Columnists

On Data: The Top-Performing Jewelry Categories in 2023

ColumnistsJan 09, 2024

On Data: The Top-Performing Jewelry Categories in 2023

Sherry Smith breaks down the final results for the month of December as well as for the full year.

National Jeweler columnist Sherry Smith
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 performance of independent jewelers in December paints a picture of a nuanced market marked by distinct shifts across various product categories.

This period, traditionally pivotal for retailers, offers intriguing insights into consumer preferences and market dynamics.

Below is an in-depth analysis of these trends, providing a comprehensive snapshot of the industry’s performance during this key sales month.

Overall Trends
The independent channel experienced a marginal decline in sales in December, with gross sales falling by less than 1 percent.

Interestingly, while there was a 4 percent decrease in the number of units sold, the average retail sale increased by 3 percent.

Category Highlights
• Diamond earrings: Despite a 5 percent drop in sales compared with December 2022, they accounted for a significant 10 percent of the month’s total sales.

• Watches: Outperforming earrings, watches constituted 13 percent of December’s sales, showcasing resilience. They exhibited a 3 increase in gross sales and an impressive 7 percent rise in average retail sale, although there was a 4 percent decrease in units sold.

• Diamond bridal: This segment witnessed a 12 percent drop in gross sales and a 9 percent decrease in average retail sale, with a 4 percent decline in units sold.

• Diamond fashion jewelry: Results here were slightly more positive, with less than a 1 percent increase in gross sales and a 2 percent rise in average retail sale, despite a 2 percent decrease in units sold.

• Diamond bracelets: These were a December success story, with a 9 percent rise in gross sales, a 4 percent increase in units sold, and a 5 percent boost in average retail sale.

• Services: Repairs and custom jewelry increased 8 percent in gross sales and 13 percent in average retail sale despite a 4 percent decline in units sold.

Other Notable Shifts
• Gold fashion jewelry: This category exhibited a 4 percent growth in gross sales and a 5 percent increase in average retail sale, although there was a 1 percent decline in units sold. 

• Colored stone jewelry: There were mixed results here, with a 2 percent decrease in gross sales and 5 percent drop in units sold, but a 3 percent increase in average retail sale.

• Pearl jewelry: Pearls faced a 5 percent reduction in gross sales and a 10 percent decline in units sold yet saw a 5 percent rise in average retail sale.

• Sterling silver: This category had a tough month, with a 10 percent decrease in gross sales and an 11 percent fall in units sold, but a 1 percent increase in average retail sale.

 Related stories will be right here … 

Annual Overview
As we reflect on the year 2023, the independent jewelers’ journey through the past 12 months reveals a fascinating narrative of adaptation and resilience.

This annual review delves into the industry’s performance, marked by both challenges and triumphs.

In a year during which consumer habits and market dynamics continued to evolve post-pandemic, independent jewelers witnessed subtle shifts in demand across various categories.

From the steadfast allure of classic pieces to the rising popularity of certain trends, this analysis offers an overview of how independent jewelers navigated the complexities of a changing economic landscape and consumer preferences.

At the beginning of 2023 discussion varied, with some predicting a rise of up to 10 percent in sales and others advising caution with potential declines of 20-25 percent.

I was cautiously optimistic and predicted a decline, albeit only in the single digits, provided the independents continued to execute best practices.

In reality, the independent jeweler sector witnessed a mere 1 percent decrease in gross sales and a 2 percent decline in units sold in 2023, with average retail essentially holding steady.

Here’s a look at the full year’s performance on a category-by-category basis.

Diamond categories: These comprised 43 percent of the year’s total sales, slightly down from the usual 45-49 percent.

Bridal Jewelry Trends
• Diamond engagement rings: This key category experienced a downturn, with a 2 percent decrease in gross sales and a more significant 7 percent reduction in units sold, indicating shifting market dynamics in this traditional segment.

• Semi-mounts: This category also faced a decline, registering an 8 percent drop in gross sales and a 5 percent fall in units sold, reflecting changing consumer preferences.

• Loose diamonds (natural and lab-grown): This area of the business witnessed the most notable decrease, with a steep 16 percent decline in both gross sales and average retail sale, despite unit sales remaining steady. This trend highlights evolving attitudes towards different types of diamonds.

2023 Standouts
• Diamond bracelets: This category had notable success with a 5 percent increase in gross sales, coupled with a 4 percent rise in units sold and a 1 percent boost in average retail sale.

• Diamond necklaces: These demonstrated modest yet steady growth, achieving a 1 percent rise in both gross sales and average retail sale while maintaining stability in units sold.

• Fashion gold jewelry: The results here were promising, with a 1 percent uptick in gross sales. This growth underscores the renewed interest and surge in yellow gold’s popularity.

• Watches: Timepieces continued to be a robust category with an impressive 7 percent growth in both gross sales and average retail sale, overcoming a minor 1 percent decline in units sold.

• Colored stone bracelets: This category stood out with a significant 13 percent jump in gross sales, a 10 percent increase in units sold, and a 2 percent rise in average retail sale.

• Colored stone necklaces: This category wasn’t too far behind showing 9 percent growth in gross sales, a 5 percent rise in units sold, and a 4 percent increase in average retail sale.

• Sterling silver and alternative metals: The year brought mixed results for these metals. While most categories saw declines in gross sales and units sold, chains bucked the trend with a modest 1 percent increase in gross sales and a 4 percent rise in units sold.
Services

• Repair business: This category showed positive movement across all key performance indicators, albeit with slight increases.

• Custom jewelry: Although this category was strong in December, it experienced a yearly dip with a 3 percent decrease in gross sales and a 1 percent drop in both units sold and average retail sale.

Looking Ahead
While there were declines in some areas, the resilience and adaptability in others paint an optimistic picture for the future of independent jewelers.

While certain categories like diamond earrings and bridal jewelry faced downturns, others such as diamond bracelets, watches, and fashion gold jewelry showed notable growth. 

The mixed results across different segments reflect a dynamic market adapting to shifting consumer preferences and economic conditions.

The modest decline in overall sales, contrasted with the growth in average retail sale, suggests a market that is navigating through complex economic terrain successfully. It highlights the industry’s ability to retain value and customer interest even in less favorable conditions.

Looking forward, the independent jeweler’s ability to adapt and innovate will continue to be crucial. 

Embracing emerging trends, understanding consumer behavior, and focusing on high-performing categories can pave the way for sustained growth. 

The resilience shown in 2023 sets a foundation for cautious optimism as we step into the future, ready to meet new challenges and seize opportunities in the ever-evolving world of jewelry retail.

The Latest

Movado Connect 2.0 watches
FinancialsMay 30, 2025
Movado’s Q1 Sales Slip Amid ‘Challenging’ Retail Environment

The company plans to raise the prices of select watches to offset the impact of tariffs.

Zoë Chicco Bracelets
Policies & IssuesMay 30, 2025
Tariffs & Designers: Navigating Pricing in an Unstable Environment

Between tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.

Renato Cipullo Hematite Blaze Necklace
CollectionsMay 30, 2025
Piece of the Week: Renato Cipullo’s ‘Hematite Blaze’ Necklace

Designed by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.

Article Image 1.png
Brought to you by
Clienteling Isn’t a Buzzword. It’s an Essential Business Model.

More shoppers are walking out without buying. Here’s how smart jewelers can bring them back—and the tool they need to do it right.

Stock image of shipping containers
Policies & IssuesMay 30, 2025
Trade Court Declares Trump’s Tariffs Invalid

However, the tariffs remain in effect in the short term, as an appeals court has stayed the U.S. Court of International Trade’s decision.

Weekly QuizMay 30, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Britney Spears
CollectionsMay 29, 2025
Britney Spears Files Trademark for New Jewelry Line

The pop icon is one step closer to launching her “B Tiny” jewelry collection, a collection she first began posting about last fall.

Inoveo Platinum Grain image.jpg
Supplier BulletinMay 29, 2025
Inoveo Platinum Grain, Exclusively Distributed by Stuller

Sponsored by Stuller

antique_Vegas_2024_by_headshot_stories_9454.jpg
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the Globe

Gain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.

Grizzly Mining Pilala emerald
SourcingMay 29, 2025
Grizzly Auctions 6,620-Carat Emerald

It was featured in the miner’s latest sale, which brought in $24.8 million.

GemFind Logo
TechnologyMay 29, 2025
GemFind Launches AI Product Description Software

GemText AI uses artificial intelligence to generate tailored product titles, descriptions, and tags with jewelry-specific language.

Graff Fontainebleau Las Vegas
MajorsMay 28, 2025
Graff Unveils New Las Vegas Flagship

The 3,300-square foot location is the jeweler's largest store in North America.

Kim Kardashian
CrimeMay 28, 2025
8 Convicted in Kim Kardashian Jewelry Heist Trial

Aging and with myriad health issues, none will serve time for their roles in robbing the billionaire celebrity at gunpoint in 2016.

New York Liberty 2024 WNBA Championship Ring
CollectionsMay 28, 2025
NY Liberty’s 2024 Championship Rings Honor Historic Win

The WNBA team received rings imbued with meaning, from leaf motifs and its Liberty torch to the number of diamonds used.

Jewelers Board of Trade logo
MajorsMay 28, 2025
Andrew Rickard Named JBT President

A longtime executive at RDI Diamonds, Rickard has served on the JBT board for the past five years.

Logos for Manufacturing Jewelers & Suppliers of America and Jewelers of America
MajorsMay 27, 2025
MJSA to Become Part of Jewelers of America

The two organizations have signed an affiliation agreement that’s expected to be finalized in the coming weeks.

Al Capone Pocket Watch
AuctionsMay 27, 2025
Al Capone’s Patek Philippe Pocket Watch Back Up for Auction

The platinum and diamond watch is part of Sotheby’s upcoming Important Watches sale.

Kat Florence Lumina
AuctionsMay 27, 2025
182-Carat Paraíba-Type Tourmaline Sells for $487K

Recovered in Mozambique, “The Kat Florence Lumina” was part of Bonhams’ Hong Kong jewelry auction held last week.

Mark Henry Gumdrop Bypass Ring
TrendsMay 27, 2025
Amanda’s Style File: Candy-Colored Gemstones

Get a taste of the delicious candy-like gemstones in this Amanda’s Style File.

Stock image of police cars with their lights on
CrimeMay 23, 2025
JSA Shares Holiday Weekend Security Tips Amid Spike in Burglaries

JSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.

Bliss Lau Bright Ring
CollectionsMay 23, 2025
Piece of the Week: Bliss Lau’s ‘Bright’ Ring

From Lau’s “Love of a Kind” series, the engagement ring was inspired by the moon and holds a different meaning depending on how it is worn.

GIA pearl report
GradingMay 23, 2025
GIA Updates Pearl Classification System

The lab has adjusted the scale it uses for nacre grading.

GCALbySarine Diamond Journey Certificate_1872x1052.jpg
Supplier BulletinMay 22, 2025
How to Put Natural Diamonds Back in the Spotlight

Sponsored by GCAL by Sarine

The late West Virginia jeweler David Ettinger
CrimeMay 22, 2025
NY Jeweler Sentenced in Shoving Death of Colleague at IJO Show

David Walton will serve three years’ probation after an incident in a hotel bar led to the death of West Virginia jeweler David Ettinger.

Watches of Switzerland store in Mall of America
FinancialsMay 22, 2025
Watches of Switzerland’s Full-Year U.S. Sales Climb 14%

The retailer also provided an update on how the tariffs situation in the U.S. is affecting its business.

Jorge Adeler, Wendy Adeler, Valentina Adeler
IndependentsMay 22, 2025
Adeler Jewelers Celebrates 50 Years

The family-owned jeweler in Great Falls, Virginia, will be celebrating its golden jubilee with a year’s worth of events.

Jose Hess Design Awards 2025 Trophy
Events & AwardsMay 22, 2025
Jose Hess Design Awards Announce Judges

The nonprofit elected five judges who will decide the winners of its design competition.

MJSA 2025-2026 Buyer’s Guide
MajorsMay 22, 2025
MJSA Releases 2025-2026 Buyer’s Guide

This year’s edition includes articles on the favorite tools of notable designers, evaluating when to outsource production, and more.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy