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

The Story of Everything Campaign, Toadstool Mushroom and Cosmic Egg
CollectionsJun 30, 2025
State Property’s New Jewelry Tells ‘The Story of Everything’

Co-founders Afzal Imram and Lin Ruiyin brought their son’s story of a cosmic egg, toadstool, and railroad to life in their new collection.

Morgan Keefe
Events & AwardsJun 30, 2025
AGA Names Recipient of 2025 Gemological Education Scholarship

This year’s winner is Morgan Keefe, who is currently studying at GIA to be a gemologist.

The Jewelry Book
IndependentsJun 30, 2025
Melanie Grant’s New Book Explores 200 Years of Jewelry

“The Jewelry Book” comes out this September.

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Gemist
TechnologyJun 27, 2025
Gemist Raises $6M in Funding to Scale Jewelry Tech Platform

The company is focused on modernizing the custom jewelry buying experience with e-commerce tools like product visualization and 3D styling.

Weekly QuizJun 26, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Jeff Preolo, David Stout, Levi Higgs, David Benavides
IndependentsJun 27, 2025
David Webb Announces New Hires, Promotions

Following its recent acquisition, the storied brand has updated its leadership team and regional managers.

Blake Graham and Jessica Kohoutek
Events & AwardsJun 27, 2025
AGS, GIA Announce Beatrice Shipley Scholarship Winner

AGS also named the recipient of its “Women in Leadership” scholarship.

Jewelers of America logo with meetup, State of the Majors, giveaway and massages
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

Buddha Mama Monstera Ring
CollectionsJun 27, 2025
Piece of the Week: Buddha Mama’s ‘Monstera’ Wrap Ring

The 20-karat yellow gold and diamond wrap ring is modeled after the Monstera plants in the garden of the brand’s Miami villa.

Cashier handing Rocksbox bag to customer
MajorsJun 26, 2025
Why Rocksbox Is Opening Stores As Signet Jewelers Downsizes

Rocksbox President Allison Vigil shared the retailer’s expansion plans, and her thoughts on opening stores in malls.

Penny Ruston
IndependentsJun 26, 2025
Penny Ruston Dies at 80

The creator of the WJA Chicago chapter is remembered as a champion for women in the jewelry industry and a loving grandmother.

Stock image of woman shopping
SurveysJun 26, 2025
After Recovering in May, Consumer Confidence Dips in June

The decline was consistent across age groups and almost all income groups, with tariffs and inflation still top of mind.

Sorellina Playlist: Electric Dreams Campaign
CollectionsJun 26, 2025
Jam Out With Sorellina’s Jimi Hendrix-Inspired Jewels

The “Playlist: Electric Dreams” collection brings lyrics from the musician’s song, “Little Wing,” to life through fine jewelry.

The Jewelry Symposium event
Events & AwardsJun 26, 2025
The Jewelry Symposium Is Looking for Speakers for 2026 Event

The event is set for May 16-19 in Detroit, Michigan.

Exterior of Marissa Collections’ new store in Nantucket, Massachusetts
IndependentsJun 25, 2025
Marissa Collections Opens in Nantucket as Legal Fight Continues

The Vault’s Katherine Jetter is accusing the retailer of using info she shared for a potential partnership to move into Nantucket.

Counterfeit Cartier “Juste Un Clou” bracelet
CrimeJun 25, 2025
Customs Nabs Another Big Shipment of Fake Cartier, Van Cleef Jewelry

Agents seized 2,193 pieces, a mix of counterfeit Cartier “Love” and “Juste Un Clou” bracelets, and Van Cleef & Arpels’ “Alhambra” design.

Karine Choudhrie Big Splash Circus Starfish and Lantern Fish
CollectionsJun 25, 2025
Splash into Karina Choudhrie’s Collection of Underwater Circus Performers

The designer brought her children’s book, “The Big Splash Circus,” to life through a collection of playful fine jewelry characters.

Jewelers of America
Events & AwardsJun 25, 2025
JA Announces Impact Initiative Fund Recipients

The trade association has chosen the recipients of the funding initiative it formed to foster the growth and sustainability of the industry.

John Dyer Montana Sun Sapphire
SourcingJun 25, 2025
2025 AGTA Spectrum Awards Open for Entries

The organization has also announced this year’s slate of judges.

Khepri Jewels Luna collection fancy color fringe multi-shape drop diamond earrings
EditorsJun 24, 2025
The Best New Jewelry from Couture 2025, Part 2

Associate Editor Natalie Francisco shares 20 additional pieces that stood out to her at the Couture show.

Lori Tucker
IndependentsJun 24, 2025
Colorado Bench Jeweler Celebrates 50 Years With Local Retailer

Lori Tucker started at Williams Jewelers when she was 18 years old.

“Marvel | Citizen Zenshin” watch for the new The Fantastic Four movie
WatchesJun 24, 2025
Citizen’s New ‘Fantastic Four’ Watch Is Literally Super

The “Marvel | Citizen Zenshin” watch is crafted in Super Titanium and has subtle nods to all four “Fantastic Four” superheroes on the dial.

XO Tacori diamond ring
MajorsJun 24, 2025
Tacori, QVC to Launch Exclusive Lab-Grown Diamond Jewelry Collection

The “XO Tacori” collection was designed to blend luxury and accessible pricing.

Pritesh Patel
GradingJun 23, 2025
GIA Names New President and CEO

Pritesh Patel, the lab’s chief operating officer, will take over as president and CEO of GIA.

Graphic for Las Vegas recap episode of “My Next Question”
Recorded WebinarsJun 23, 2025
Watch: Top Trends at Couture, JCK Las Vegas 2025

National Jeweler and Jewelers of America discuss the standout jewelry trends and biggest news to emerge from the shows this year.

Luanda Accord
SourcingJun 23, 2025
Diamond Producers, Organizations to Kick in Money to Promote Natural Diamonds

Signatories to the “Luanda Accord” committed to allocating 1 percent of annual diamond revenue to the Natural Diamond Council.

Penny Preville, Maggie Hess, Stella Song, and Benjamin King
Events & AwardsJun 23, 2025
Jose Hess Design Awards Celebrate 6 Jewelry Designers

The winning designs captured the “Radiance” theme.

×

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