ColumnistsDec 13, 2023
On Data: Independent Jewelers Shine Bright in Early DecemberColumnistsDec 21, 2023
On Data: Subdued Sales in the Second Week of December
Independent jewelers’ sales increased 1 percent from Dec. 7-14 and some interesting trends emerged, Sherry Smith writes.
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 sparkle of the holiday season often illuminates trends within the jewelry market, particularly among our independent jewelers.
This year, from Dec. 7 to 14, the glimmer was somewhat subdued, with just a 1 percent increase in overall gross sales.
However, behind this seemingly modest figure lies a captivating narrative of category performance, shifts in price points and evolving consumer preferences, all of which provide valuable insights into the market’s ever-changing landscape.
Traditionally, diamonds have long been synonymous with holiday sparkle, but this year, their brilliance shines a bit differently for independent jewelers.
From Dec. 7 to 14, a 3 percent decline in overall gross sales belies a fascinating tapestry of contrasting performances within the diamond category.
Bridal pieces, once guaranteed bestsellers, take a backseat, while diamond fashion jewelry takes center stage, prompting us to ask, what trends are shaping consumer desires and how are independent jewelers adapting?
While overall unit sales dipped 5 percent, the average retail sale climbed 6 percent, suggesting a possible strategic shift towards higher-value items.
Diamonds performed unevenly, with fashion jewelry sales rising 3 percent but bridal dragging down the category with a 10 percent decline.
While data remains somewhat limited, initial findings indicate a decline in the frequency of weddings and engagements in 2023 when contrasted with 2022.
This trend may be further influenced by the fact that contemporary couples, particularly millennial and Gen Z couples, increasingly are embracing alternative relationship models.
Many are opting for non-formalized engagement or marriage arrangements, prioritizing diverse life goals such as career advancement, travel, and personal growth, all of which take precedence over early matrimony.
Predicting a rebound to pre-pandemic engagement levels is tricky. While economic recovery and industry adaptation could spark a resurgence, evolving values and flexible relationship models may keep the numbers closer to current trends.
Related stories will be right here …
This year, from Dec. 7 to 14, the glimmer was somewhat subdued, with just a 1 percent increase in overall gross sales.
However, behind this seemingly modest figure lies a captivating narrative of category performance, shifts in price points and evolving consumer preferences, all of which provide valuable insights into the market’s ever-changing landscape.
Traditionally, diamonds have long been synonymous with holiday sparkle, but this year, their brilliance shines a bit differently for independent jewelers.
From Dec. 7 to 14, a 3 percent decline in overall gross sales belies a fascinating tapestry of contrasting performances within the diamond category.
Bridal pieces, once guaranteed bestsellers, take a backseat, while diamond fashion jewelry takes center stage, prompting us to ask, what trends are shaping consumer desires and how are independent jewelers adapting?
While overall unit sales dipped 5 percent, the average retail sale climbed 6 percent, suggesting a possible strategic shift towards higher-value items.
Diamonds performed unevenly, with fashion jewelry sales rising 3 percent but bridal dragging down the category with a 10 percent decline.
While data remains somewhat limited, initial findings indicate a decline in the frequency of weddings and engagements in 2023 when contrasted with 2022.
This trend may be further influenced by the fact that contemporary couples, particularly millennial and Gen Z couples, increasingly are embracing alternative relationship models.
Many are opting for non-formalized engagement or marriage arrangements, prioritizing diverse life goals such as career advancement, travel, and personal growth, all of which take precedence over early matrimony.
Predicting a rebound to pre-pandemic engagement levels is tricky. While economic recovery and industry adaptation could spark a resurgence, evolving values and flexible relationship models may keep the numbers closer to current trends.
Colored stones and pearls faced headwinds, dropping 3 percent in gross sales and nearly 9 percent in units, although the average retail sale edged up 7 percent.
Sterling silver and alternative metals, traditionally popular holiday choices, stumbled with an 11 percent decline in both gross sales and units. However, the average retail sale inched up 5 percent, potentially reflecting the removal of lower price points.
Watches continue to shine this December, boasting an impressive 9 percent surge in gross sales and an impressive 15 percent uptick in average retail price, even in the face of a 5 percent decrease in units sold.
There were bright spots in the service categories as well, defying an 11 percent drop in units serviced with a commendable 3 percent rise in gross sales, primarily attributable to a remarkable 15 percent increase in average retail sale.
Overall, despite economic uncertainties, independent jewelers continue to demonstrate resilience and adaptability. The focus on higher-ticket items and diversification across categories holds promise for a strong finish to the holiday season and beyond.
As the independent jewelry market stands at a pivotal juncture, the decisions taken in this critical moment hold the power to shape its future.
Will the emphasis on premium items persist? Will diversification of product categories yield success? Only time will tell.
What remains undeniable is that independent jewelers, with their resilience and adaptability, are ready to craft the narrative that lies ahead.
Editors' Picks
Sponsored by
More on Columnists
The Latest
IndependentsMar 14, 2025
Stafford’s Diamonds in Ohio to Close After 40 YearsThe Dayton-based jeweler, which has been in business since 1985, was formerly known as Stafford Jewelers.
Events & AwardsMar 14, 2025
JVC Reveals Recipient of Stanley Schechter AwardReeds Jewelers CEO Alan Zimmer will be presented with the honor at JVC’s annual luncheon.
CollectionsMar 14, 2025
Piece of the Week: Sorellina’s Aries Zodiac PendantThe piece, celebrating birthdays from March 21 to April 19, debuted with Sorellina’s new line of astrological pendants.
Brought to you by
Watch: GIA Field Gemology at the One-Hundredth Expedition: A Look Back and to the FutureSupplier Spotlight Sponsored by GIA
MajorsMar 13, 2025
Tanishq Opens 2 New Stores in the U.S.The Indian jewelry brand recently opened stores in Atlanta and Seattle.
Weekly QuizMar 14, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
FinancialsMar 13, 2025
Brilliant Earth’s 2024 Sales Struggled Amid Engagement RecoveryCEO Beth Gerstein shared its most popular price points, what’s trending in non-bridal fine jewelry, and its holiday performance.
CollectionsMar 13, 2025
Chopard Unveils High Jewelry Collection Created From 6,225-Carat Emerald The 15 pieces were crafted from the “Insofu” emerald, discovered in Zambia in 2010.
Brought to you by
Natural Diamonds Should Mean MoreNatural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.
MajorsMar 13, 2025
Jewelers Mutual Names New CFO, TreasurerChris Anderson is joining the insurance provider as the new chief financial officer and treasurer.
Lab-GrownMar 13, 2025
JA Offering Some ‘Counter Intelligence’ on Diamonds Jewelers of America is distributing a brochure for retailers to use when discussing the differences between natural and lab-grown diamonds.
SourcingMar 12, 2025
5 Factors That Will Impact the Diamond Industry in 2025The industry is changing as it grapples with new realities around distribution, supply, and the need for consistent, effective marketing.
SourcingMar 12, 2025
Q&A: New GJEPC Chairman Kirit BhansaliBhansali discusses the potential impact of U.S. tariffs, demand for diamonds by market, and the “cautious confidence” in India right now.
Lab-GrownMar 12, 2025
Beyond Jewelry: Possibilities in the Lab-Grown Diamond SectorAs lab-grown diamond brands pop up across India, academics are researching how to grow demand outside of the jewelry industry.
SourcingMar 12, 2025
Indian Leader, Retailer Among 2025 DDG Honorees Govind Dholakia and Tanishq will be recognized for their contributions to the industry at the Diamonds Do Good Awards in Las Vegas.
IndependentsMar 12, 2025
Marla Aaron Migrates to LondonThe New York City-based brand has opened its first U.K. location with a permanent shop-in-shop at Liberty in London.
AuctionsMar 12, 2025
A Medieval Bishop’s Sapphire Ring Is Going Up for SaleA metal detectorist discovered the ring that is believed to have belonged to a bishop in the late 12th to early 13th century.
Events & AwardsMar 12, 2025
JA New York Announces Education, Live Demo LineupsOrganizers looked to new partnerships and interactive experiences to enhance the spring show, set for March 16 to 18.
Events & AwardsMar 12, 2025
Bogolo Joy Kenewendo to Speak at Annual JVC LuncheonKenewendo, Botswana’s minister of minerals and energy, will discuss the future of diamonds.
CrimeMar 11, 2025
Man in Florida Swallows Allegedly Stolen Tiffany & Co. Jewelry The suspect allegedly stole almost $800,000 worth of diamond jewelry from a store in Orlando and then swallowed it during a traffic stop.
CollectionsMar 11, 2025
Marco Bicego Celebrates 25 Years With Collection, CampaignFounded in 2000, Marco Bicego is commemorating its milestone anniversary with a “25 Best” collection and campaigns honoring its heritage.
TechnologyMar 11, 2025
Hill & Co. Launches New B2B Buyer DatabaseThose attending the company’s upcoming Zoom workshop will receive early access to “The List,” its new resource for finding buyers.
Events & AwardsMar 11, 2025
JSA to Honor GIA Employee at Annual LuncheonThe organization will present an award to Amy-Elise Signeavsky, law enforcement and diamond recovery manager at GIA.
MajorsMar 10, 2025
Terry Chandler to Retire After 24 Years as Head of DCA Chandler started his jewelry career at Michelson Jewelers, joining the Diamond Council of America as president and CEO in 2001.
CollectionsMar 10, 2025
MaeVona Co-Founder Debuts 3D-Printed ‘Tùsaire’ CollectionScottish American designer Maeve Gillies collaborated with Platinum Guild International on jewelry created by direct metal 3D printing.
Events & AwardsMar 10, 2025
The Jewelry Symposium Announces 2025 Scholarship WinnersAhead of its trade show in May, TJS awarded free registration and accommodations to five up-and-coming jewelry industry professionals.
Events & AwardsMar 10, 2025
These Designers, Journalists, and Retailers Are Up for a Gem Award The 2025 Gem Awards are set to take place Friday at Cipriani 42nd Street in New York City.
MajorsMar 07, 2025
Jane Fonda, Mariska Hargitay Star in Pomellato’s IWD CampaignThe annual star-studded campaign for International Women’s Day encourages collective action against domestic violence.
