ColumnistsFeb 20, 2024
Squirrel Spotting: Life After Rolex ColumnistsFeb 21, 2024
On Data: January Was a ‘Mixed Bag’ for Independent Jewelers
Sherry Smith dishes on the month’s highs and lows and the two categories consumers were loving ahead of Valentine’s Day.
Sherry Smith is the director of business development at Edge Retail Academy, the leading jewelry business consulting and data aggregation firm. She can be reached at sherry@edgeretailacademy.com.
As we step into 2024, the jewelry industry stands at a pivotal junction, reflecting on the years gone by while keenly anticipating what lies ahead.
Following a landmark year in 2021, independent jewelry retailers faced the daunting task of navigating through the murky waters of economic uncertainty, supply chain dilemmas, and the ever-rising cost of living.
The annual goal-setting call, a tradition for many businesses, became a forum for voicing concerns and speculating about the industry’s future amid such turbulence.
Yet, as we revisited these conversations at the onset of 2023 and now in 2024, a pattern of cautious optimism has emerged, driven by the easing of global recession fears, slightly lower interest rates, consistently low unemployment rates, and a budding rise in consumer confidence.
So, what has this meant for retail so far in 2024? For independent jewelers, January was a mixed bag.
Despite a 5 percent dip in number of units sold, a robust 6 percent increase in the average retail sales value buoyed gross sales by 1 percent.
This nuanced performance prompts a deeper inquiry into the decline in units sold, a trend that predates the pandemic and possibly is linked to the normalization of marriage rates post-2021/2022’s “overcorrection” and the diversification of consumer spending.
The strategic shift towards higher-priced items appears to be a silver lining, enabling jewelers to sustain, if not surpass, the sales highs of previous years.
The diamond sector, often regarded as the industry’s heartbeat, experienced its own set of fluctuations in January.
The month saw a slight contraction of 3 percent in units sold, yet an uptick of 4 percent in average sale prices ensured modest gross sales growth of 1 percent.
Notably, the diamond bridal segment—which encompasses complete diamond engagement rings, semi-mounts, loose diamonds, and diamond wedding bands—sparkled, with a promising 2 percent increase in units sold and a 1 percent increase in gross sales, possibly signaling a refreshed consumer interest in both natural and lab-grown diamonds.
Engagement rings, specifically, and diamond bracelets outshone other segments of the diamond sector, recording significant growth in gross sales, 14 percent and 15 percent respectively, a testament to their timeless appeal.
Unfortunately, the month wasn’t as promising for all categories.
Related stories will be right here …
Following a landmark year in 2021, independent jewelry retailers faced the daunting task of navigating through the murky waters of economic uncertainty, supply chain dilemmas, and the ever-rising cost of living.
The annual goal-setting call, a tradition for many businesses, became a forum for voicing concerns and speculating about the industry’s future amid such turbulence.
Yet, as we revisited these conversations at the onset of 2023 and now in 2024, a pattern of cautious optimism has emerged, driven by the easing of global recession fears, slightly lower interest rates, consistently low unemployment rates, and a budding rise in consumer confidence.
So, what has this meant for retail so far in 2024? For independent jewelers, January was a mixed bag.
Despite a 5 percent dip in number of units sold, a robust 6 percent increase in the average retail sales value buoyed gross sales by 1 percent.
This nuanced performance prompts a deeper inquiry into the decline in units sold, a trend that predates the pandemic and possibly is linked to the normalization of marriage rates post-2021/2022’s “overcorrection” and the diversification of consumer spending.
The strategic shift towards higher-priced items appears to be a silver lining, enabling jewelers to sustain, if not surpass, the sales highs of previous years.
The diamond sector, often regarded as the industry’s heartbeat, experienced its own set of fluctuations in January.
The month saw a slight contraction of 3 percent in units sold, yet an uptick of 4 percent in average sale prices ensured modest gross sales growth of 1 percent.
Notably, the diamond bridal segment—which encompasses complete diamond engagement rings, semi-mounts, loose diamonds, and diamond wedding bands—sparkled, with a promising 2 percent increase in units sold and a 1 percent increase in gross sales, possibly signaling a refreshed consumer interest in both natural and lab-grown diamonds.
Engagement rings, specifically, and diamond bracelets outshone other segments of the diamond sector, recording significant growth in gross sales, 14 percent and 15 percent respectively, a testament to their timeless appeal.
Unfortunately, the month wasn’t as promising for all categories.
Gross sales of loose diamonds declined 7 percent in January while units sold increased 6 percent. Average retail sale was down 12 percent.
Pearl jewelry also faced hurdles, although some retailers managed to offset the decline in units sold with a higher average sale price, resulting in a 1 percent increase in gross sales.
Both colored stone and sterling silver jewelry struggled to maintain their ground, challenged by shifts in consumer preference and spending priorities.
The market for precious metals jewelry (platinum or gold, no stones), meanwhile, remained relatively unchanged in January, with a 4 percent decrease in unit sales counterbalanced by a 4 percent increase in the average retail price.
Precious metal fashion rings emerged as a standout category, exhibiting a remarkable 27 percent surge in sales. This was accompanied by 8 percent growth in units sold and an impressive 18 percent rise in the average retail price, highlighting their growing popularity and value in the market.
Watch sales experienced a modest 1 percent increase in gross sales, with the 9 percent rise in average retail prices offsetting the 7 percent decline in number of units sold.
Custom jewelry took center stage, with a remarkable 86 percent surge in sales and a 95 percent jump in average retail price.
Overall, service revenue grew 42 percent despite a 5 percent dip in units sold.
The early weeks of February, crucial for Valentine’s Day sales, mirrored January’s trends to some extent but also offered glimpses of resilience within the diamond bridal and precious metals jewelry categories.
Despite a general downtrend in gifting jewelry for Valentine’s Day, independent jewelers managed to hold the line, with sales down less than 1 percent, unit sales down 4 percent, and average retail sale increasing 3 percent, illustrating the industry’s adaptability and enduring charm.
In a positive shift from recent trends, both gross sales and average retail price increased 3 percent for the diamond bridal category, while the volume of units sold remained steady.
The diamond fashion sector, however, experienced a downturn across all major performance metrics, with sales falling 9 percent, units sold decreasing 6 percent, and the average retail sale dipping 3 percent.
In contrast, colored stone jewelry sales remained stable in the early weeks of February, with a 7 percent increase in average retail price offsetting a 7 percent decline in the number of units sold.
Pearl jewelry faced a significant challenge, with gross sales dropping 11 percent, unit sales down 4 percent, and average retail price declining 7 percent.
On a brighter note, precious metals jewelry saw a modest uptick of 2 percent in gross sales and a 4 percent increase in average retail price despite a 2 percent decline in unit sales.
Sterling silver jewelry had mixed results, with a 3 percent rise in average retail price not enough to counteract an 11 percent decrease in unit sales and a 9 percent drop in gross sales.
While independent jewelers’ results were mixed in the weeks leading up to Feb. 14, there were two categories that consumers showed major love for—watches and services.
The watch category demonstrated impressive growth across the board, with a remarkable 27 percent increase in gross sales, a 1 percent uptick in unit sales, and a substantial 20 percent rise in average retail price.
Demand for services surged with a 27 percent increase in gross sales and an even more impressive 36 percent jump in average retail sales, although this was tempered somewhat by a 6 percent decline in unit sales.
“The jewelry industry’s resilience and adaptability are its greatest assets. Independent jewelers, in particular, are poised to thrive.” — Sherry Smith
Upon reflecting on these developments, it’s evident the jewelry industry’s journey through 2024 will be not only about overcoming challenges but also seizing the opportunities that come with changing consumer behaviors, preferences, and values.
Independent jewelers, with their unique position at the intersection of tradition and innovation, are well-equipped to navigate this landscape.
As we look ahead, the jewelry industry’s resilience and adaptability are its greatest assets.
Independent jewelers, in particular, are poised to thrive, drawing on their deep understanding of consumer desires and their ability to craft meaningful, memorable experiences.
The road ahead may be fraught with uncertainties but the industry’s collective spirit and dedication to excellence undoubtedly will pave the way for a future as brilliant as the gems it cherishes.
More on Columnists
The Latest
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.
Policies & IssuesMay 30, 2025
Tariffs & Designers: Navigating Pricing in an Unstable EnvironmentBetween tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.
CollectionsMay 30, 2025
Piece of the Week: Renato Cipullo’s ‘Hematite Blaze’ NecklaceDesigned by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.
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.
Policies & IssuesMay 30, 2025
Trade Court Declares Trump’s Tariffs InvalidHowever, 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 QuizTest your jewelry news knowledge by answering these questions.
CollectionsMay 29, 2025
Britney Spears Files Trademark for New Jewelry LineThe pop icon is one step closer to launching her “B Tiny” jewelry collection, a collection she first began posting about last fall.
Supplier BulletinMay 29, 2025
Inoveo Platinum Grain, Exclusively Distributed by StullerSponsored by Stuller
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
SourcingMay 29, 2025
Grizzly Auctions 6,620-Carat EmeraldIt was featured in the miner’s latest sale, which brought in $24.8 million.
TechnologyMay 29, 2025
GemFind Launches AI Product Description SoftwareGemText AI uses artificial intelligence to generate tailored product titles, descriptions, and tags with jewelry-specific language.
MajorsMay 28, 2025
Graff Unveils New Las Vegas FlagshipThe 3,300-square foot location is the jeweler's largest store in North America.
CrimeMay 28, 2025
8 Convicted in Kim Kardashian Jewelry Heist TrialAging and with myriad health issues, none will serve time for their roles in robbing the billionaire celebrity at gunpoint in 2016.
CollectionsMay 28, 2025
NY Liberty’s 2024 Championship Rings Honor Historic WinThe WNBA team received rings imbued with meaning, from leaf motifs and its Liberty torch to the number of diamonds used.
MajorsMay 28, 2025
Andrew Rickard Named JBT PresidentA longtime executive at RDI Diamonds, Rickard has served on the JBT board for the past five years.
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.
AuctionsMay 27, 2025
Al Capone’s Patek Philippe Pocket Watch Back Up for AuctionThe platinum and diamond watch is part of Sotheby’s upcoming Important Watches sale.
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.
TrendsMay 27, 2025
Amanda’s Style File: Candy-Colored GemstonesGet a taste of the delicious candy-like gemstones in this Amanda’s Style File.
CrimeMay 23, 2025
JSA Shares Holiday Weekend Security Tips Amid Spike in BurglariesJSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.
CollectionsMay 23, 2025
Piece of the Week: Bliss Lau’s ‘Bright’ RingFrom 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.
GradingMay 23, 2025
GIA Updates Pearl Classification SystemThe lab has adjusted the scale it uses for nacre grading.
Supplier BulletinMay 22, 2025
How to Put Natural Diamonds Back in the SpotlightSponsored by GCAL by Sarine
CrimeMay 22, 2025
NY Jeweler Sentenced in Shoving Death of Colleague at IJO ShowDavid Walton will serve three years’ probation after an incident in a hotel bar led to the death of West Virginia jeweler David Ettinger.
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.
IndependentsMay 22, 2025
Adeler Jewelers Celebrates 50 YearsThe family-owned jeweler in Great Falls, Virginia, will be celebrating its golden jubilee with a year’s worth of events.
Events & AwardsMay 22, 2025
Jose Hess Design Awards Announce JudgesThe nonprofit elected five judges who will decide the winners of its design competition.
MajorsMay 22, 2025
MJSA Releases 2025-2026 Buyer’s GuideThis year’s edition includes articles on the favorite tools of notable designers, evaluating when to outsource production, and more.
