Columnists

On Data: All About Valentine’s Day Jewelry Sales

ColumnistsFeb 23, 2021

On Data: All About Valentine’s Day Jewelry Sales

V-Day was sweet for jewelers this year, and it has independent jewelers off to a strong start in 2021.

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.
In more normal times, Valentine’s Day offers those who celebrate many possibilities to do so, such as candlelight dinners, special shows, weekends away, and other romantic options.

Lest anyone needs reminding, we are not living in normal times and many of those options were not available this year.

According to marketing company Statista, the most popular Valentine’s Day option last year was dinner out. Jewelry finished a distant 11th as the go-to gift option.

How things have changed in 2021.

According to Statista, jewelry ranked as the No. 3 option for Valentine’s Day gifting this year. For context, candy and flowers were the top two choices.

Driven by that consumer demand, fine jewelry sales for the period Feb. 1–14, 2021 showed an impressive 15 percent increase versus the previous year.

While unit sales continued their downward trend, average ticket prices showed a robust 20 percent increase versus same period in 2020.

The diamond categories continued to lead with a 17 percent increase in sales, a 16 percent increase in number of units sold, and a 2.3 percent increase in average retail sales for the period through Feb. 14.

The colored stone and pearl categories were also up in all key performance indicators.

Preceding the first two weeks of February was a strong January that showed an 11 percent increase in gross sales versus January of 2020.

On the strength of an outstanding year in 2020, where retailers recovered to within 0.05 percent of their 2019 results, the January and mid-month February performance suggest a near-term positive continuation for retail jewelers.

That’s an impressive development given the challenges retailers continue to grapple with, including lockdowns, shortened hours and, in many cases, furloughs and/or layoffs of personnel.

RELATED CONTENT: Watch—A Webinar on 2021 Predictions

Although fewer units were sold in 2020 (down 15 percent compared to 2019), the average retail ticket grew a whopping 17 percent on the back of the shift to diamond jewelry and loose diamonds, with gross margins improving by 1 percent.

Loose diamonds led the charge with 14 percent of annual sales for 2020, and they showed improvement in all key performance indicators.

Diamond engagement rings and diamond wedding bands were the next two best-performing categories for 2020, with increases of 2.3 percent and 3.3 percent in gross sales, respectively. 

Overall, the diamond categories performed very well, representing about 47 percent of annual sales (this number doesn’t include diamond categories processed through point of sale as custom) in 2020, with an overall increase of 2.4 percent in gross sales. 
It also was one of the few categories to show solid growth in number of units sold.

Timepieces also held their own during the pandemic, representing 16 percent of total annual sales for independent stores. Overall, the category was positive to 2020 with 1.5 percent sales growth.

Despite a 16 percent decline in number of units sold, watches enjoyed a double-digit increase in average retail sale at 21 percent, growing from $2,900 to $3,509. There was also an increase of 2.4 percent in gross margin for the category versus previous year.

Services, on the other hand, were a mixed bag in 2020.

They represented 12.2 percent of annual gross sales, but repairs declined in all key performance indicators save one, average retail sale, and that increase was only $7 per item.

This was no doubt impacted by the significant decline in foot traffic and a willingness to hold off on non-essential trips to the stores.

Custom jewelry grew in all key performance indicators, except one. 

The category saw a 3.2 percent increase in gross sales, a very small increase in gross margin and a whopping 11 percent increase in average retail sale, an improvement of $176 per item. 

Number of units sold declined 7 percent.

All in all, 2020 was a stellar year for independent jewelers, and 2021 is off to a strong start. 

As a wise man once said, let’s make hay while the sun shines. 
Sherry Smithis director of business development at Edge Retail Academy, the leading jewelry business consulting and data aggregation firm.

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