ColumnistsDec 21, 2023
On Data: Subdued Sales in the Second Week of December ColumnistsDec 28, 2023
On Data: In December, A Tale of Two Markets
The first 21 days of the month revealed surprising shifts in consumer behavior, Sherry Smith says.
Sherry Smith is director of business development for data and consulting company The Edge Retail Academy. She can be reached at sherry@edgeretailacademy.com.
Scratch the surface of holiday sparkle, and you’ll find a tale of two markets: stability in total sales for independent jewelers but surprising shifts in consumer preferences.
This report dissects these trends, arming you with insights to navigate the changing market and maximize your holiday sparkle.
Dive deeper and discover which categories are cooling off while others bask in the holiday spotlight.
Overall, total gross sales for independent jeweler were steady in the first 21 days of December.
However, a subtle 5 percent decrease in unit sales coupled with an average retail sale of $590 suggests a cautious consumer approach.
The diamond categories (including sales of both natural and lab-grown stones) continued their downward trajectory, with a 5 percent decrease in gross sales and a 4 percent fall in unit sales, yet they boasted a robust average retail sale of $2,184.
Sales of bridal jewelry, traditionally seen as a bellwether for broader market trends, notably reflected this cautious sentiment. Gross sales fell 12 percent and there was a 5 percent decline in units sold.
This downturn may be attributed to the number of engagements normalizing to pre-COVID levels, suggesting a shift back to traditional buying patterns rather than a decrease in overall market health.
Conversely, the diamond fashion segments showed resilience with a slight 1 percent uptick in gross sales, though unit sales dipped by 3 percent, achieving an average retail sale of $1,862.
The colored stone and pearl categories also felt the market’s shifts, with gross sales down a little more than 2 percent and unit sales decreasing 8 percent, yet they maintained a commendable average retail sale of $943.
The gold jewelry category was a mixed bag, with a 3 percent increase in gross sales counterbalanced by a 2 percent decrease in unit sales, and an average retail price of $523.
Watches, while experiencing a 5 percent decrease in units sold, defied the trend with a 12 percent increase in gross sales thanks to a strong average retail sale.
In contrast, sterling silver and alternative metals faced a more challenging environment, with both gross sales and units sold down by 12 percent.
Repair and custom services, however, were a bright spot, with gross sales increasing 7 percent despite a 3 percent decline in units sold.
Lastly, giftware faced a downturn, with a 4 percent decrease in gross sales and a more pronounced 10 percent decrease in units sold.
Related stories will be right here …
This report dissects these trends, arming you with insights to navigate the changing market and maximize your holiday sparkle.
Dive deeper and discover which categories are cooling off while others bask in the holiday spotlight.
Overall, total gross sales for independent jeweler were steady in the first 21 days of December.
However, a subtle 5 percent decrease in unit sales coupled with an average retail sale of $590 suggests a cautious consumer approach.
The diamond categories (including sales of both natural and lab-grown stones) continued their downward trajectory, with a 5 percent decrease in gross sales and a 4 percent fall in unit sales, yet they boasted a robust average retail sale of $2,184.
Sales of bridal jewelry, traditionally seen as a bellwether for broader market trends, notably reflected this cautious sentiment. Gross sales fell 12 percent and there was a 5 percent decline in units sold.
This downturn may be attributed to the number of engagements normalizing to pre-COVID levels, suggesting a shift back to traditional buying patterns rather than a decrease in overall market health.
Conversely, the diamond fashion segments showed resilience with a slight 1 percent uptick in gross sales, though unit sales dipped by 3 percent, achieving an average retail sale of $1,862.
The colored stone and pearl categories also felt the market’s shifts, with gross sales down a little more than 2 percent and unit sales decreasing 8 percent, yet they maintained a commendable average retail sale of $943.
The gold jewelry category was a mixed bag, with a 3 percent increase in gross sales counterbalanced by a 2 percent decrease in unit sales, and an average retail price of $523.
Watches, while experiencing a 5 percent decrease in units sold, defied the trend with a 12 percent increase in gross sales thanks to a strong average retail sale.
In contrast, sterling silver and alternative metals faced a more challenging environment, with both gross sales and units sold down by 12 percent.
Repair and custom services, however, were a bright spot, with gross sales increasing 7 percent despite a 3 percent decline in units sold.
Lastly, giftware faced a downturn, with a 4 percent decrease in gross sales and a more pronounced 10 percent decrease in units sold.
In conclusion, the first three weeks of December are evidence of a complex landscape for independent jewelers, marked by steadfast gross sales yet underlined by shifts in consumer buying behavior.
As we move forward, understanding these nuanced changes will be crucial in strategizing for the upcoming year.
It’s imperative to adapt to the evolving market, focusing on areas of growth and addressing the segments showing decline.
With a strategic approach and an eye on market trends, the independent jeweler can navigate these fluctuations and position themselves for sustained success in the future.
Keep an eye out for my next column, where I will provide a comprehensive performance analysis for the entire month of December.
Don’t miss this dive into the insights that will influence our strategies and understanding of the market as we head into 2024.
More on Columnists
The Latest
Events & AwardsMay 22, 2026
Instore Buys JA New York ShowThe deal closed this week, which means Instore will produce the JA NY show slated to take place this fall.
FinancialsMay 22, 2026
Richemont’s Jewelry Brands Lead the Charge in Q4The company’s jewelry sales were up in Q4 and the fiscal year, with Richemont raising prices in part because of the cost of gold.
CollectionsMay 22, 2026
Leigh Maxwell Celebrates 5 Years at Couture With ‘Bauble’ CollectionThe “Bauble” capsule collection of colorful one-of-a-kinds includes our Piece of the Week, the “Bauble” earrings, featuring rose zircon.
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in VegasAs gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.
MajorsMay 22, 2026
Stuller’s New Packaging, Display Catalog Is Out The updated catalog has a newly dedicated section for gift wrapping.
Weekly QuizMay 21, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
PodcastsMay 21, 2026
Episode 5: Sotheby’s Frank Everett Puts the Auction Market in PerspectiveEverett covers colored stones’ surging popularity, the mellow return of the “Mellon Blue,” and his “The Devil Wears Prada” doppelgänger.
IndependentsMay 21, 2026
Springer’s Jewelers’ New Flagship Will Serve Next-Gen Luxury ShoppersFourth-generation CEO Lilly Mullen wants to emphasize experience, connection, and personalized service.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
Events & AwardsMay 21, 2026
JA Announces Nina Pugliese Memorial ScholarshipThe new award, created in partnership with Henne Jewelers, honors the late designer’s legacy through supporting jewelry education.
SourcingMay 21, 2026
Botswana, Angola Join WFDBThe addition of the diamond-producing countries as nation affiliated members broadens the federation’s global representation, WFDB said.
CrimeMay 20, 2026
NYPD Warns of Jewelry Swap Scams Targeting SeniorsThe NYPD is warning elderly New Yorkers to keep their jewelry hidden when walking outside to avoid being a target.
IndependentsMay 20, 2026
Adornment & Theory’s New Store Feels Like Home Designer Viviana Langhoff has realized her dream of owning a space for her Chicago jewelry store that looks and feels like her brand.
Events & AwardsMay 20, 2026
Here Is Couture’s 2026 Education Lineup The sessions will run from Friday, May 29, to Sunday, May 31, with one being a live taping of an episode of Couture’s podcast.
Lab-GrownMay 20, 2026
Savannah Friedkin Jewelry Names New CEOFormer Stephanie Gottlieb Fine Jewelry executive Morgan P. Richardson is joining the lab-grown diamond jewelry brand.
WatchesMay 19, 2026
Here’s the AP x Swatch Pocket Watch That Caused PandemoniumThe $400 pocket watch is a blend of Audemars Piguet’s iconic eight-sided Royal Oak and Swatch’s unserious Pop watches from the ‘80s.
CollectionsMay 19, 2026
Chris Ploof’s New Collection Makes an Ancient Metal ModernWith gold prices on the rise, the “Modern Electrum” collection uses an alternative, non-tarnishing metal alloy composed of gold and silver.
IndependentsMay 19, 2026
Ellen and Michael Fruchtman Retire, Sell Marketing Agency Fruchtman Marketing has new owners, Erin Moyer-Carballea and Manuel Carballea, and will relocate to Miami.
CollectionsMay 18, 2026
Foundrae’s New Collection Taps Into JoyThe “Limitless Expansion of Joy and Hope” collection evokes summer through colored gemstones and motifs of butterflies and florals.
CollectionsMay 18, 2026
Hancocks London Acquires Historic ‘Inchiquin’ EmeraldThe jewel, circa 1890, is from the late Victorian era and was owned by descendants of the last high king of Ireland.
Events & AwardsMay 18, 2026
Here Are the 2026 JCK Industry Fund Grant Recipients This is what the nine recipients plan to do with the funds.
AuctionsMay 15, 2026
American Collector Ponies Up Almost $17K for John Wayne’s RingThe Western star’s 14-karat gold signet ring sold for six times its low estimate following a bidding war at U.K. auction house Elmwood’s.
Events & AwardsMay 15, 2026
JA, MJSA To Sponsor Roundtable at TJSThe discussion, "Rebuilding the Jewelry Workforce," will take place on Saturday, May 16, in Troy, Michigan.
SourcingMay 15, 2026
State of Diamonds: The Way Forward for Natural DiamondsThe jewelry industry is reassessing its positioning as Gen Z reshapes the retail landscape and lab grown continues to gain market share.
AuctionsMay 14, 2026
White Diamonds Lead Sotheby’s Auction, Blue Diamond Does Not SellA matching pair of 18.38-carat, D-color diamonds from Botswana’s Jwaneng mine sold for $3.3 million, the top lot of the jewelry auction.
Supplier BulletinMay 14, 2026
A Diamond Is Forever Continues Desert Diamonds – Bridal ReinvigoratedSponsored by A Diamond Is Forever
SourcingMay 14, 2026
State of Colored Stones: The Spirit of Young American Gemstone CuttersThe next generation of lapidarists are entrepreneurial, engaged online, and see the craft as a means for artistic expression.
AuctionsMay 14, 2026
‘Ocean Dream’ Makes Waves at Christie’s, Fetching $17MIt was the second auction appearance for the fancy vivid blue-green diamond, which sold for $7.8 million at Christie’s Geneva 12 years ago.
