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

“Storied Diamond Desert Sands of Eternity” engagement ring and wedding band
SourcingOct 08, 2025
In ‘Storied Diamond,’ Jared Jewelers Is Emphasizing the Journey

The retailer’s new collection of engagement rings and fashion jewelry is set with natural diamonds that are traceable via blockchain.

Emily P. Wheeler Ombré Collection Campaign
CollectionsOct 08, 2025
Emily P. Wheeler Shifts Into Neutral for Latest ‘Ombré’ Collection

The champagne colorway in her newest “Ombré” collection combines white and trendy brown diamonds, a departure from her usual vibrant hues.

MRK x MFA Tsuba Charm Necklace Collection Campaign
CollectionsOct 08, 2025
Tsuba Designs Inspire Monica Rich Kosann’s New Charms

Kosann partnered with the Museum of Fine Arts, Boston, to create a set of necklaces inspired by the artwork on samurai sword handguards.

ja_fall_2024_by_headshot_stories_6824.jpg
Brought to you by
JA New York Fall Is Right Around the Corner

The upcoming show provides savvy retailers with the opportunity to stock their cases with best sellers in advance of the holiday season.

Stock image of a gavel and law books
CrimeOct 07, 2025
Men Who Posed as Utility Workers Found Guilty in Jeweler’s Murder

Carlos Jose Hernandez and Joshua Zuazo face life in prison for the October 2024 murder of 72-year-old Detroit-area jeweler Hussein Murray.

Weekly QuizOct 02, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Zoë Kravitz Wearing Jessica McCormack Tempest Sapphire Pendant and Tempest Diamond Necklace
CollectionsOct 07, 2025
Jessica McCormack Looks to Sea Spirits for ‘Tempest’ Collection

The brand’s first high jewelry collection, “Tempest” plays with movement while calling to mind the folklore of the sea.

Lightning Ridge Rural Fire Brigade
SourcingOct 07, 2025
Columbia Gem House Announces ‘Opals for Outback Heroes’ Fundraiser

Proceeds from its jewelry raffle will go to a volunteer-run fire and rescue group in the Lightning Ridge area of New South Wales, Australia.

gia-edu main image.png
Brought to you by
A Brilliant Future Is Here

Online education from GIA experts.

Stuller 2025 S.E.R.V.E. Star Awards winners
MajorsOct 07, 2025
Stuller Names Its S.E.R.V.E Stars for 2025

Stuller said the recipients embody the company’s core values, which include community participation and personal and professional growth.

All four models of Citizen’s new Rainell watch
WatchesOct 06, 2025
This Fall, Citizen’s Forecast Calls for Rain

Citizen’s new “Rainell” women’s watch has a raindrop-shaped case and is available with a silver-, gold-, purple-, or green-colored dial.

Mercedes Gleitze Rolex Oyster 1926
AuctionsOct 06, 2025
The ‘Rolex That Made Rolex’ Heads to Auction at Sotheby’s

The “Mercedes Gleitze Rolex Oyster,” named for the British endurance swimmer who made it famous, will go up for sale next month.

Amit Pratihari GIA India
GradingOct 06, 2025
GIA India Names Former De Beers Exec as New Managing Director

Amit Pratihari was previously the managing director of De Beers India and Forevermark India.

DCWC 2025 Board of Directors
SourcingOct 06, 2025
SoCal 24 Karat Club Integrates Into Diamond Club West Coast

Members of the Jewelers 24 Karat Club of Southern California will gain access to expanded services, resources, and connections, DCWC said.

Selena Gomez and Benny Blanco Wedding, Jacob & Co. Watch
TrendsOct 03, 2025
Selena Gomez, Benny Blanco Tie the Knot Wearing Diamonds, White Metals

Gomez’s jewelry included Tiffany & Co. drop-style earrings while Blanco stacked diamonds from Jacob & Co. on his wrist.

HRD Antwerp CEO Paul De Wachter
GradingOct 03, 2025
Grading Lab HRD Antwerp Names New CEO

Diamond industry banking veteran Paul De Wachter will take on the role in January 2026.

Taylor Swift Kallati sapphire ring
TrendsOct 03, 2025
Piece of the Week: Kallati’s Pink Sapphire Ring

Taylor Swift flaunts an Elizabeth Taylor-esque gemstone in promo for her new album, “The Life of a Showgirl.”

Boucheron Quatre Sand Collection
CollectionsOct 02, 2025
Boucheron Debuts Cuffs Crafted With 3D-Printed Sand

Its “Quantre Sand” capsule was made using a 3D sand printing technique borrowed from the automotive and aeronautics industries.

Stock image of crime scene tape
CrimeOct 02, 2025
$1M in Jewelry Stolen in Northern California Smash and Grab

Four individuals have been charged in the “takeover-style” robbery of Heller Jewelers last month, and additional charges are expected.

Neil Lane and Boucheron bow tie brooch
MajorsOct 02, 2025
Neil Lane Jewelry Exhibition Coming to Toledo Museum of Art

“Radiance and Reverie” will showcase more than 150 jewels from Lane’s personal collection by Tiffany & Co., Cartier, and more.

Just Jules opal necklace
TrendsOct 02, 2025
Amanda’s Style File: October’s Colorful Show

The month’s birthstones, tourmaline and opal, complement the palette of autumn.

Plah Black Swan Earrings
EditorsOct 01, 2025
Playing Favorites: The Best Jewelry From Vicenzaoro

Associate Editor Natalie Francisco visited Italy to spot jewelry trends at the September Vicenzaoro show and share her top finds.

People shopping in a mall
SurveysOct 01, 2025
Consumer Confidence Hits 5-Month Low in September

Respondents were concerned about job availability and rising prices.

Gemfields rough emeralds
SourcingOct 01, 2025
Gemfields’ H1 Revenue Falls 47%

Its latest interim financials revealed a challenging first half due in part to production troubles at its mines.

Pandora executives Alexander Lacik and Berta de Pablos-Barbier
MajorsSep 30, 2025
Pandora CEO to Retire in 2026, Hand Reins to CMO

Alexander Lacik has led Pandora since 2019. Berta de Pablos-Barbier will succeed him, the first woman to head the company.

Gavel near stacks of books
CrimeSep 30, 2025
2 Suspects Charged in $300K Sleight-of-Hand Jewelry Store Scam

Two men allegedly used counterfeit bills to purchase luxury watches and jewelry from a North Carolina jeweler.

Billie Eilish and Finneas O’Connell John Hardy Lovestruck Collection
CollectionsSep 30, 2025
Billie Eilish, Finneas Partner with John Hardy

The “Lovestruck” collection, designed with the Academy and Grammy award-winning siblings, is the brand’s first lab-grown diamond offering.

Spinelli Kilcollin Market Highland Park
IndependentsSep 30, 2025
Spinelli Kilcollin Announces Residency in Dallas

The brand, celebrating its 15th anniversary, has popped up at Market, a luxury fashion destination in Highland Park Village.

×

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