ColumnistsDec 06, 2023
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On Data: Independent Jewelers Shine Bright in Early December
Sherry Smith dishes on bridal versus fashion diamond jewelry sales and the “unexpected heroes” of the first week of the month.
Sherry Smith is director of business development for data and consulting company The Edge Retail Academy. She can be reached at sherry@edgeretailacademy.com.
In my last column, I broke down the performance of independent jewelers in the month of November, including the last weekend of the month, the unofficial start to the holiday shopping season.
In this column, I will dissect the facets of the jewelry market’s early December performance, from a nuanced 2 percent boost in overall sales to the surge in custom creations.
During the first week of December, independent jewelers experienced a favorable trend, witnessing a notable 2 percent surge in overall gross sales and a substantial 4 percent increase in the average retail sale.
Despite a modest 2 percent dip in the number of units sold, the overall performance was evidence of independent jewelers’ continued resilience.
However, the broader diamond market (including both natural and lab-grown diamonds) witnessed an 8 percent decline in gross sales, primarily impacted by a significant setback in the bridal categories.
Specifically, gross sales fell 15 percent in the segment comprising loose diamonds, semi-mounts, completed diamond engagement rings, and wedding bands.
This decline was accompanied by a 4 percent drop in units sold and a noteworthy 12 percent decrease in the average retail sale.
Conversely, the diamond fashion sector remained relatively stable, with no change in gross sales and a marginal 2 percent decrease in units sold.
Notably, the average retail sale in this category demonstrated a positive trend, increasing by 2 percent.
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In this column, I will dissect the facets of the jewelry market’s early December performance, from a nuanced 2 percent boost in overall sales to the surge in custom creations.
During the first week of December, independent jewelers experienced a favorable trend, witnessing a notable 2 percent surge in overall gross sales and a substantial 4 percent increase in the average retail sale.
Despite a modest 2 percent dip in the number of units sold, the overall performance was evidence of independent jewelers’ continued resilience.
However, the broader diamond market (including both natural and lab-grown diamonds) witnessed an 8 percent decline in gross sales, primarily impacted by a significant setback in the bridal categories.
Specifically, gross sales fell 15 percent in the segment comprising loose diamonds, semi-mounts, completed diamond engagement rings, and wedding bands.
This decline was accompanied by a 4 percent drop in units sold and a noteworthy 12 percent decrease in the average retail sale.
Conversely, the diamond fashion sector remained relatively stable, with no change in gross sales and a marginal 2 percent decrease in units sold.
Notably, the average retail sale in this category demonstrated a positive trend, increasing by 2 percent.
The colored stone and pearl categories experienced a slight downturn, with a slightly more than 1 percent decrease in gross sales and an 11 percent drop in units sold.
Despite these challenges, there was an encouraging 11 percent upturn in average retail sale.
In contrast, the sterling silver and alternative metals categories faced declines across key performance indicators, registering a 12 percent drop in gross sales, an 8 percent decrease in units sold, and a 4 percent decline in average retail sale.
The repair and custom jewelry segment, however, exhibited promising results, with a commendable 10 percent increase in gross sales, a 4 percent rise in units sold, and a 6 percent boost in the average retail sale.
A standout performer in the market was the watch category, showcasing an impressive 28 percent surge in gross sales and a remarkable 31 percent increase in the average retail sale.
Although units sold experienced a slight 2 percent decrease, the overall performance highlighted the strength and appeal of this particular segment.
Independent jewelers are navigating a diamond-shifting holiday season, with fashion, watches, and repair services shining brighter than ever.
While bridal dreams face a chill, these unexpected heroes are reminding us that holiday sparkle comes in many forms.
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