SourcingFeb 04, 2025
New Deal With Botswana Is Done, De Beers Confirms The agreement will allocate an increasing proportion of the country’s rough diamonds to the government of Botswana over the next decade.
ColumnistsNov 11, 2020
On Data: Get Your Bestsellers In Stock Now
Sherry Smith says things are looking up for independent jewelers, but waiting to replenish top sellers could be a costly misstep this holiday season.
Sherry Smith is director of business development for data and consulting company The Edge Retail Academy. She can be reached at sherry@edgeretailacademy.com.
Steve Dennis wrote in “Remarkable Retail” that: “Historically, many retailers have been intuition rich and data poor. Or even if a decent amount of data was compiled, it was hard to work with or was ignored. For the merchant princes, more times than not, their mantra was, ‘In gut we trust.’”
I confess to having an insatiable curiosity when it comes to watching data; monthly, weekly, even daily.
This is especially so when it comes to how our independent retailers are faring during the pandemic, and more specifically, how they might perform during the holiday season.
Despite the crazy challenges of this year, independent retailers continue to overcome almost every obstacle thrown at them and are delivering exceptional performances.
For most retailers, June was the first month they fully reopened for business.
From June on, each subsequent month has seen sales performance top the same period from the previous year.
This impressive trend continued in October, which showed a 17 percent increase in gross sales.
And, as has been the case for quite some time, while the number of overall units sold continues a downward trend, average retail ticket keeps climbing.
The average retail sale for October was up 30 percent.
With respect to specific products, loose diamonds showed a 16 percent increase in gross sales in October, representing 15 percent of total gross sales for the month.
Diamond bands also showed solid performance and represented a 25 percent increase in gross sales in October when compared to the same period last year.
Interestingly, diamond bands are in fact one of the few categories that show an increase in all key performance indicators.
Beyond gross sales, bands were also up in units (+17 percent), average retail (+7 percent), and gross margin (+3 percent).
Historically, retailers have mostly viewed diamond bands as a wedding product.
However, this category has evolved to include right-hand rings, occasion bands (birthdays, anniversaries, etc.), and a variety of stackable designs, opening up far more opportunities for retailers to grow that category.
While there are some outliers, the sweet spot for most units sold in this particular category seems to be $300 to $1,500 according to our $2 billion of aggregated sales.
One of the best-selling SKUs we see in the diamond band category happens to be a price-point rose gold ring. However, the vast majority of bands are white gold prong-set with round brilliant diamonds.
Understandably, the disruptions of
I confess to having an insatiable curiosity when it comes to watching data; monthly, weekly, even daily.
This is especially so when it comes to how our independent retailers are faring during the pandemic, and more specifically, how they might perform during the holiday season.
Despite the crazy challenges of this year, independent retailers continue to overcome almost every obstacle thrown at them and are delivering exceptional performances.
For most retailers, June was the first month they fully reopened for business.
From June on, each subsequent month has seen sales performance top the same period from the previous year.
This impressive trend continued in October, which showed a 17 percent increase in gross sales.
And, as has been the case for quite some time, while the number of overall units sold continues a downward trend, average retail ticket keeps climbing.
The average retail sale for October was up 30 percent.
With respect to specific products, loose diamonds showed a 16 percent increase in gross sales in October, representing 15 percent of total gross sales for the month.
Diamond bands also showed solid performance and represented a 25 percent increase in gross sales in October when compared to the same period last year.
Interestingly, diamond bands are in fact one of the few categories that show an increase in all key performance indicators.
Beyond gross sales, bands were also up in units (+17 percent), average retail (+7 percent), and gross margin (+3 percent).
Historically, retailers have mostly viewed diamond bands as a wedding product.
However, this category has evolved to include right-hand rings, occasion bands (birthdays, anniversaries, etc.), and a variety of stackable designs, opening up far more opportunities for retailers to grow that category.
While there are some outliers, the sweet spot for most units sold in this particular category seems to be $300 to $1,500 according to our $2 billion of aggregated sales.
One of the best-selling SKUs we see in the diamond band category happens to be a price-point rose gold ring. However, the vast majority of bands are white gold prong-set with round brilliant diamonds.
Understandably, the disruptions of
Editors' Picks
Sponsored by
April and May had an adverse effect on retail performance, but the subsequent string of positive months has recovered much of the lost ground going into these remaining important weeks.
For the 12-month period ending July, we saw a 5 percent decline in overall sales year-over-year.
By August, the 12-month decline was 4.4 percent, and by September the decline was down to 3.4 percent.
While the data for October trailing 12 months is not yet available, it is anticipated that we will see further erosion of the trailing deficit.
So, what does this all mean for the important holiday period?
Retailers should continue with their COVID-19 initiatives such as curbside delivery, one-on-one appointments, virtual trunk shows and contactless payments.
Most importantly, they should continue to follow best practices around inventory management, especially, and most importantly, replenishing bestsellers as quickly as possible. Not doing so might just be the single greatest source of lost sales in the season.
If they’re not already doing so, retailers should review last year’s holiday performance to identify bestsellers and get them in immediately.
Vendors have had to manage their inventories tightly in what has been a very difficult year for them, and it could be a costly miss to assume that bestsellers will be available as the season develops.
Check your numbers, be proactive, and have a great holiday season!
Sherry Smith is director of business development for data and consulting company The Edge Retail Academy. In her role, Smith works with wholesalers, brands and retail stores on business mentoring, and data analysis and aggregation. Reach her at sherry@edgeretailacademy.com.
For the 12-month period ending July, we saw a 5 percent decline in overall sales year-over-year.
By August, the 12-month decline was 4.4 percent, and by September the decline was down to 3.4 percent.
While the data for October trailing 12 months is not yet available, it is anticipated that we will see further erosion of the trailing deficit.
So, what does this all mean for the important holiday period?
Retailers should continue with their COVID-19 initiatives such as curbside delivery, one-on-one appointments, virtual trunk shows and contactless payments.
Most importantly, they should continue to follow best practices around inventory management, especially, and most importantly, replenishing bestsellers as quickly as possible. Not doing so might just be the single greatest source of lost sales in the season.
If they’re not already doing so, retailers should review last year’s holiday performance to identify bestsellers and get them in immediately.
Vendors have had to manage their inventories tightly in what has been a very difficult year for them, and it could be a costly miss to assume that bestsellers will be available as the season develops.
Check your numbers, be proactive, and have a great holiday season!
Sherry Smith is director of business development for data and consulting company The Edge Retail Academy. In her role, Smith works with wholesalers, brands and retail stores on business mentoring, and data analysis and aggregation. Reach her at sherry@edgeretailacademy.com.
More on Columnists
The Latest
Events & AwardsFeb 04, 2025
Van Cleef & Arpels’ Astronomy-Inspired Jewelry to Land at AMNH“Cosmic Splendor: Jewelry From the Collections of Van Cleef & Arpels,” opens April 11 at the American Museum of Natural History.
SurveysFeb 04, 2025
Valentine’s Day Jewelry Spending Forecast to Hit Record High, Says NRFThose celebrating Valentine’s Day this year are expected to spend a record $27.5 billion on jewels, flowers, candy, and more.
Brought to you by
3 Ways to Capitalize on America’s Newfound Love of Colored GemsColored stones are stepping into a jewelry spotlight typically reserved for diamonds—are you ready to sell color?
EditorsFeb 03, 2025
Best Jewelry Moments From the 2025 Grammy Awards From Lady Gaga’s 1930s Tiffany & Co. necklace to Taylor Swift’s “T,” Michelle Graff recaps the night’s most memorable jewelry looks.
Weekly QuizJan 30, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsFeb 03, 2025
Qurate to Close HSN’s Florida HQ Amid RestructuringLayoffs will reportedly start next month as HSN plans to move into QVC’s location in Pennsylvania.
EditorsFeb 03, 2025
Q&A: 5 Jewelry Designers on Shopping the 2025 Tucson Gem ShowsA group of creatives talked to Associate Editor Lauren McLemore about their approach to the annual Tucson gem, mineral, and fossil shows.
Brought to you by
3 New Year’s Resolutions for Jewelry Lovers The new year feels like a clean slate, inspiring reflection, hope, and the motivation to become better versions of ourselves.
AuctionsJan 31, 2025
Elizabeth Taylor’s Diamond Bracelet Outshines Estimate at U.K. AuctionThe auction also featured the sale of a Cartier necklace made when Egyptomania was sweeping Great Britain.
CollectionsJan 31, 2025
Piece of the Week: Lalaounis’ Good Luck Charm for 2025The “Blossom Rosette” blooms with love, beauty, and hope for the year ahead.
IndependentsJan 31, 2025
Harvey Rovinsky, Longtime Owner of Bernie Robbins Jewelers, Dies at 77Rovinsky is remembered as a great mentor who made the employees of his stores feel like family.
Events & AwardsJan 31, 2025
Facets of Fire Has a Diamond Challenge for RetailersFor every jeweler who tries their luck, the company will make a donation to Jewelers for Children.
MajorsJan 30, 2025
WJA Chapter Leaders Resign as Fallout From DEI Remarks SnowballsThe boards of at least five chapters have resigned in response to controversial statements the WJA national board president made last month.
Policies & IssuesJan 30, 2025
RJC Executive Director Melanie Grant Is Stepping Down An experienced jewelry writer and curator, Grant led the organization for two years.
CollectionsJan 30, 2025
Pharrell Williams Brings Tahitian Pearls to His New Tiffany & Co. CollectionFive new designs were added, all donning Tahitian cultured pearls and spear-like trident motifs, along with the new “Titan” setting.
Events & AwardsJan 30, 2025
Registration Open for Converge 2025The inaugural event is being co-hosted by the American Gem Society and the Gemological Institute of America.
MajorsJan 30, 2025
24 Karat Club of New York Elects 5 New MembersJewelers of America’s Annie Doresca and AGTA CEO John W. Ford Sr. are among the new members.
CollectionsJan 29, 2025
Boucheron’s High Jewelry Takes the Form of ‘Untamed Nature’The jeweler’s latest high jewelry collection looks into the Boucheron archives to create a “living encyclopedia of high jewelry.”
FinancialsJan 29, 2025
LVMH Watch, Jewelry Sales End the Year DownWatch and jewelry sales slipped 3 percent in 2024, though the luxury conglomerate did see business pick up in the fourth quarter.
MajorsJan 29, 2025
Chanel Names New General Manager of Watches, Fine Jewelry for USOlivier Kessler-Gay will take over the role on March 3.
SurveysJan 29, 2025
Consumer Confidence Slips for Second Consecutive Month It hit a four-month low in January due to concerns about the job market, though consumers remain bullish about the stock market.
Events & AwardsJan 29, 2025
Chris Ploof To Teach Mokume Gane at AJSThe jewelry designer and master metalsmith will present on the ancient Japanese metalworking technique at the Atlanta Jewelry Show in March.
SourcingJan 28, 2025
WFDB Joins Efforts to Promote Natural Diamonds With New CampaignThe “Moments” social media campaign emphasizes the emotional ties between natural diamonds and life’s special milestones.
CollectionsJan 28, 2025
Bliss Lau Celebrates the Intricate Mosaic of Identity in New CollectionThe versatile “As We Are” collection features 14 pieces with interlocking designs allowing for 27 different looks worn around the body.
SourcingJan 28, 2025
Botswana’s First Olympic Gold Medalist Is Now a De Beers Ambassador Letsile Tebogo will help to promote natural diamonds and the good they have done for his country.
Events & AwardsJan 28, 2025
NouvelleBox Show Returns to New York CityThe showcase, in its second year, will feature more than 20 international brands at its curated event from Feb. 2-4.
Recorded WebinarsJan 28, 2025
Watch: Fine Jewelry Market Predictions for 2025 “My Next Question” guests Sherry Smith and Edahn Golan share their 2025 forecasts, from sales and marketing to what retailers should stock.
