Columnists

On Data: Sales Show Continued Improvement in July

ColumnistsAug 04, 2020

On Data: Sales Show Continued Improvement in July

Following a “dismal” April and a “bleak” May, Sherry Smith notes that independent jewelers’ sales have warmed up recently, particularly in this one category.

sherry-smith.jpg
Sherry Smith is director of business development for data and consulting company The Edge Retail Academy. She can be reached at sherry@edgeretailacademy.com.
By now most of our retailers have reopened for business, albeit with many restrictions and in an environment that is far removed from the pre-COVID-19 business climate.

While we have no idea when things will change, it is reasonable to assume retailers will continue to face challenges for the remainder of the year.

Despite the difficulties, we have seen retailers quickly adapt to circumstances beyond their control. They continue to be creative and to utilize less traditional methods to drive revenue.

Prior to COVID-19, our data showed retailers’ gross sales were up 6 percent in the 12 months ending February 2020 when compared to the same 12-month period from the previous year.

This was the last full month of pre-COVID-19 business. 

By mid-March, numerous cities and states began implementing shelter-in-place mandates, forcing most retailers to close their doors. 

What started out as a very strong March ended with a 33 percent decline in gross sales compared to March of 2019.

This was followed by a dismal April (gross sales down 39 percent) and a bleak May (gross sales down 50 percent).

RELATED CONTENT: A 5-Point Reopening Checklist
 By June, however, retailers’ agility and willingness to adapt to the pandemic netted them a 2.3 percent increase in gross sales over June 2019.

July appears to be even better, as the 21-day period ending July 24 showed a 10 percent increase in gross sales. 

The diamond categories specifically showed an impressive 16 percent increase in gross sales and a 19 percent increase in number of units sold.

More broadly, we are seeing a continuance of several trends through the pandemic.

Unit sales, which have been in decline for a few years, are now down double digits but gross sales continue to improve. 

Shopping restrictions notwithstanding, it would seem there is a much more motivated customer out there. They are once again visiting retail jewelry stores with the intention of buying. 

Finally, the data shows that the diamond categories are outperforming the market. 

In June, units in the diamond categories were up 9.4 percent. And, as noted above, the diamond category performance month-to-date in July appears to be even stronger.

At the risk of stating the obvious, retailers should be reviewing not only their own data but also industry data more broadly to gauge performance and manage their businesses. 

We should value our gut instinct and tap into our experience in running our businesses, yes, but using 
data to support or challenge assumptions should also be a given.

It would be easy to look at the overall numbers and stress over the decline in units of sale while taking comfort that gross sales are up.

But knowing how to interpret the data and understanding how it can help you manage your business is essential.

When you take a deeper dive into the data, there are clear winners and, in this case, it’s your diamond categories, which make up approximately 50 percent of all annual jewelry sales.

Edge Pulse users can delve even more deeply into our $2 billion in aggregated jewelry sales from the independent channel and identify several other important key performance indicators.

First, they’ll notice that loose diamonds drive 10 percent of total annual gross profit dollars with an increase in year-over-year average retail sale.

Second, they’ll see that diamond bracelets and diamond necklaces are both showing increases in gross sales, as well as units sold, in the rolling 12 months ending June 2020.

They then could conduct a further analysis to determine the specific price points as well as the vendors with the best-selling SKUs in these categories from our industry’s aggregated data.

Knowing this information is critical to managing your business. 

It can help identify potential missing categories, price points and bestsellers from your top-performing vendors. It can also give you a data-based metric to measure your business against an important industry benchmark.

As June and July show, there is great grit and resilience in retail jewelry stores.

Keep up the great work, and let us know if we can help. 
Sherry Smithis director of business development at Edge Retail Academy, the leading jewelry business consulting and data aggregation firm.
tags:

The Latest

Golconda Blue
AuctionsApr 29, 2025
‘Golconda Blue’ Diamond Pulled From Auction

The 23-carat fancy vivid blue diamond, set to headline Christie’s May jewelry auction, was expected to sell for as much as $50 million.

G.B. Heron Jewelers sign
IndependentsApr 29, 2025
Maryland Jeweler to Close After 36 Years

G.B. Heron Jewelers in Salisbury, Maryland, is set to close as its owner, Jeff Cassels, retires.

Gemfields rough rubies
SourcingApr 29, 2025
Gemfields Mini Ruby Auction Achieves $7M

The miner said its April sale featured a mix of commercial-quality primary rubies and secondary rubies of varying quality.

Supplier Spotlight -Recorded-Webinar.png
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest Addition

Supplier Spotlight Sponsored by GIA

Counterfeit Van Cleef & Arpels Alhambra jewelry
CrimeApr 28, 2025
Customs Seizes Nearly 2,000 Pieces of Counterfeit Van Cleef & Arpels Jewelry

U.S. customs agents in El Paso, Texas, intercepted the package, which would have been worth $9 million if the jewelry was genuine.

Weekly QuizApr 24, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Suzanne Kalan Tech Ring Jacket Collection
TrendsApr 28, 2025
Suzanne Kalan Launches Tech Ring Jacket Collection

Health monitors become statement pieces when paired with the brand’s new collection of stackable diamond-studded bands.

JCK Industry Fund
Events & AwardsApr 28, 2025
JCK Industry Fund Announces 2025 Grant Recipients

Ten organizations were selected this year.

ejap cohort 1872x1052.png
Brought to you by
Emerging Jewelers Accelerator Program Announces Second Cohort of Aspiring Jewelry Entrepreneurs

Six new retail businesses were selected for the 2025 program, which began in January.

Kim Carpenter and Sam Gevisenheit
IndependentsApr 28, 2025
John Atencio Appoints 2 to Wholesale Team

Kim Carpenter and Sam Gevisenheit have joined the brand.

Sylvie Jewelry Auranova Collection Campaign Imagery
CollectionsApr 25, 2025
Sylvie Looks to Water in New Sculptural Bridal Collection

“Shell Auranova” is the next generation of the brand’s bridal line, featuring half-bezel engagement rings with bold and fluid designs.

Pomellato Nudo toi et moi ring
FinancialsApr 25, 2025
Kering’s Jewelry Brands Persevere as Q1 Sales Sink 14%

Boucheron and Pomellato performed well in an otherwise bleak quarter for Kering amid struggles at Gucci.

Deborah Meyers Experience The Birds Earrings
EditorsApr 25, 2025
Piece of the Week: Deborah Meyers Experience’s ‘The Birds’ Earrings

Designer Deborah Meyers created her birds from oxidized sterling silver, rose-cut diamond eyes, and Akoya Keshi pearl feathers.

Melee diamonds from De Beers
SourcingApr 25, 2025
De Beers Sales, Production Fall in Q1 Amid Uncertainty

The company said it expects sightholders to remain “cautious” with their purchasing due to all the unknowns around the U.S. tariffs.

LIM-401 2024 National Jeweler Supplier Bulletin- iD100 Web and Eblast FINAL (1).jpg
Supplier BulletinApr 24, 2025
Protect Your Customers and Your Business

Sponsored by the Gemological Institute of America

Wolf CEO Simon Wolf
EditorsApr 24, 2025
Q&A: Wolf’s CEO Talks U.S. Expansion

Simon Wolf shares why the time was right to open a new office here, what he looks for in a retail partner, and why he loves U.S. consumers.

Iowa jeweler Herman Ginsberg
IndependentsApr 24, 2025
Longtime Iowa Jeweler Herman Ginsberg Dies at 99

A third-generation jeweler, Ginsberg worked at his family’s store, Ginsberg Jewelers, from 1948 until his retirement in 2019.

Charles & Colvard moissanite ring
FinancialsApr 24, 2025
Charles & Colvard Delisted From Nasdaq Due to Noncompliance

The company failed to file its quarterly reports in a timely manner.

Young Diamantaires
SourcingApr 24, 2025
Young Diamantaires Transition to Nonprofit

The organization also announced its board of directors.

Mined + Found "Hope" Matchbox Locket
TrendsApr 24, 2025
Amanda’s Style File: So Charming

Charms may be tiny but with their small size comes endless layering possibilities, from bracelets to necklaces and earrings.

Bulgari’s expanded factory in Valenza, Italy
MajorsApr 23, 2025
Bulgari Doubles Size of Jewelry Factory in Italy

Located in Valenza, the now 355,000-square-foot facility includes a new jewelry school that’s open to the public, Scuola Bulgari.

Jason McNary accepting FGI Fine Jewelry Rising Star award for Paola Sasplugas
Events & AwardsApr 23, 2025
PDPaola Creative Director Wins FGI’s ‘Rising Star’ Award

Paola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.

1999 Cosmograph Daytona, Ref.16516
AuctionsApr 23, 2025
Rare Custom Rolex Daytona Heads to Auction

A platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.

Carmelo Anthony and Jaylen Brown David Yurman campaign
MajorsApr 23, 2025
David Yurman’s New Campaign Stars Carmelo Anthony, Jaylen Brown

The basketball stars wear men’s jewelry from the “Curb Chain” collection.

Woman wearing Zales jewelry
MajorsApr 22, 2025
Zales’ Rebrand Takes Playful Approach to Fine Jewelry

The Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.

JAR Apricot Blossom bracelet
AuctionsApr 22, 2025
Christie’s to Auction JAR Jewelry Collection

The 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.

Avi Levy
GradingApr 22, 2025
Avi Levy Is GCAL By Sarine’s New Chief Growth Officer

GCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.

Scottsdale Fine Jewelers store exterior
IndependentsApr 22, 2025
Brinker’s Jewelers Acquires Fellow Independent

The Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.

×

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