SourcingJul 31, 2025
De Beers Records $189M First-Half Loss The diamond miner and marketer warned last week that it expected to be in the red after significantly cutting prices in Q2.
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 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).
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
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.
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.
More on Columnists
The Latest
Events & AwardsJul 31, 2025
These Are the 2025 CASE Award WinnersJewelers of America’s 35th annual design contest recognized creativity, artistry, style, and excellence.
IndependentsJul 31, 2025
Matthew Tratner Takes Over as CBG President Tratner succeeds Andie Weinman, who will begin stepping back from the buying group’s day-to-day operations.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
Policies & IssuesJul 30, 2025
Tariff on India Will Be 25%, Trump Says The president made the announcement via Truth Social Wednesday, adding that India also will face a penalty for its dealings with Russia.
Weekly QuizJul 31, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
FinancialsJul 30, 2025
Kering's Jewelry Brands Resilient As H1 Sales Slide 16%The luxury titan’s star brand Gucci continued to struggle amid a "tough" environment.
WatchesJul 30, 2025
Peek Inside Zadok Jewelers’ New Rolex Showroom in AustinIts opening marks the completion of the retailer’s new 11,000-square-foot store in the Texas capital.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
SurveysJul 30, 2025
Consumer Confidence Ticks Up in JulyRespondents shared concerns about tariffs and commentary on the “Big Beautiful Bill.”
SourcingJul 30, 2025
Rob Bates to Release Latest Book in His ‘Diamond District Mystery’ Series“Making a Killing in Diamonds” tells the story of Mimi Rosen, the disappearance of a scientist, and the murder of lab-grown diamond CEO.
EditorsJul 29, 2025
Out & About: Visiting Tacori’s Design Studio in LASenior Editor Lenore Fedow learned a lot when she took a behind-the-scenes factory tour with the jewelry brand earlier this year.
Events & AwardsJul 29, 2025
Melee The Show Welcomes 15 New DesignersThe first-time exhibitors, set to debut at the New York City show, share a devotion to craftsmanship, storytelling, and material integrity.
SourcingJul 29, 2025
Auctim to Offer 7.3M+ Carats of Rough EmeraldsThe online auction house’s September sale will feature rough Brazilian emeralds of various qualities.
MajorsJul 29, 2025
Alexis Padis Re-Elected AGS Board President She’ll lead an executive committee consisting of President-Elect Bryan Moeller, Mitchell Clark, Bill Farmer, and Larry Rickert.
Policies & IssuesJul 28, 2025
U.S.-EU Come to Agreement on Tariffs Announced Sunday, the deal will set the tax on goods imported into the United States from the European Union at 15 percent.
CollectionsJul 28, 2025
Nanis Brings a New Palette to ‘Ipanema’A new edition of the Italian brand’s “Ipanema” collection has debuted with gemstones that evoke Brazil’s breathtaking views.
MajorsJul 28, 2025
The 1916 Company Partners with ‘Shark Tank’ Star’s Watch Insurance PlatformThe retailer will refer its customers to WonderCare, founded by venture capitalist and watch collector Kevin O’Leary.
IndependentsJul 28, 2025
Sissy’s Log Cabin to Open Flagship in Arkansas The jeweler’s largest store yet is set to open in Little Rock next fall.
CollectionsJul 25, 2025
Piece of the Week: Jemma Wynne’s ‘Forme’ NecklaceAnne Hathaway was seen wearing the toggle necklace three times while filming scenes for “The Devil Wears Prada 2.”
Events & AwardsJul 25, 2025
Pre-Registration Open for September Hong Kong ShowJewellery & Gem World Hong Kong is scheduled for Sept. 15 to 21, and buyer pre-registration will be available until Sept. 7.
FinancialsJul 25, 2025
LVMH Sales Slip in H1 Amid ‘Prevailing Uncertainties’Renovations at Tiffany & Co. stores ate into profits in the company’s watch and jewelry division.
Events & AwardsJul 24, 2025
2 Retailers to Receive 2026 Gem Award for Lifetime AchievementMark and Candy Udell of London Jewelers will receive the honor at the 24th annual Gem Awards next March.
SourcingJul 24, 2025
De Beers Sees Diamond Production Sink 36% in Q2 While struggles continue at the mining and trading end of the pipeline, consumer demand for diamond jewelry is holding steady.
CollectionsJul 24, 2025
Francesca Villa Adds Dimension to Her Intaglio CharactersThe “Fantasia” jewelry collection turns the intaglio animals from her “Close Encounters” collection into 3D characters.
WatchesJul 24, 2025
Breitling Drops Super Bowl Watch Honoring the Philadelphia Eagles The special Classic Avi Chronograph 42 with an Eagles-green dial is limited to 59 pieces, a nod to the Super Bowl Philadelphia just won.
CrimeJul 23, 2025
JSA Warns of Violent String of Smash-and-Grabs in California JSA has received reports of mobs swarming jewelry stores, driving cars into the storefront or smashing through the windows.
CollectionsJul 23, 2025
Silvia Furmanovich’s ‘Kashmir’ Collection Is a Tribute to Northern IndiaThe “Kashmir” collection features centuries-old craft techniques made in collaboration with the region’s master papier-mâché artisans.
