On Data: How Did Independent Jewelers Do in January and February?
Sherry Smith breaks down the results so far this year, including which categories are the sales standouts and which are struggling.

The same article went on to state, “similarly large gains like the one [in January] are unlikely to be a regular staple this year.”
This prediction came to pass for independent retailers in February. While January sales showed a slight year-over-year increase, with a 1 percent gain, February’s sales declined 5 percent.
Unit sales were down in the second half of 2022, so it was a bit of a surprise to see an 8 percent increase in units for January. February units were less robust, but it is hard to be to upset with a decline of only 1.5 percent for the month.
Both months, however, showed a decline in average retail sale, down 6 percent in January and down 3 percent in February.
Year-to-date numbers for the independents show a slight decline of 3 percent in overall gross sales, and a decline of only 2 percent in units sold, which should be a source of relief given the record years we just experienced.
There were a few standout categories.
Watches continue to show growth in our year-to-date numbers, with a 6.78 percent increase in gross sales, 2 percent increase in units sold, and 5 percent increase in average retail sale. We did, however, see a small decline in units sold in February, 2 percent, when compared with February 2022.
Both repair and custom services performed well in January and February. In February, custom showed increases in gross sales, units sold, and average retail sale; 9 percent, 2 percent, and 7 percent, respectively.
While repairs showed a 3 percent decline in units sold this February, the category showed a double-digit increase of 25 percent in gross sales, and a 29 percent increase in average retail sale.
The precious metal categories showed a small decline of 4 percent in gross sales, 3 percent decrease in units sold, and a 7 percent decline in average retail sale.
Sterling silver declined 5 percent in gross sales, 5 percent in units sold, and was flat in average retail sale year-to-date.
Sales of colored stones, which are often overlooked, is flat in gross sales year-to-date. Units sold are up 1 percent, and the average retail sale is down 2 percent this year.
Pearls declined 3 percent in gross sales, 5 percent in units sold, but was up 2 percent in average retail sale year-to-date.
The diamond categories, which historically have been strong performers, are showing declines in the major key performance indicators (KPIs) so far in 2023.
Gross sales are down 11 percent, units sold are down 9 percent, and average retail sale is down 3 percent.
Almost every diamond category in February showed declines, with some of the biggest declines coming in the bridal segment.
After consistent declines in the fourth quarter, loose diamonds have now shown declines for five consecutive months. They were down across all KPIs in the month of January, and in February, gross sales of loose diamonds fell 26 percent, while units sold slipped 8 percent and the average retail sale was down 19 percent.
Diamond engagement rings specifically declined by 20 percent in gross sales, 12 percent in units, and 9 percent in average retail sale in February.
Diamond semi-mounts were 4 percent in terms of gross sales and 6 percent in units sold but showed an increase of 3 percent in average retail sale for the month.
The best performing diamond category for the month of February was diamond necklaces, showing an 11 percent increase in gross sales, a 6 percent decline in units sold but a whopping 19 percent increase in average retail sale.
Lab-grown diamonds, which continue to be a heated topic of conversation, showed a 76 percent increase in gross sales, a 120 percent increase in units sold, and a 14 percent decline in average retail sale this January when compared to January 2022.
January lab-grown sales made up 9 percent of all loose diamond sales for the month.
All in all, the year-to-date results are showing small declines. It’s important to make sure that talk of rising costs, inflation, and a potential recession don’t stop you from executing the very things that will help you drive revenue.
Here are a few things you can do to stay proactive.
Make sure you have top talent in front of your customers to ensure the best possible outcome for both your customer and your business.
Pay attention to your marketing plan. Don’t make knee-jerk reactions. Be strategic. Research shows that businesses who continue marketing through economic downturns fare much better than those who completely eliminate spending on marketing.
Keep implementing best practices around inventory management to include consistent replenishment of your bestsellers, and an aggressive exit strategy for non-performing products.
I read an article, “Recession or Not, Retail is Ready,” in Forbes back in December, and this one paragraph is worth sharing.
“McKinsey reminds our industry as a whole that the time for contingency planning is: all the time. They observe that ‘retail resilience not only survived the Great Recession but also came out of it stronger. We believe that how retailers perform in the next downturn will be determined, in large part, by how well they prepare now, and then how decisively they act.’”
The Latest

The middle class is changing its approach to buying jewelry and affordable luxury goods, the NRF said.

It marks the third consecutive quarter of growth for Cartier, Van Cleef & Arpels, Buccellati, and Vhernier.

The reseller’s market trends report, based on its sales data, also shows exactly how much Rolex prices have jumped since 2010.

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

The auction house will be hosting a retrospective paying tribute to jeweler Jean Dinh Van and his company’s 60th anniversary.


Jake Duneier and Danielle Duneier-Goldberg have stepped into the roles of CEO and president, respectively.

The “Impermanence” collection contemplates nature through the Japanese art of Ikebana (flower arranging) and philosophy of wabi-sabi.

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

The Texas-based jewelry retailer has set up shop in Tennessee and Arizona.

Eric Ford will step into the role, bringing with him decades of experience.

In addition to improved capabilities, the acquisition will allow the jeweler to offer support to other independent jewelers.

The “Celestial Blue” capsule collection campaign features Olympian Kateryna Sadurska.

The seasonal store, located in Mykonos, Greece, offers exclusive events, personal styling, and curated experiences.

The New England jeweler is hosting a bridal event for the month of August.

The trade-only event will host its debut fair in the Emerald City later this month.

Its sessions will focus on inventory strategies, staff performance, retention and acquisition, emerging market trends, and more.

For its 10th anniversary, Miseno designed the “Arco” earrings based on the Arco Felice, an arch conceptualized in A.D. 95 in Miseno, Italy.

The jewelry company is one of several contributing to relief efforts in the region after the recent floods.

Inspired by fiancé Sid Wilson’s nickname for her, the white and yellow diamond ring features a unique honeycomb design.

The brand is marking its 50th anniversary with a limited-edition bangle, high jewelry suites, new collections, and more.

Goldfarb said changes in the industry, coupled with his age and the updates needed to modernize his business, drove his decision.

Longtime LVMH executive Michael Burke has stepped into the role.

Central topics of next week’s event include climate action, labor rights, artisan preservation, and value retention in producing countries.

Vickie Rokkos has joined the jewelry company as its new national sales director of North America.

Turbulence will be the new baseline for luxury as it faces its biggest potential setbacks in 15 years, a recent report said.

Sponsored by Rio Grande Jewelry Supply

The “For the Love of Fruits” collection features five fruit pendants, each holding a different meaning.