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.
Editors' Picks
Sponsored by
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
CollectionsAug 28, 2026
Dolly Parton Would Have Loved This Butterfly Necklace This Buddha Mama butterfly is our Piece of the Week honoring the legend, who embraced the beautiful insect as her symbol.
SourcingAug 28, 2026
Gareth Penny to Give Opening Speech at CIBJO Centenary CongressThe former De Beers CEO, and perhaps its next owner, will be a featured speaker at the event, slated for Sept. 4-7 in Italy.
IndependentsAug 28, 2026
Day’s Jewelers Honored With 3 Workplace AwardsThe employee-owned jeweler was named a “Best Place to Work” in Maine, New Hampshire, and for women.
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.
CollectionsAug 27, 2026
Pandora Expands ‘Talisman’ Collection as Lawsuit Continues The second iteration of the jewelry collection was inspired by the zodiac and the four elements: earth, water, air and fire.
Weekly QuizAug 27, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingAug 27, 2026
OFAC Renews License Allowing Import of ‘Grandfathered’ Russian Diamonds General License 104B supersedes General License 104A, which was set to expire on Sept. 1.
CrimeAug 27, 2026
Customs Seizes Nearly 900 Pieces of Counterfeit JewelryThe package, intercepted in Indianapolis, contained fake Cartier, Tiffany & Co., and Van Cleef and Arpels jewelry.
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.
IndependentsAug 27, 2026
Jessica McCormack to Open First West Coast StoreThe new location in Costa Mesa, California, marks the brand’s second store in the United States and fourth standalone location worldwide.
FinancialsAug 27, 2026
Movado’s Q2 Sales Up As Younger Consumers Take Interest in WatchesThe fashion watch category was once threatened by the Apple Watch, but consumers are now opting for new wearables, said Movado’s CEO.
SurveysAug 26, 2026
5 Jewelry Insights From The RealReal’s Resale ReportThe report delves into trending styles, the most popular jewelry brands by city, and why Belle Époque jewelry could be the next big thing.
Lab-GrownAug 26, 2026
AGTA Now Requiring Members to Call Lab-Grown Gems ‘Synthetic’The association added the requirement to its revised "Code of Ethics" and released the 17th edition of its “Gemstone Information Manual.”
SurveysAug 26, 2026
Consumer Confidence Dips in August Amid Anticipatory Anxieties Respondents were concerned about the future of the labor market and their income as well as the rising prices of gas and groceries.
TrendsAug 26, 2026
Boucheron’s New Campaign Celebrates Its ‘Question Mark’ NecklacesThe campaign highlights the asymmetrical high jewelry necklace style that the jeweler first created in 1879.
Events & AwardsAug 26, 2026
Harry Winston Exhibition to Open in ShanghaiIt will explore the life of “The King of Diamonds” and showcase more than 165 creations from the brand.
CrimeAug 25, 2026
Florida Woman Scammed Out of $1.5M in Jewelry, Precious MetalsTwo suspects have been arrested in connection with the complex phone scam.
Events & AwardsAug 25, 2026
SSEF Opens 2026 Applications for Gemology Education ScholarshipsThe annual awards cover tuition for an on-site educational course at the Swiss lab, as well as flights and lodging.
TrendsAug 25, 2026
Brent Neale Celebrates Blackberry Farm’s Anniversary With JewelryThe jeweler partnered with the Tennessee resort to honor its 50th anniversary with limited-edition blackberry pendants and earrings.
EditorsAug 24, 2026
Q&A: Reeds Jewelers VP Genna Zimmer on 80 Years in BusinessThe third-generation jeweler shared how the North Carolina retailer is celebrating this milestone and the love story that started it all.
Events & AwardsAug 24, 2026
Rio Grande, MetalWerx Host Argentium Silver WorkshopThe class, led by renowned metalsmith Cynthia Eid, highlighted Argentium silver as an alternative to gold amid high prices.
Events & AwardsAug 24, 2026
JIS Miami Opens Fall 2026 RegistrationThe show is slated for Oct. 16-19 at the Miami Beach Convention Center.
CollectionsAug 24, 2026
Francesca Villa Honors Napoleon, His Empresses In New CapsuleThe “Empresses” capsule uses 19th-century medals depicting Napoleon, Joséphine, and Marie-Louise across five one-of-a-kind pieces.
SurveysAug 21, 2026
These Are 2026’s Hottest Retailers, Says NRFThe retailers at the top of the list offer affordable products and fun, discovery-fueled experiences.
WatchesAug 21, 2026
Bremont Names Former Vacheron Constantin Exec CMODaniel Bing was formerly the marketing director for the Americas at Vacheron Constantin.
CollectionsAug 21, 2026
Bijules, Kamyen Serve Up ‘Topspin’ Tennis Bracelet Ahead of US OpenIn our Piece of the Week, the designers reimagine the tennis bracelet with green enamel wrapped around a strand of “Desert Diamonds.”
PodcastsAug 20, 2026
Episode 8: Diamond Industry Update With David Bonaparte & Ronnie VanderLindenThe industry veterans join the podcast to discuss diamond marketing, the FTC Jewelry Guides, and lobbying for lower tariffs.
TechnologyAug 20, 2026
A New AI-Powered Gemstone Identification App Is HereFounder Vik Westermann said the app is a “starting point” to inspire people to work with appraisers and gem labs, not replace them.
