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

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.

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.

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

Sponsored by GCAL by Sarine

Weekly QuizMay 22, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
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.

Supplier Spotlight -Recorded-Webinar.png
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest Addition

Supplier Spotlight Sponsored by GIA

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.

Bulgari Invisible Violet Necklace and Rainbow Flow Necklace
CollectionsMay 21, 2025
Bulgari Highlights Its Colorful Past in Phenomenal ‘Polychroma’ Collection

The jeweler’s high jewelry collection features extraordinary gemstones, like a 241.06-carat emerald and the world’s fourth-largest spinel.

Beyoncé bolo tie necklace
MajorsMay 21, 2025
Beyoncé Dons Brilliant Earth Necklace During Cowboy Carter Tour

The bolo tie necklace is inspired by “Queen Bey” and set with a nearly 15-carat black diamond.

Gem Legacy logo
SourcingMay 21, 2025
Gem Legacy Expands Advisory Council

The nonprofit focused on mining communities in East Africa has added three new members to its advisory council.

Annie Doresca
MajorsMay 20, 2025
Annie Doresca to Lead DCA as New CEO, President

Current Diamond Council of America President and CEO Terry Chandler is set to retire in January 2026.

QVC Group logo
FinancialsMay 20, 2025
QVC Group to Voluntarily Delist from Nasdaq

The company's Series A shares will continue to trade following a reverse stock split while its Series B shares will be delisted.

Luis Morais Miami Beach Flagship Interior
IndependentsMay 20, 2025
Luis Morais Opens Flagship, Launches Collection Celebrating 25 Years

The “Inner Journey” collection debuted as the brand celebrated its 25th anniversary, with designs inspired by Morais’ journey.

Exterior of Tanishq Santa Clara Storefront
MajorsMay 20, 2025
Tanishq Opens Seventh U.S. Store

Tanishq is expanding its presence in the United States with a new store in Santa Clara, California, which is its largest in the country.

New Cartier store at Los Angeles airport
FinancialsMay 19, 2025
Jewelry Sales a Standout for Richemont in 2024

Sales for Richemont’s four jewelry brands increased 8 percent, while watch sales picked up toward the end of the year.

Instappraise and NAJA logos
Events & AwardsMay 19, 2025
NAJA Opens Scholarship Applications for 2025

Two scholarships are available, one for new and non-members and another for NAJA certified members.

Day’s Jeweler’s Tuscan Village Location Painting
IndependentsMay 19, 2025
Day’s Jewelers to Open Ninth Location

The retailer’s new flagship is set to open in October at the Tuscan Village development in Salem, New Hampshire.

Gemfields emeralds, rubies, sapphires
SourcingMay 19, 2025
State of Colored Stones: The Big Three in the Modern World

Sapphires, emeralds, and rubies are finding their place in a U.S. market captivated by the gemstones once referred to as “semi-precious.”

Saks on Amazon flagship window
MajorsMay 16, 2025
Saks Fifth Avenue, Amazon Partner on Luxury Online Storefront

Plus, parent company Saks Global announces plans to cut ties with up to 600 vendors.

Graphic for My Next Question webinar with guest Peter Smith
Recorded WebinarsMay 16, 2025
Watch: Physical Retail Is Not Dead

Peter Smith joined Michelle Graff to chat about the state of brick-and-mortar stores and share a few book and podcast recommendations.

Tejen Candy Bowl Torque Necklace
CollectionsMay 16, 2025
Piece of the Week: Tejen’s ‘Candy Bowl’ Torque Necklace

The necklace features a candy-colored Australian white opal in 18-karat Fairmined gold, as the brand was named a Fairmined ambassador.

1 Camilla Dietz Bergeron.jpg
Supplier BulletinMay 15, 2025
Treasure Hunting at the Las Vegas Antique Jewelry and Watch Show

Sponsored by the Las Vegas Antique Jewelry and Watch Show

The Mediterranean Blue diamond
AuctionsMay 15, 2025
'The Mediterranean Blue' Diamond Sells for $21M at Sotheby’s

A private American collector purchased the 10-carat fancy vivid blue diamond.

×

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