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.
Editors' Picks
Sponsored by
More on Columnists
The Latest
AuctionsSep 14, 2026
22 Carats of ‘Sunshine’ Are Up for AuctionThe 22.09-carat fancy yellow “Pragnell Kimberley Sunshine Diamond” is part of the fall jewelry sale at Heritage Auctions.
IndependentsSep 14, 2026
Greenwich St. Jewelers to Unveil Photography Exhibition“Adornos: Jewelry, Memory & What We Pass Down” honors the jewelry’s importance to New York City’s Latine communities.
SourcingSep 14, 2026
Gemfields Sells All Lots at First Emerald Auction in 9 MonthsThe company’s managing director of sales said the results demonstrate “continued strong demand for commercial-quality emeralds.”
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
SourcingSep 14, 2026
Diamonds Do Good Pledges Support for Eye Care ProgramThe nonprofit awarded a grant to the Gift of Sight initiative spearheaded by South African musician Black Coffee.
Weekly QuizSep 10, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsSep 11, 2026
A Sapphire ‘Stardust’ Ring From Greenwich St. Jewelers The Latine-owned New York jeweler is marking two milestones this year: its 50th anniversary and the 25th anniversary of the 9/11 attacks.
MajorsSep 11, 2026
The Wishing Place by JTV OpensThe jewelry retail broadcast network has sponsored a new space for Make-A-Wish East Tennessee on its campus in Knoxville.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
Events & AwardsSep 11, 2026
The Edge Awards Scholarships to 2 Young Jewelry ProfessionalsThe recipients were recognized at the 24 Karat Club of the Southeastern United States’ annual banquet.
MajorsSep 10, 2026
Lagos Founder Steven Lagos Steps Down as CEO Keith Rolfe, CFO and COO of Lagos, is now at the jewelry brand’s helm while Steven takes on the role of executive chairman.
CrimeSep 10, 2026
FBI Offers $50K Reward for ‘Most Wanted’ Fugitive in $1M Jewelry HeistAlberto Perez-Elias is one of four men charged in the armed robbery of a Cape Coral, Florida, jewelry store and remains at large.
AuctionsSep 10, 2026
Massive Matched Pair of Paraíba Tourmalines Head to Sotheby’sThe “Kat Florence Luminas” will be offered together as one lot and could fetch up to $637,000.
SourcingSep 10, 2026
AGTA Announces 4 Newly Elected DirectorsFour directors were elected to the AGTA board and will serve three-year terms beginning in February.
AuctionsSep 10, 2026
Former Sotheby’s, Christie’s Exec Appointed CEO of Julien’s Auctions Ken Citron joins the celebrity memorabilia-focused auction house ahead of its first week-long series of events in Abu Dhabi.
FinancialsSep 09, 2026
Signet Jewelers to ‘Double Down’ on Blue Nile Amid Strong SalesThe jewelry retailer said it sees opportunity at higher price points, particularly in natural diamonds for bridal and fashion.
IndependentsSep 09, 2026
Sarah Leonard Fine Jewelers Closes After Nearly 80 YearsThe Los Angeles-based, family-owned jeweler was founded by Lenny and Sunny Friedman in 1946.
SourcingSep 09, 2026
Fura Gems Notes ‘Remarkable’ Interest in Larger Rubies at Latest SaleThe auction, held in Bangkok, was 96 percent sold by lot, with nearly 411,000 carats of Mozambiquan rubies sold.
MajorsSep 09, 2026
Stuller’s Latest Catalog Includes Its New Demi-Fine CollectionFine Jewelry 2027-2028 has more than 900 new styles, including silver, gold-filled, gold-plated sterling silver, and vermeil jewelry.
Policies & IssuesSep 09, 2026
8 Key Changes the FTC Made to the Jewelry Guides: A Refresher Learn more about the new terms for lab-grown diamonds and composite gemstones, and the major changes in store for precious metals jewelry.
IndependentsSep 08, 2026
Ricky Bromberg, Longtime President of Bromberg & Co., Dies at 67 Bromberg is remembered as a Southern gentleman who always wore a suit and tie and treated others with kindness.
TrendsSep 08, 2026
Amanda’s Style File: A Hot Take on September’s Birthstone With high durability and a wide range of colors to choose from, sapphires may be the ultimate birthstone, Gizzi claims.
MajorsSep 08, 2026
Former Tiffany & Co. Exec Joins Exemplar Luxury GroupGretchen Koback Pursel is the new chief people officer at the company formerly known as Saks Global.
IndependentsSep 04, 2026
Orloff Jewelers Will Soon Unveil a Bigger, Better LocationThe California jeweler is renovating its store in Fresno, with plans to show off the new space in December.
CollectionsSep 04, 2026
Chelsea Gabrielle Transforms Pilates Reformer Springs Into Ring A lifelong practitioner of Pilates, Gabrielle looked to the springs’ tension and suspension when creating this ring, our Piece of the Week.
Events & AwardsSep 04, 2026
JCK Industry Fund Accepting 2027 ApplicationsThe deadline to apply is Nov. 13.
AuctionsSep 04, 2026
Christie's Names New Global Head of WatchesThe auction house has promoted Remi Guillemin, formerly its head of watches for the Americas and EMEA, to the role.
EditorsSep 03, 2026
Q&A: Simon G.’s CEO on Why He Won’t Use AI for Jewelry DesignZaven Ghanimian discussed the value of human craftsmanship and where the implementation of artificial intelligence does work.
