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
SurveysJan 30, 2026
These Are the Top Brands of 2026, Says YouGovFrom tech platforms to candy companies, here’s how some of the highest-ranking brands earned their spot on the list.
CollectionsJan 30, 2026
Follow the Beat With Etiq’s ‘Khol’ RingThe “Khol” ring, our Piece of the Week, transforms the traditional Indian Khol drum into playful jewelry through hand-carved lapis.
MajorsJan 30, 2026
Arch Crown’s 2026 ‘Tag & Label’ Catalog Is HereThe catalog includes more than 100 styles of stock, pre-printed, and custom tags and labels, as well as bar code technology products.
Brought to you by
The MJSA Mentor & Apprenticeship Program: Attracting & Training the Next Generation of Bench JewelersLaunched in 2023, the program will help the passing of knowledge between generations and alleviate the shortage of bench jewelers.
CollectionsJan 29, 2026
Ghirardelli’s ‘Chocolocket’ Returns for Valentine’s DayThe chocolatier is bringing back its chocolate-inspired locket, offering sets of two to celebrate “perfect pairs.”
Weekly QuizJan 29, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsJan 29, 2026
These Were Bonhams’ Top 10 Jewelry Lots in 2025The top lot of the year was a 1930s Cartier tiara owned by Nancy, Viscountess Astor, which sold for $1.2 million in London last summer.
SourcingJan 29, 2026
Stuller Website to Mark AGTA-Sourced GemstonesAny gemstones on Stuller.com that were sourced by an AGTA vendor member will now bear the association’s logo.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
WatchesJan 29, 2026
Audemars Piguet Opens AP House in AtlantaThe Swiss watchmaker has brought its latest immersive boutique to Atlanta, a city it described as “an epicenter of music and storytelling.”
SourcingJan 28, 2026
Ethical Gem Fair to Debut Designer Showcase in TucsonThe new addition will feature finished jewelry created using “consciously sourced” gemstones.
SurveysJan 28, 2026
Consumer Confidence Falls Below Pandemic Lows in JanuaryThe index fell to its lowest level since May 2014 amid concerns about the present and the future.
IndependentsJan 28, 2026
Foundrae Heads to Aspen for Latest Store OpeningThe new store in Aspen, Colorado, takes inspiration from a stately library for its intimate yet elevated interior design.
FinancialsJan 28, 2026
Tiffany & Co., Bulgari Sales Resilient as LVMH’s 2025 Sales SlipThe brands’ high jewelry collections performed especially well last year despite a challenging environment.
CollectionsJan 27, 2026
De Beers London, GemFair Debut New Collection Highlighting Artisanal DiamondsThe collection marks the first time GemFair’s artisanal diamonds will be brought directly to consumers.
SourcingJan 27, 2026
GemGuide Launches Pricing for Montana SapphiresThe initial charts are for blue, teal, and green material, each grouped into three charts categorized as good, fine, and extra fine.
TechnologyJan 27, 2026
Clientbook Launches Appointment Booking ToolThe new tool can assign the appropriate associate based on the client or appointment type and automate personalized text message follow-ups.
SourcingJan 26, 2026
Tucson Preview 2026: Earthy Tones and Innovative Shapes Buyers are expected to gravitate toward gemstones that have a little something special, just like last year.
SourcingJan 26, 2026
Angolan Diamond Cos. Join NDC as Rio Tinto, Murowa Exit Endiama and Sodiam will contribute money to the marketing of natural diamonds as new members of the Natural Diamond Council.
MajorsJan 26, 2026
Francesca’s To Close All StoresThe retailer operates more than 450 boutiques across 45 states, according to its website.
MajorsJan 26, 2026
BIJC Names 5 New Board MembersThe new members’ skills span communications, business development, advocacy, and industry leadership.
CollectionsJan 26, 2026
Tiffany & Co. Celebrates 189 Years of Love StoriesThe jeweler’s 2026 Valentine’s Day campaign, “Celebrating Love Stories Since 1837,” includes a short firm starring actress Adria Arjona.
GradingJan 26, 2026
DCA Updates Colored Gemstone CourseThe new features include interactive flashcards and scenario-based roleplay with AI tools.
MajorsJan 23, 2026
Watches of Switzerland Acquires 4-Store Jewelry Chain in TexasFamily-owned jewelry and watch retailer Deutsch & Deutsch has stores in El Paso, Laredo, McAllen, and Victoria.
WatchesJan 23, 2026
Damiani Group to Acquire Baume & MercierThe Italian luxury company purchased the nearly 200-year-old Swiss watch brand from Richemont.
TrendsJan 23, 2026
Martin Katz’s Earrings Call to Mind Wintry Weather Micro-set with hundreds of diamonds, these snowflake earrings recreate “winter’s most elegant silhouette,” and are our Piece of the Week.
MajorsJan 23, 2026
Rembrandt Charms Names New Director of Creative, Brand StrategyElla Blum was appointed to the newly created role.
Supplier BulletinJan 22, 2026
The Rise of Centralized Sourcing in the Colored Gemstone MarketSponsored by RapNet
