ColumnistsJan 21, 2025
Peter Smith: Sales Training’s Dirty Little SecretColumnistsJan 22, 2025
On Data: How Did Independent Jewelers Fare in 2024?
Sherry Smith shares data on the year gone by, including the breakdown between natural and lab-grown diamond sales.
Sherry Smith is 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.
Despite economic uncertainties, American consumers showed their resilience in 2024, driving retail sales growth.
According to the National Retail Federation, retail contributed a staggering $5.28 trillion to the U.S. economy, a nearly 4 percent year-over-year increase that matches the average growth rate observed between 2010 and 2019.
This positive trend provides a strong tailwind for retailers heading into 2025, and independent jewelry retailers in particular have reason to be optimistic.
While data from the Edge Retail Academy shows that overall unit sales dipped slightly (2 percent) in 2024, gross sales surged, increasing 4 percent compared with 2023.
This success can be attributed, in part, to a 7 percent jump in the average retail sale, indicating customers are willing to spend more on quality pieces, particularly when it comes to diamonds.
Diamonds Are Still a Girl’s (and a Jeweler’s) Best Friend
The diamond category, encompassing both natural and lab-grown diamonds, demonstrated robust performance in 2024.
Key performance indicators across the board were positive.
• Gross sales: Up 2 percent
• Units sold: Up 2 percent
• Gross margin: Up 2 percent
• Average retail sale: Up 1 percent
While loose diamonds command the largest share (23 percent) of the diamond market, it was diamond bracelets that truly captured consumer attention with a striking 13 percent increase in both gross sales and units sold.
Diamond necklaces followed, with a 12 percent rise in gross sales and a 3 percent increase in units sold.
According to the National Retail Federation, retail contributed a staggering $5.28 trillion to the U.S. economy, a nearly 4 percent year-over-year increase that matches the average growth rate observed between 2010 and 2019.
This positive trend provides a strong tailwind for retailers heading into 2025, and independent jewelry retailers in particular have reason to be optimistic.
While data from the Edge Retail Academy shows that overall unit sales dipped slightly (2 percent) in 2024, gross sales surged, increasing 4 percent compared with 2023.
This success can be attributed, in part, to a 7 percent jump in the average retail sale, indicating customers are willing to spend more on quality pieces, particularly when it comes to diamonds.
Diamonds Are Still a Girl’s (and a Jeweler’s) Best Friend
The diamond category, encompassing both natural and lab-grown diamonds, demonstrated robust performance in 2024.
Key performance indicators across the board were positive.
• Gross sales: Up 2 percent
• Units sold: Up 2 percent
• Gross margin: Up 2 percent
• Average retail sale: Up 1 percent
While loose diamonds command the largest share (23 percent) of the diamond market, it was diamond bracelets that truly captured consumer attention with a striking 13 percent increase in both gross sales and units sold.
Diamond necklaces followed, with a 12 percent rise in gross sales and a 3 percent increase in units sold.
“To prevent a decline in average ticket prices, retailers must showcase the unique value propositions of both natural and lab-grown diamonds. This involves educating customers about the distinct characteristics of each.” — Sherry Smith
However, a closer look reveals a more nuanced picture within the diamond category.
• Natural diamonds: While natural diamond necklaces saw an uptick in gross sales, other categories experienced declines, leading to an overall 4 percent drop in gross sales for natural diamonds.
However, a 2 percent increase in average retail sale could indicate that customers are showing a preference for higher-priced natural diamond pieces, perhaps seeking larger stones or better quality.
• Lab-grown diamonds: Lab-grown diamonds continued their ascent in 2024, with every category except loose diamonds experiencing significant growth in gross sales (ranging from 21-57 percent) and units sold (29-62 percent).
However, the decline in average retail sale continues.
Interestingly, while lab-grown loose diamonds account for less than a quarter (23 percent) of total loose diamond sales value, they represent nearly half (47 percent) of unit sales.
This disparity between value and unit sales highlights a key dynamic in the evolving diamond market—customers are increasingly drawn to the larger carat weights and lower price points that lab-grown diamonds offer.
To prevent a decline in average ticket prices, retailers must showcase the unique value propositions of both natural and lab-grown diamonds. This involves educating customers about the distinct characteristics of each.
By effectively guiding customers through their choices, retailers can cater to a wider range of preferences and maintain healthy sales figures across both diamond categories.
Other Categories
The positive momentum extended beyond diamonds.
• Colored gemstones: Gross sales increased by 4 percent, driven by a 5 percent rise in average retail sale.
• Pearls: Despite a 9 percent decline in units sold, pearls enjoyed a 3 percent increase in gross sales, thanks to a significant 13 percent jump in average retail sale.
• Precious metals: There was 8 percent growth in gross sales for precious metals jewelry, with a 12 percent surge in average retail sale offsetting a 4 percent decline in units sold.
• Sterling silver and alternative metals: The category’s 3 percent growth in gross sales was due to the 6 percent increase in average retail sale offsetting the 3 percent decline in units sold.
• Watches: This category continued its steady growth with an 8 percent increase in gross sales.
• Services: Jewelry repair and other services saw healthy growth, with gross sales climbing 7 percent.
On a region-by-region basis, jewelers’ performance showed notable differences.
The Northeast led the pack with gains across all key performance indicators, including a robust 7 percent growth in gross sales, a modest 1 percent increase in units sold, and a 6 percent increase in average retail sale.
The South and Southeast also demonstrated a strong performance with 4 percent growth in gross sales.
In contrast, the West and Midwest experienced the largest declines in units sold, though they still managed to achieve modest sales growth of 1 percent and 3 percent, respectively.
Looking Ahead to 2025
The data paints a picture of resilience and opportunity for independent jewelry retailers in 2025.
While challenges remain, such as declining unit sales in certain categories and regions, the overall positive trends in consumer spending, coupled with strategic focus on data, experiential retail, and personalization, can pave the way for continued success.
Here are my key takeaways for the year ahead, which I will discuss in depth as a guest on the 2025 outlook episode of National Jeweler’s webinar series, “My Next Question.”
• Embrace experiential retail: Create unique in-store experiences to attract and engage customers.
• Leverage data: Utilize data analytics to understand customer preferences, optimize inventory, and personalize marketing efforts.
• Focus on high-value items: While unit sales may fluctuate, focus on increasing the average retail sale by offering unique, high-quality pieces.
• Monitor regional trends: Pay close attention to regional variations in consumer behavior and adapt strategies accordingly.
Forecasting the year ahead is always a challenge, but the current climate of uncertainty makes predictions for the retail industry particularly complex.
Successful brands will leverage data insights to anticipate customer needs and personalize experiences, ultimately driving convenience and satisfaction.
As technology increasingly blurs the lines between the digital and physical realms, customer loyalty will depend on a brand’s ability to create seamless, integrated, and memorable interactions across all touchpoints.
Wishing you a successful and prosperous year!
Editors' Picks
Sponsored by
More on Columnists
The Latest
SourcingOct 02, 2026
De Beers, National Geographic Society Renew Okavango Eternal Partnership The partnership, a pledge to protect Africa’s Okavango River Basin, has been extended for an additional five years.
MajorsOct 02, 2026
Pandora Opens New $150M Manufacturing Facility in VietnamThe new facility, its first outside of Thailand, will boost its manufacturing capacity by 50 percent.
TrendsOct 02, 2026
Hearts On Fire Celebrates 30th Anniversary With Heart PendantThe special-edition “Dream” pendant, our Piece of the Week, was created to mark Hearts On Fire’s 30-year milestone with 30 diamonds.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
CrimeOct 01, 2026
Police Looking for 4 Suspects in $600K Smash-and-Grab RobberyDubai Jewelers in Springfield, Virginia, was once again the target of an armed robbery.
Weekly QuizOct 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SurveysOct 01, 2026
Rolex Ranks Among Most Recommended Brands in US, Survey Says YouGov’s 2026 U.S. Most Recommended Brands report’s out, and a fast-fashion giant is sitting at No. 1 while Rolex is just shy of the top 5.
SourcingOct 01, 2026
Columbia Gem House Opens ‘Cutting Toward Change’ FundraiserProceeds from its jewelry raffle will benefit an organization working in India to combat silicosis, a lung disease affecting stone cutters.
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.
TrendsOct 01, 2026
Carolina Hurricanes’ Championship Ring Reveals Hidden Hockey Puck PendantThe rings, crafted by Jason of Beverly Hills, celebrate the hockey team’s Stanley Cup win with design elements that honor its traditions.
TrendsOct 01, 2026
Amanda’s Style File: October’s Color Range This roundup of birthstone jewelry for October features vibrant tourmalines and opals with personality.
SourcingSep 30, 2026
Botswana’s President, De Beers CEO Say Diamond Demand Is RecoveringPresident Duma Boko spoke at back-to-back events in the city last week, touting Botswana’s stability and the diamond “bounceback.”
CollectionsSep 30, 2026
Oscar Heyman’s Holiday Book Is ‘A Living Archive’ The catalog showcases 112 new, one-of-a-kind pieces amid highlights from the jeweler’s historic archive.
SourcingSep 30, 2026
Gemfields Posts $98.5M Loss, Writes Down Value of Ruby MineIts Montepuez Ruby Mining operation in Mozambique, which is not yielding enough high-quality rubies, has taken a $125 million hit.
SurveysSep 30, 2026
Consumer Confidence Falls to 12-Year Low in SeptemberThose surveyed were worried about the present and the future, with write-in responses mentioning high oil and gas prices.
Events & AwardsSep 30, 2026
Jewelers of America, JA New York to Host Networking EventThe event will take place on the evening of Oct. 26 in New York City.
IndependentsSep 29, 2026
Christy Bromberg, Longtime Gift Buyer for Underwood Jewelers, Dies at 68She is remembered for her joie de vivre, upbeat personality, genuine interest in other people, and love of the Alabama Crimson Tide.
AuctionsSep 29, 2026
Dionne Warwick’s Jewelry Goes Up for AuctionOnline bidding is open now for Julien’s sale of items owned by the “Walk On By” singer, whose final album comes out this fall.
Events & AwardsSep 29, 2026
Matt Stuller to Receive 2027 Gem Award for Lifetime AchievementThe founder and executive chairman of Stuller Inc. is being honored for his impact on the jewelry industry at the 25th annual Gem Awards.
AuctionsSep 29, 2026
If You Love Cats, This Jewelry Auction Is for YouCat ladies of the jewelry world, unite. Sandy Lerner’s collection of cat jewelry and other objects is going up for auction Wednesday.
CollectionsSep 28, 2026
De Beers London Drops Water-Inspired High Jewelry Collection“Vibrations” features several firsts for De Beers’ high jewelry, including the use of chalcedony and diamonds sourced from artisanal miners.
CollectionsSep 28, 2026
Jessica McCormack Turns to Classic Motif for New CollectionThe “Bows” collection features three interpretations of the bow motif designed with Georgian and Victorian influences.
Events & AwardsSep 28, 2026
Guy Borenstein, Troy Underwood Among the Professionals Honored at AGS Conclave 2026The American Gem Society recognized industry members, one Guild, and a law enforcement official for their contributions to jewelry.
FinancialsSep 28, 2026
Instappraise, Jewelers Mutual Look to Simplify Jewelry InsuranceThrough a new system integration, customers can now receive instant personal jewelry insurance quotes at the time of appraisal.
WatchesSep 25, 2026
Smaller Rolex Watches Showing Strength on Secondary Market, Data ShowsFive of the 10 fastest-appreciating Rolex models on Bob’s Watches were Datejust 31 or Lady Datejust watches.
MajorsSep 25, 2026
Sherwood Family Buys Back Daniel’s Jewelers from Private EquityThe Sherwood family and AJS Creations CEO Tejas Shah purchased the jewelry chain back from Palladium Equity Partners.
Lab-GrownSep 25, 2026
Brilliant Earth Collabs with Elizabeth Taylor Estate on Jewelry Collection“The Elizabeth Taylor Collection” uses lab-grown diamonds and gemstones in contemporary designs inspired by the icon.
TrendsSep 25, 2026
A Peek at Taylor Swift’s Game-Day DiamondsThe artist wore Dana Rebecca Designs’ marquise diamond-set gold hoops at the Chiefs game last Sunday. Now they’re our Piece of the Week.
