccellati, and Vhernier.
WatchesJul 16, 2025
The Top-Selling Rolex Models of the Last 15 Years, According to Bob’s Watches The reseller’s market trends report, based on its sales data, also shows exactly how much Rolex prices have jumped since 2010.
AuctionsJul 16, 2025
Christie’s To Honor Dinh Van With ExhibitionThe auction house will be hosting a retrospective paying tribute to jeweler Jean Dinh Van and his company’s 60th anniversary.
IndependentsJul 16, 2025
Clyde Duneier Ushers In Fourth GenerationJake Duneier and Danielle Duneier-Goldberg have stepped into the roles of CEO and president, respectively.
CollectionsJul 15, 2025
Boucheron’s New High Jewelry Calls Attention to Nature’s ImpermanenceThe “Impermanence” collection contemplates nature through the Japanese art of Ikebana (flower arranging) and philosophy of wabi-sabi.
MajorsJul 15, 2025
James Avery Expands to 2 More StatesThe Texas-based jewelry retailer has set up shop in Tennessee and Arizona.
Events & AwardsJul 15, 2025
Neiman Marcus Vet Joins Couture as Brand Director Eric Ford will step into the role, bringing with him decades of experience.
MajorsJul 15, 2025
Ben Bridge Jeweler Acquires Olympic ManufacturingIn addition to improved capabilities, the acquisition will allow the jeweler to offer support to other independent jewelers.
CollectionsJul 15, 2025
Guzema Debuts First Colored Gemstone JewelryThe “Celestial Blue” capsule collection campaign features Olympian Kateryna Sadurska.
MajorsJul 14, 2025
Nanis Opens First StoreThe seasonal store, located in Mykonos, Greece, offers exclusive events, personal styling, and curated experiences.
IndependentsJul 14, 2025
It’s the Summer of Love at Long’s JewelersThe New England jeweler is hosting a bridal event for the month of August.
SourcingJul 14, 2025
Ethical Gem Fair Heads to SeattleThe trade-only event will host its debut fair in the Emerald City later this month.
Events & AwardsJul 11, 2025
The Edge’s Annual Conference Returns in SeptemberIts sessions will focus on inventory strategies, staff performance, retention and acquisition, emerging market trends, and more.
CollectionsJul 11, 2025
Piece of the Week: Miseno’s ‘Arco’ EarringsFor its 10th anniversary, Miseno designed the “Arco” earrings based on the Arco Felice, an arch conceptualized in A.D. 95 in Miseno, Italy.
Policies & IssuesJul 11, 2025
James Avery to Donate $1M to Texas Hill Country Relief EffortsThe jewelry company is one of several contributing to relief efforts in the region after the recent floods.
TrendsJul 11, 2025
Kelly Osbourne’s Engagement Ring Is Sweet as HoneyInspired by fiancé Sid Wilson’s nickname for her, the white and yellow diamond ring features a unique honeycomb design.
CollectionsJul 10, 2025
Penny Preville Celebrates 5 Decades of Jewelry DesignThe brand is marking its 50th anniversary with a limited-edition bangle, high jewelry suites, new collections, and more.
IndependentsJul 10, 2025
Steven Goldfarb to Retire, Close Alvin Goldfarb JewelerGoldfarb said changes in the industry, coupled with his age and the updates needed to modernize his business, drove his decision.
