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
IndependentsAug 14, 2026
Smyth Jewelers to Open Fourth LocationThe family-owned jeweler will open a new showroom in Bel Air, Maryland, this fall.
CrimeAug 14, 2026
Wife of Man Convicted in Jeweler’s Murder Sentenced for Conspiracy Amanda Ileana Hernandez is married to Carlos Hernandez, one of two men in prison for the 2024 murder of Michigan jeweler Hussein Murray.
TrendsAug 14, 2026
Paul Morelli’s Latest ‘Wavey Vine’ Earrings Embrace ColorThe reimagined jewel, our Piece of the Week, trades the diamonds in the original 1998 design for blue, pink, yellow, and green sapphires.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
Supplier BulletinAug 13, 2026
Your Piece Could Be the One Editors Talk AboutSponsored by American Gem Trade Association
Weekly QuizAug 13, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
FinancialsAug 13, 2026
Pandora’s ‘Talisman’ Collection Shines, Lab-Grown Diamond Sales FallIn the United States, second-quarter sales were flat amid soft consumer sentiment and lower in-store traffic.
AuctionsAug 13, 2026
This Gold Cadbury ‘Conundrum’ Egg Set a World Auction RecordThe 22-karat gold egg, sold at Batemans Auctioneers in the U.K., was part of a 1980s treasure hunt ad campaign for Cadbury Creme Eggs.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
SourcingAug 13, 2026
2,488-Carat Diamond, Largest Found in Botswana, Has a New Owner Lucara Diamond Corp., which recovered the “Motswedi” diamond from the Karowe mine, sold the stone for an undisclosed amount.
CollectionsAug 13, 2026
John Hardy Infuses ‘Icon,’ ‘Heishi’ Collections with ColorThe expanded collections now feature hand-cut gemstones like topaz, tanzanite, chrysoprase, chalcedony, smoky quartz, and fire opal.
Lab-GrownAug 13, 2026
Jean Dousset Opens Third StoreThe lab-grown diamond jewelry brand’s newest boutique is in Westfield Valley Fair in Santa Clara, California.
SourcingAug 12, 2026
Eshed-Gemstar on the Painstaking Process of Cutting ‘The Legacy Emerald’The gemstone supplier and manufacturer acquired the remarkable 104-gram Zambian emerald at Gemfields’ auction in May.
CrimeAug 12, 2026
Elderly NYC Woman Targeted in Jewelry Swap SchemeTwo suspects offered to trade the woman a “winning” lottery ticket for her jewelry.
SourcingAug 12, 2026
Another Diamond Mine Poised to CloseFinsch has been in business rescue since May, and owner Petra Diamonds said it sees no viable path forward for the mine.
CrimeAug 12, 2026
Jewelry Store Employee Gets 20 Years to Life in Choking Death of BossMichel Patrick DeSalles was sentenced after pleading guilty to the 2017 murder of Omid Gholian, who owned a jewelry store in Manhattan.
MajorsAug 12, 2026
Frederick Goldman Names New SVP of SalesLongtime industry executive Beth Miller has taken on the role.
AuctionsAug 11, 2026
Verdura Unicorn Brooch With Royal Connection Up for Auction The brooch was owned by Virginia Fortune Ryan Ogilvy, who served as a lady of the bedchamber to Queen Elizabeth II for nearly 50 years.
MajorsAug 11, 2026
Signet Jewelers Selects Mattel Exec to Lead Zales, BanterJamie Cygielman will take on the role on Aug. 24.
IndependentsAug 11, 2026
Polly’s Fine Jewelry Co-Owner Richard Moore Dies at 69Moore, Polly’s husband, is remembered as a family man with an easygoing spirit and a love for sports and the outdoors.
Events & AwardsAug 11, 2026
NAJA Announces Lineup For 2026 Fall Virtual ConferenceThe mid-year conference for jewelry and watch appraisers will take place Sept. 5-6 on Zoom.
TechnologyAug 10, 2026
Colorado Jeweler Launches Customization Tool He Built HimselfHonest Hands Ring Co. Founder Benjamin Bosworth shared his thoughts on jewelry technology and why AI can never replace the human element.
MajorsAug 10, 2026
QVC Exits Chapter 11 Bankruptcy, Names New Interim CEOQVC Group President and CEO David Rawlinson is temporarily being replaced by a familiar face, former QVC CEO Mike George.
CollectionsAug 10, 2026
State Property Puts a Ripple in the ‘The Voyager’ CollectionThe brand also added two one-of-a-kind brown diamond pieces to the “Sanssouci” series of its “Gardens” collection.
MajorsAug 10, 2026
And IJO’s 2026 Vendor of the Year Is … Ostbye took home top vendor honors at the Independent Jewelers Organization’s show, held last month in Kentucky.
Supplier BulletinAug 07, 2026
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsSponsored by Stratus Estate Buyers
MajorsAug 07, 2026
Retail Veteran Pam Cloud Appointed President of Blue NileCloud, who will officially join Blue Nile on Monday, spent 26 years at Tiffany & Co. and founded jewelry brand Roseate.
MajorsAug 07, 2026
Pandora Appoints Paulo Garcia as New CFO Garcia will take over from the company’s current CFO, Anders Boyer, who is retiring at the end of November.
