Columnists

On Data: January Was a ‘Mixed Bag’ for Independent Jewelers

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.

National Jeweler columnist Sherry Smith
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 … 

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.

Sherry Smithis director of business development at Edge Retail Academy, the leading jewelry business consulting and data aggregation firm.

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.

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.

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.

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.

Weekly QuizOct 02, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
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.

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.

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

Online education from GIA experts.

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.

Nina Pugliese Henne Jewelers
IndependentsSep 29, 2025
Nina Pugliese, Longtime Henne Jewelers Employee, Dies at 65

She was remembered as a creative and generous woman of faith, who also had a sweet tooth.

×

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