ColumnistsDec 13, 2023
On Data: Independent Jewelers Shine Bright in Early DecemberMajorsDec 18, 2023
Major Jewelers (Mostly) Optimistic About the Holiday Season
From Signet Jewelers to Macy’s, here’s how the biggest jewelry sellers are feeling about the most wonderful time of the year.
A selection of holiday jewels from Signet Jewelers-owned banner Rocksbox. See how Signet Jewelers, Brilliant Earth, and other major jewelry sellers are feeling about the holiday season ahead.
New York—The holiday season began on a high note for retailers, with consumers hitting the stores in record numbers over Thanksgiving weekend.
From Thanksgiving through Cyber Monday, 200.4 million consumers went shopping, according to the National Retail Federation, exceeding the organization’s expectation of 182 million and surpassing last year’s total of 196.7 million shoppers.
Still, economic pressures and geopolitical tensions could make for a not-so-merry season.
Here’s how a few of the major jewelry sellers are feeling about the holidays.
Signet Jewelers: Confident about brighter days ahead
Signet Jewelers posted double-digit declines in its recent third quarter as engagement ring sales slowed.
On an earnings call, CEO Virginia Drosos said fine jewelry is “experiencing its second COVID,” referencing the industry’s initial struggles during the early days of the pandemic, but remains confident a rebound is ahead.
The jewelry giant noted an uptick in the number of engagement rings sold through Black Friday weekend.
Over Black Friday weekend, jewelry under $1,000 was popular, with the Banter by Piercing Pagoda banner doing particularly well.
Brilliant Earth: Planning on a profitable quarter
Brilliant Earth posted muted sales growth in its third quarter, also noting a decline in bridal sales.
The retailer lowered its fiscal outlook to “reflect the current normalizing jewelry industry conditions.”
Still, CEO Beth Gerstein ended its recent earnings call on a positive note.
“The bulk of the season lies ahead and we believe that we are well-positioned to deliver another profitable fourth quarter with the largest quarterly sales in our history,” she said.
Movado: Cautious amid uncertainties
Movado Group also had a rough third quarter, seeing a double-digit drop in sales as it continued to struggle in its largest markets, the United States and Europe.
In light of the “uncertain” retail environment, the company lowered its fiscal-year guidance.
On a recent earnings call, Movado CEO Efraim Grinberg noted that while the company has seen trends improve in recent weeks, due in part to its new Movado marketing initiatives, it is still facing a challenging market in the U.S. and Europe.
“As we proceed through the important holiday quarter, we are taking a cautious view while supporting important marketing initiatives to ensure that our brands get stronger while we navigate the uncertain retail climate and steer clear of the excessive promotional environment,” he said.
The company will also be airing new television commercials on cable networks and YouTube TV.
Related stories will be right here …
From Thanksgiving through Cyber Monday, 200.4 million consumers went shopping, according to the National Retail Federation, exceeding the organization’s expectation of 182 million and surpassing last year’s total of 196.7 million shoppers.
Still, economic pressures and geopolitical tensions could make for a not-so-merry season.
Here’s how a few of the major jewelry sellers are feeling about the holidays.
Signet Jewelers: Confident about brighter days ahead
Signet Jewelers posted double-digit declines in its recent third quarter as engagement ring sales slowed.
On an earnings call, CEO Virginia Drosos said fine jewelry is “experiencing its second COVID,” referencing the industry’s initial struggles during the early days of the pandemic, but remains confident a rebound is ahead.
The jewelry giant noted an uptick in the number of engagement rings sold through Black Friday weekend.
Over Black Friday weekend, jewelry under $1,000 was popular, with the Banter by Piercing Pagoda banner doing particularly well.
Brilliant Earth: Planning on a profitable quarter
Brilliant Earth posted muted sales growth in its third quarter, also noting a decline in bridal sales.
The retailer lowered its fiscal outlook to “reflect the current normalizing jewelry industry conditions.”
Still, CEO Beth Gerstein ended its recent earnings call on a positive note.
“The bulk of the season lies ahead and we believe that we are well-positioned to deliver another profitable fourth quarter with the largest quarterly sales in our history,” she said.
Movado: Cautious amid uncertainties
Movado Group also had a rough third quarter, seeing a double-digit drop in sales as it continued to struggle in its largest markets, the United States and Europe.
In light of the “uncertain” retail environment, the company lowered its fiscal-year guidance.
On a recent earnings call, Movado CEO Efraim Grinberg noted that while the company has seen trends improve in recent weeks, due in part to its new Movado marketing initiatives, it is still facing a challenging market in the U.S. and Europe.
“As we proceed through the important holiday quarter, we are taking a cautious view while supporting important marketing initiatives to ensure that our brands get stronger while we navigate the uncertain retail climate and steer clear of the excessive promotional environment,” he said.
The company will also be airing new television commercials on cable networks and YouTube TV.
Macy’s: Still a ‘gift-giving destination’
Macy’s posted declining revenue in its recent third quarter, noting a drop in both brick-and-mortar and online sales.
The storied retailer has been struggling in the face of online competition and reportedly has received a $5.8 billion buyout offer.
Macy’s took the No. 7 spot on National Jeweler’s 2022 “$100 Millon Supersellers” list, with an estimated $1.7 billion in jewelry and watch sales.
In a press release about its results, CEO Jeff Gennette touted Macy’s “better-than-expected top- and bottom-line third quarter results” and said the retailer was “entering the holiday period in a healthy inventory position.”
“Our portfolio of nameplates are leading gift-giving destinations across the value spectrum offering exclusive products. We have refined our gift assortment, simplified our promotions, and improved our shopping experience,” he said.
Target: Catering to price-conscious shoppers
Target posted a 5 percent dip in comparable sales in its third quarter with discretionary categories driving the decline.
The company sits at No. 11 on National Jeweler’s 2022 $100 Million Supersellers list, with jewelry and watch sales of $617 million.
On an earnings call, CEO Brian Cornell highlighted the pressures being faced by consumers, noting that while inflation rates have moderated prices in key categories are still up significantly compared with 2020.
Food prices for families have increased 25 to 30 percent, while baby food and formula is up 30 percent. Energy prices are also up.
“As a result, this holiday season, we’re focusing on highlighting the amazing value we’ve always provided in our end caps, promotions, and the price points we feature in our marketing. As we built our plans for this holiday season, we maintained our cautious inventory positioning in markdown-sensitive categories,” said Cornell.
While Target is “cautious” in its near-term outlook, it’s “playing the long game,” by investing in its stores, supply chain, team, digital capabilities, and its assortment to “provide the newness, value and convenience our guests want for this holiday season and beyond.”
“At the heart of it all is our focus on being our guests’ happy place and delivering the joyful shopping experience that makes Target, Target.”
More on Majors
The Latest
Policies & IssuesNov 14, 2025
U.S., Switzerland Reach Deal That Drops Tariff to 15%The Swiss government announced the deal, which cuts the tax on Swiss imports by more than half, on social media Friday morning.
AuctionsNov 14, 2025
Napoleon’s Diamond Brooch Blows Away Auction Estimates A buyer paid $4.4 million for the piece, which Napoleon wore on his hat for special occasions and left behind when he fled Waterloo.
FinancialsNov 14, 2025
Richemont’s Q2 Jewelry Sales Up 12%Plus, how tariffs and the rising price of gold are affecting its watch and jewelry brands.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
CollectionsNov 14, 2025
Piece of the Week: Silvia Furmanovich’s ‘Butterflies in Flight’ Jewelry BoxFurmanovich designed the box to hold Mellerio’s “Color Queen,” a high jewelry collection consisting of 10 rings.
Weekly QuizNov 13, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsNov 14, 2025
JCK Names New Event DirectorJennifer Hopf, who has been with JCK since 2022, will lead the execution of the long-running jewelry trade show.
IndependentsNov 13, 2025
127-Year-Old New Orleans Jeweler to CloseAdler’s Jewelry is set to close its two stores as 82-year-old owner Coleman E. Adler II retires.
Brought to you by
Jewelers of America Aligns New Mission to Create Meaningful Impact for MembersFrom educational programs, advocacy, and recent MJSA affiliation, Jewelers of America drives progress that elevates businesses of all sizes.
IndependentsNov 13, 2025
Green Lake Jewelry Works to Move to New Seattle StudioFounder Jim Tuttle shared how a dedication to craftsmanship and meaningful custom jewelry fueled the retailer’s double-digit growth.
CrimeNov 12, 2025
Father, Son Jewelers in Chicago Victims in Double Homicide JSA and Cook County Crime Stoppers are both offering rewards for information leading to the arrest of the suspect or suspects involved.
AuctionsNov 12, 2025
‘Mellon Blue’ Diamond Sells for $7M Less Than It Did a Decade AgoA buyer paid $25.6 million for the diamond at Christie’s on Tuesday. In 2014, Sotheby’s sold the same stone for $32.6 million.
AuctionsNov 12, 2025
Historic Rolex Oyster Fetches $1.7M at Sotheby’sMercedes Gleitze famously wore the watch in her 1927 swim across the English Channel, a pivotal credibility moment for the watchmaker.
GradingNov 12, 2025
It’s Time: GIA’s Express Holiday Service Is Back GIA is offering next-day services for natural, colorless diamonds submitted to its labs in New York and Carlsbad.
SurveysNov 10, 2025
5 Things Retailers Should Know About Holiday Shoppers This YearThe National Retail Federation is bullish on the holidays, forecasting retail sales to exceed $1 trillion this year.
AuctionsNov 10, 2025
300+ Colored Diamonds Up for Auction at Christie’sLate collector Eddy Elzas assembled “The Rainbow Collection,” which is offered as a single lot and estimated to fetch up to $3 million.
EditorsNov 07, 2025
Piece of the Week: An MVP’s Sapphire Tennis Necklace At the 2025 World Series, the Los Angeles Dodgers’ Yoshinobu Yamamoto sported a custom necklace made by California retailer Happy Jewelers.
IndependentsNov 07, 2025
Foundrae’s New Palm Beach Location Is a ‘Golden Solarium’The brand’s seventh location combines Foundrae’s symbolic vocabulary with motifs from Florida’s natural surroundings.
FinancialsNov 07, 2025
Watches of Switzerland’s H1 Sales Up 8%The retailer also shared an update on the impact of tariffs on watch customers.
SourcingNov 06, 2025
Pink Tourmaline Bracelet, Emerald Suite Take Top Spectrum Honors Pink and purple stones were popular in the AGTA’s design competition this year, as were cameos and ocean themes.
IndependentsNov 06, 2025
Greenwich St. Jewelers Hosts Raffle Supporting Food RescueAll proceeds from the G. St x Jewel Boxing raffle will go to City Harvest, which works to end hunger in New York City.
IndependentsNov 06, 2025
Cornell’s Jewelers Names New PresidentCourtney Cornell is part of the third generation to lead the Rochester, New York-based jeweler.
SourcingNov 06, 2025
De Beers’ Production, Sales Increase in Q3 De Beers also announced more changes in its upper ranks ahead of parent company Anglo American’s pending sale of the company.
WatchesNov 05, 2025
Shinola President Steps Down Just as He Starts Former Signet CEO Mark Light will remain president of Shinola until a replacement for Ulrich Wohn is found.
AuctionsNov 05, 2025
Taylor Swift’s Engagement Ring Designer Makes Her Auction DebutKindred Lubeck of Artifex has three rings she designed with Anup Jogani in Sotheby’s upcoming Gem Drop sale.
FinancialsNov 05, 2025
Pandora Posts Modest Q3 Sales Growth Amid ‘Weak’ Consumer Sentiment The company focused on marketing in the third quarter and introduced two new charm collections, “Pandora Talisman” and “Pandora Minis.”
FinancialsNov 05, 2025
Brilliant Earth’s Q3 Sales Climb 10%The jewelry retailer raised its full-year guidance, with CFO Jeff Kuo describing the company as “very well positioned” for the holidays.
Policies & IssuesNov 04, 2025
Supreme Court to Hear Tariffs Case WednesdayAhead of the hearing, two industry organizations co-signed an amicus brief urging the court to declare Trump’s tariffs unlawful.
