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
GradingJan 14, 2025
GIA CEO, President Susan Jacques to Retire at the End of 2025The grading lab said the search for her successor is underway.
Policies & IssuesJan 14, 2025
These Designers and Retailers Are Raising Money for LA Wildfire Relief Several jewelry designers are lending a helping hand to charities in Los Angeles amid the raging wildfires.
GradingJan 14, 2025
Former SSEF Director Henry A. Hänni DiesA pioneering figure in gemology, he is remembered for his spirit of generosity, curiosity, and joy.
Brought to you by
3 New Year’s Resolutions for Jewelry Lovers The new year feels like a clean slate, inspiring reflection, hope, and the motivation to become better versions of ourselves.
FinancialsJan 14, 2025
Signet Jewelers Lowers Q4 Guidance After Holiday Sales Fall ShortThe peak selling days leading up to Christmas did not meet the jewelry retailer’s expectations.
Weekly QuizJan 09, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsJan 14, 2025
Edouard Schneider Joins Messika as Chief Brand OfficerSchneider brings over 20 years of luxury and fashion industry experience to his role as a key member of the brand’s global leadership team.
SourcingJan 13, 2025
Zambia Reinstates 15% Export Duty on Precious Gemstones, Shocking GemfieldsGemfields said the Zambian government revoked the 2019 suspension of the tax with no warning.
Brought to you by
A Diamond Is Forever Celebrates "Forever Present" Holiday CampaignA Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
TechnologyJan 13, 2025
Ultrahuman Unveils Luxury Smart RingWith versions in 18-karat gold and platinum, the wearables company is blending health technology and fine jewelry.
Policies & IssuesJan 13, 2025
Brandee Dallow Elected President of Ethical MetalsmithsThe executive brings more than two decades of industry experience to the role.
IndependentsJan 13, 2025
The Seven Pops Up in Palm BeachThe New York City-based retailer is bringing its curation of jewels to a pop-up shop at Love Binetti in Palm Beach, Florida.
Policies & IssuesJan 10, 2025
Jewelers Relief Fund Reopened to Aid Victims of LA Fires Created by JA and DCA, the fund is collecting money for jewelry businesses damaged by the wildfires in Los Angeles County.
TrendsJan 10, 2025
Piece of the Week: Elsa Jin’s ‘Mozi’ BroochAdrien Brody received his first Golden Globe while wearing the “Mozi” brooch, which depicts a spill of traditional Chinese calligraphy ink.
SourcingJan 10, 2025
De Beers, GJEPC Partner to Promote Natural DiamondsThe pair will work together to support independent retailers in India with marketing assets, training materials, and other tools.
CrimeJan 09, 2025
US Customs Seizes Counterfeit Tiffany & Co. JewelsOfficers in Champlain, New York valued the jewels, if genuine, at nearly $30,000.
CollectionsJan 09, 2025
Karma El Khalil’s New Collection is an Ode to the MoonThe “Moonlight Rhapsody” collection is overflowing with gemstones, from raw opal to morganite and spessartite.
Events & AwardsJan 09, 2025
Here Is the 2025 AGTA GemFair Tucson Educational LineupThe seminar series covers topics from market trends and colored stone terminology to working with museums and growing an Instagram profile.
SourcingJan 09, 2025
Reena Ahluwalia Unveils New Works in ‘Diamond Trails’ AnthologyThe artist collaborated with industry creatives on the project, which features five fictional stories and five corresponding paintings.
IndependentsJan 09, 2025
Virginia Jewelers Raise Nearly $26K for Children’s Hospital at Charity BallNine jewelers donated jewels for a raffle to support the Children’s Hospital Foundation at Virginia Commonwealth University.
WatchesJan 08, 2025
Oris Debuts Hot Pink Miss Piggy WatchMiss Piggy shared her thoughts on being fabulous, the importance of accessories, and how to be your own cheerleader.
Lab-GrownJan 08, 2025
Effy Introduces Brand Dedicated to Lab-Grown Diamonds“Promise by Effy” includes fashion jewelry and engagement rings.
IndependentsJan 08, 2025
Haltom’s Jewelers to Close After 130 YearsThe Texas-based jeweler is closing all three locations.
TrendsJan 08, 2025
Zendaya’s Engagement Ring Combines Vintage and Modern ElementsZendaya’s ring, featuring an east-west set elongated cushion-cut diamond, is said to be from British designer Jessica McCormack.
TrendsJan 07, 2025
Amanda’s Style File: January Is for GarnetGarnet is comprised of a group of minerals, giving those with a birthday in January options when it comes to their birthstone.
IndependentsJan 07, 2025
Edge Retail Academy Names 2024 ‘Wag’ Award Winner The annual award, created in memory of business coach William “Wag” Wagner, went to a retailer in Fairfax, Virginia.
MajorsJan 07, 2025
Jewelers for Children Promotes Round-Up Fundraising ProgramRetailers and vendors can ask customers to make a donation by rounding up to the next dollar at checkout.
SourcingJan 07, 2025
Columbia Gem House To Debut Lightning Ridge Opal CollectionThe wholesaler is partnering with Australian brand Cheal Opal on a new offering of calibrated stones.
