SurveysNov 29, 2023
Holiday Shoppers Broke a Record This Weekend, Says NRFColumnistsDec 06, 2023
On Data: How Are Independents Doing So Far This Holiday Season?
Sherry Smith breaks down the numbers on jewelry sales in November and reveals the category that “emerged as a standout.”
Sherry Smith is director of business development for data and consulting company The Edge Retail Academy. She can be reached at sherry@edgeretailacademy.com.
The year began with a cloud of uncertainty hanging over the jewelry industry. Economic experts predicted a recession, rising inflation, and a potential decline in consumer spending.
These forecasts cast a shadow over the independent jeweler, raising concerns about their ability to weather the impending economic storm.
Despite these challenges, the independent jeweler has demonstrated remarkable resilience so far in 2023.
They have navigated the market with agility and adaptability, a trend that appears to be continuing as the holiday season begins in earnest.
The Thanksgiving weekend brought positive outcomes for our independent retailers, who recorded a commendable 3 percent surge in gross sales and an impressive 5 percent increase in average retail sale, despite a marginal 2 percent decline in units sold.
During the same weekend, the diamond categories exhibited a mix of outcomes but with promising indicators.
Notably, there was a marginal dip of less than 1 percent in gross sales, coupled with a commendable 6 percent increase in units sold.
However, there was a 6 percent decline in average retail sale.
Independents continued their upward trajectory in the final week of November with a substantial 25 percent increase in gross sales.
Units sold demonstrated strength with a robust 13 percent increase, while the average retail sale was up 11 percent.
Notably, our cherished diamond categories demonstrated remarkable performance in the last seven days of November, boasting a staggering 16 percent growth in gross sales and an impressive 18 percent increase in unit sales.
Despite a decline of 2 percent in average retail sale, the overall results underscore the potential for continued success in the retail landscape.
Related stories will be right here …
These forecasts cast a shadow over the independent jeweler, raising concerns about their ability to weather the impending economic storm.
Despite these challenges, the independent jeweler has demonstrated remarkable resilience so far in 2023.
They have navigated the market with agility and adaptability, a trend that appears to be continuing as the holiday season begins in earnest.
The Thanksgiving weekend brought positive outcomes for our independent retailers, who recorded a commendable 3 percent surge in gross sales and an impressive 5 percent increase in average retail sale, despite a marginal 2 percent decline in units sold.
During the same weekend, the diamond categories exhibited a mix of outcomes but with promising indicators.
Notably, there was a marginal dip of less than 1 percent in gross sales, coupled with a commendable 6 percent increase in units sold.
However, there was a 6 percent decline in average retail sale.
Independents continued their upward trajectory in the final week of November with a substantial 25 percent increase in gross sales.
Units sold demonstrated strength with a robust 13 percent increase, while the average retail sale was up 11 percent.
Notably, our cherished diamond categories demonstrated remarkable performance in the last seven days of November, boasting a staggering 16 percent growth in gross sales and an impressive 18 percent increase in unit sales.
Despite a decline of 2 percent in average retail sale, the overall results underscore the potential for continued success in the retail landscape.
Let’s delve into the results for the full month of November. The collective performance of our retailers continued to impress, contrary to some expectations.
Overall, our independent retailers had a robust month, with a 6 percent increase in gross sales, a notable 2 percent uptick in units sold, and a commendable 4 percent increase in average retail sale compared with November 2022.
Pearls emerged as a standout category, exhibiting a remarkable 15 percent growth in gross sales and an impressive 26 percent surge in average retail sale, even with a 9 percent decline in units sold.
Pearl rings took the spotlight with a stellar 39 percent increase in gross sales, a 22 percent boost in units sold, and a 13 percent rise in average retail sale.
Additionally, pearl bracelets demonstrated a strong showing with a 36 percent increase in gross sales and an outstanding 71 percent surge in units sold.
Gold jewelry categories collectively excelled, recording an overall 11 percent increase in gross sales coupled with a 5 percent rise in both units sold and average retail sale.
The watch category showcased remarkable performance across the board, boasting an 11 percent increase in gross sales, a 3 percent rise in units sold, and an 8 percent increase in average retail sale.
Colored stone jewelry also did not disappoint. The category displayed a commendable 6 percent increase in gross sales and units sold, with the average retail sale holding steady.
Particularly noteworthy were the performances of colored stone necklaces (34 percent increase in gross sales) and colored stone bracelets (27 percent increase).
While sterling silver and alternative metal jewelry experienced slight declines in all key performance indicators, those declines were less than 1 percent.
Within the diamond realm, compelling shifts have emerged, painting a nuanced portrait of consumer behavior.
While overall gross sales for diamonds dipped by 2 percent in November and average retail sale was down 7 percent, unit sales displayed a resilient 5 percent increase, suggesting a keen willingness to purchase, albeit at potentially lower price points.
Significantly, three out of the four diamond categories experiencing a decline are bridal related. This observation hints at the possibility that the number of weddings might be gradually returning to pre-COVID levels.
Editors' Picks
Sponsored by
Conversely, diamond necklaces and bracelets ascended as standouts, captivating consumers with their allure.
Necklaces sparkled, with a 14 percent increase in gross sales accompanied by an 18 percent surge in average retail value, underscoring their undeniable appeal.
Bracelets, too, gracefully embraced the spotlight, with a 13 percent boost in gross sales and a remarkable 17 percent rise in units sold.
In conclusion, the remarkable performance observed across various jewelry categories in November serves as a compelling testament to the resilience and adaptability of the independent jeweler.
Despite the uncertainties and conflicting forecasts that marked the beginning of the year, these professionals have not only weathered the challenges but also demonstrated the ability to thrive in a dynamic market.
The positive trajectory seen in November instills a sense of optimism for the independent jeweler community.
In the face of uncertainties, let’s hope the independent jeweler emerges not just as a survivor but as a thriving force, setting the stage for continued prosperity in the jewelry market.
More on Columnists
The Latest
FinancialsAug 08, 2025
Brilliant Earth’s Q2 Sales Up 3% as Engagement Ring Sales RiseThe company raised its full-year sales guidance while noting it has not yet assessed the potential impact of the latest tariff news.
Events & AwardsAug 08, 2025
GJEPC’s Jewellers for Hope Celebrates 10 Years of FundraisingThe organization has raised more than $1.3 million for charity since its inception.
TrendsAug 08, 2025
Piece of the Week: Rahaminov Diamonds’ Bezel BangleThe brand’s latest iteration of a bezel-set diamond bangle features clean lines and a timeless design for a new modern silhouette.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
WatchesAug 07, 2025
Bulova’s New Collection Honors Tony BennettThe first watch in the series commemorates his participation in the Civil Rights movement, marching from Selma to Montgomery in 1965.
Weekly QuizAug 08, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Lab-GrownAug 07, 2025
Chatham Releases Catalog for Loose Lab-Grown GemstonesThe catalog contains a complete listing of all the loose gemstones in stock, as well as information about the properties of each stone.
TechnologyAug 07, 2025
Rembrandt Charms Debuts New Website, Bird CharmsThe company added a retailer dashboard to its site and three new birds to its charm collection, the cardinal, blue jay, and hummingbird.
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.
Policies & IssuesAug 06, 2025
Tariff on India to Rise to 50%, Trump Says An additional 25 percent tariff has been added to the previously announced 25 percent.
MajorsAug 06, 2025
Claire’s Files for Chapter 11 Bankruptcy AgainThe jewelry and accessories retailer plans to close 18 stores as part of the proceedings.
IndependentsAug 06, 2025
Smith & Son Jewelers to Close 107-Year-Old Location Its Springfield, Massachusetts, store is set to close as owner Andrew Smith heads into retirement.
CollectionsAug 06, 2025
Zahn-Z Swims With Whales in ‘Beluga’ CollectionDesigner Hiba Husayni looked to the whale’s melon shaped-head, blowhole, and fluke for her new chunky gold offerings.
TrendsAug 06, 2025
Paola De Luca to Release Trendbook 2027+She will present the 23rd edition of the trend forecasting book at Vicenzaoro on Sept. 7.
CrimeAug 05, 2025
Report: Suspect Arrested in 1992 Murder of Miami JewelerOmar Roy, 72, was arrested in connection with the murder of jeweler Dionisio Carlos Valladares.
CollectionsAug 05, 2025
Mignon Faget Commemorates 20th Anniversary of Hurricane KatrinaThe New Orleans-based brand’s “Beyond Katrina” jewels honor the communities affected by the storm.
Events & AwardsAug 05, 2025
JA Announces Seymour & Evelyn Holtzman Bench Scholarship WinnersThe organization has awarded a total of $42,000 through its scholarship programs this year.
Events & AwardsAug 04, 2025
Gem Awards, David Yurman Introduce $50K Grant for Emerging DesignersThe winner of the inaugural David Yurman Gem Awards Grant will be announced live at the 2026 Gem Awards gala.
TrendsAug 04, 2025
Amanda’s Style File: August’s Bright BaublesAs summer winds down, celebrate the sunny disposition of the month’s birthstones: peridot and spinel.
CrimeAug 04, 2025
‘The Watch King’ Assaulted, Robbed in QueensMoshe Haimoff, a social media personality and 47th Street retailer, was robbed of $559,000 worth of jewelry by men in construction outfits.
MajorsAug 04, 2025
Borsheims Welcomes New Assistant Facilities ManagerXavier Dibbrell brings more than a decade of experience to the role.
MajorsAug 01, 2025
Helzberg President Julie Yoakum Moves Over to Signet JewelersThe addition of Yoakum, who will lead Kay and Peoples, was one of three executive appointments Signet announced Thursday.
MajorsAug 01, 2025
Jewelers Mutual Names Mike Alexander as President The insurance company’s previous president and CEO, Scott Murphy, has split his role and will continue as CEO.
SourcingAug 01, 2025
Gemfields’ Auction Revenue Drops 50% in H1The nearly six-month pause of operations at its Kagem emerald mine earlier this year impacted the miner’s first-half results.
CollectionsAug 01, 2025
Piece of the Week: Hernsdorf’s ‘Tears of Aphrodite’ NecklaceThe necklace uses spinel drops to immortalize the moment Aphrodite’s tears mixed with her lover Adonis’ blood after he was fatally wounded.
SourcingJul 31, 2025
De Beers Records $189M First-Half Loss The diamond miner and marketer warned last week that it expected to be in the red after significantly cutting prices in Q2.
Events & AwardsJul 31, 2025
These Are the 2025 CASE Award WinnersJewelers of America’s 35th annual design contest recognized creativity, artistry, style, and excellence.
IndependentsJul 31, 2025
Matthew Tratner Takes Over as CBG President Tratner succeeds Andie Weinman, who will begin stepping back from the buying group’s day-to-day operations.
