CollectionsJun 13, 2025
Piece of the Week: Robinson Pelham’s Pear EarringsTake a bite out of the 14-karat yellow gold “Fruits of Love Pear” earrings featuring peridots, diamond stems, and tsavorite leaves.
IndependentsDec 10, 2019
On Data: How Independent Jewelers Are Faring This Year
In a new data-driven column, The Edge Retail Academy’s Sherry Smith breaks down the year so far for independent retailers.
Sherry Smith is director of business development for data and consulting company The Edge Retail Academy. She can be reached at sherry@edgeretailacademy.com.
The retail model continues to evolve at an exponential rate.
Today, small is the new big, less is more and the word “omnichannel” has become passé.
This shifting retail landscape has left our independent jewelry retailers in search of the “next best thing” and vigorously seeking a competitive edge—better ways to reach customers, more efficient customer journeys and opportunities to proactively meet customer needs.
The role of data is more significant than ever, which is why The Edge Retail Academy is now working with National Jeweler to bring readers “On Data,” a regular column by yours truly that contains valuable information on what’s selling and what’s not.
In this first column, we’ll look at how independent jewelers are faring so far in 2019, as well as delve into the importance of data.
The Figures
The Edge Retail Academy’s aggregated data from more than 1,100 independent retailers show sales are up 1.7 percent rolling 12 months ending October 2019.
It might surprise independent retailers to know they’re outperforming the majors.
Tiffany reported comparable sales in the Americas decreased 4 percent in the third quarter and were down 5 percent in the first half.
Signet same-store sales were down 1.4 percent year-to-date at the end of the second quarter, though the massive retailer showed improvement in Q3 thanks its North American stores and online sales.
Historically, the diamond category has made up approximately 50 to 51 percent of annual jewelry sales, but in the month of October it slipped a bit, representing 45.5 percent.
The diamond category was up 11 percent in gross sales for the month of October and up 3 percent in average retail sale, which climbed from $2,213 to $2,379.
Why Numbers Matter
It’s all about the data.
In its 2018 study titled “How Analytics and Digital Will Drive Next Generation Retail Merchandising,” McKinsey stated: “Winning decisions are increasingly driven by analytics more than instinct, experience or merchant ‘art.’
“By leveraging smarter tools—those beyond backward-looking, ‘hind-sighting’ analysis—retailers can increasingly make forward-looking predictions that are quickly becoming the ‘table stakes’ necessary to keep up.”
Owners and buyers no longer need to rely solely, nor should they, on their instincts.
Independent retailers now have access to approximately $2 billion in annual jewelry sales data, thanks to Edge Pulse. Edge Pulse allows Edge users to log in from anywhere at any time to access their data as well as industry stats.
This big data means a greater understanding
Today, small is the new big, less is more and the word “omnichannel” has become passé.
This shifting retail landscape has left our independent jewelry retailers in search of the “next best thing” and vigorously seeking a competitive edge—better ways to reach customers, more efficient customer journeys and opportunities to proactively meet customer needs.
The role of data is more significant than ever, which is why The Edge Retail Academy is now working with National Jeweler to bring readers “On Data,” a regular column by yours truly that contains valuable information on what’s selling and what’s not.
In this first column, we’ll look at how independent jewelers are faring so far in 2019, as well as delve into the importance of data.
The Figures
The Edge Retail Academy’s aggregated data from more than 1,100 independent retailers show sales are up 1.7 percent rolling 12 months ending October 2019.
It might surprise independent retailers to know they’re outperforming the majors.
Tiffany reported comparable sales in the Americas decreased 4 percent in the third quarter and were down 5 percent in the first half.
Signet same-store sales were down 1.4 percent year-to-date at the end of the second quarter, though the massive retailer showed improvement in Q3 thanks its North American stores and online sales.
Historically, the diamond category has made up approximately 50 to 51 percent of annual jewelry sales, but in the month of October it slipped a bit, representing 45.5 percent.
The diamond category was up 11 percent in gross sales for the month of October and up 3 percent in average retail sale, which climbed from $2,213 to $2,379.
Why Numbers Matter
It’s all about the data.
In its 2018 study titled “How Analytics and Digital Will Drive Next Generation Retail Merchandising,” McKinsey stated: “Winning decisions are increasingly driven by analytics more than instinct, experience or merchant ‘art.’
“By leveraging smarter tools—those beyond backward-looking, ‘hind-sighting’ analysis—retailers can increasingly make forward-looking predictions that are quickly becoming the ‘table stakes’ necessary to keep up.”
Owners and buyers no longer need to rely solely, nor should they, on their instincts.
Independent retailers now have access to approximately $2 billion in annual jewelry sales data, thanks to Edge Pulse. Edge Pulse allows Edge users to log in from anywhere at any time to access their data as well as industry stats.
This big data means a greater understanding
of patterns, trends and consumer shopping habits.
It is easy to now ascertain the top-performing categories or how a given vendor is trending.
A retailer can benchmark their performance against the aggregated industry performance and trends.
They can also quickly determine if they are missing best sellers from the very vendors with whom they’re currently doing business.
According to a recent study conducted by IBM’s Institute for Business Value, 62 percent of retailers report the use of information, including big data, and analytics are creating a competitive advantage for their organizations.
Knowing where you stand relative to other retailers, while not a game changer in and of itself, is a useful benchmark.
Understanding market trends, pricing and category performance is the best complement to your instincts and experience.
Your daily and weekly routine should include a review of your data, as well as real-time aggregated data, to make more informed and intelligent business decisions.
These insights will enable you to better understand which products or services are in demand and, quite frankly, help you to manage your business more efficiently.
We’ve come off a great month in October. Let’s build on that momentum with relevant and useful data.
Have a great holiday season!
Sherry Smith is director of business development for data and consulting company The Edge Retail Academy. Her 30 years in the jewelry industry includes 20 as principal partner in two jewelry stores. As director of business development, Smith works with wholesalers, brands and retail stores on business mentoring and data analysis and aggregation. She can be reached at sherry@edgeretailacademy.com.
It is easy to now ascertain the top-performing categories or how a given vendor is trending.
A retailer can benchmark their performance against the aggregated industry performance and trends.
They can also quickly determine if they are missing best sellers from the very vendors with whom they’re currently doing business.
According to a recent study conducted by IBM’s Institute for Business Value, 62 percent of retailers report the use of information, including big data, and analytics are creating a competitive advantage for their organizations.
Knowing where you stand relative to other retailers, while not a game changer in and of itself, is a useful benchmark.
Understanding market trends, pricing and category performance is the best complement to your instincts and experience.
Your daily and weekly routine should include a review of your data, as well as real-time aggregated data, to make more informed and intelligent business decisions.
These insights will enable you to better understand which products or services are in demand and, quite frankly, help you to manage your business more efficiently.
We’ve come off a great month in October. Let’s build on that momentum with relevant and useful data.
Have a great holiday season!
Sherry Smith is director of business development for data and consulting company The Edge Retail Academy. Her 30 years in the jewelry industry includes 20 as principal partner in two jewelry stores. As director of business development, Smith works with wholesalers, brands and retail stores on business mentoring and data analysis and aggregation. She can be reached at sherry@edgeretailacademy.com.
More on Independents
The Latest
Events & AwardsJun 13, 2025
AGA to Host ‘Diamonds From Mine to Market’ Education ConferenceThe one-day virtual event will feature speakers from De Beers, GIA, and Gemworld International.
EditorsJun 12, 2025
15 Questions With Jewelry Photographer Ella SophieThe California-based creative talks jewelry photography in the modern era and tackles FAQs about working with a pro for the first time.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
AuctionsJun 12, 2025
Vintage Patek Philippe From the ‘50s Sells for $4M at Sotheby’s Al Capone’s pocket watch also found a buyer, though it went for less than half of what it did at auction four years ago.
Weekly QuizJun 12, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJun 12, 2025
Gabriel Love Foundation Introduces Scholarship Honoring Elias GabrielThe foundation has also expanded its “Stronger Together” initiative with Jewelers for Children.
AuctionsJun 12, 2025
Former De Beers Exec Celine Assimon Joins BonhamsAssimon is the auction house’s new chief commercial officer.
Brought to you by
The True Power Behind the Counter: Why Sales Associates Are the Heart of the Jewelry BusinessWhen investing in your jewelry business, it's important not to overlook the most crucial element of success: the sales associates.
EditorsJun 11, 2025
Q&A: Al Cook on Differentiating Natural Diamonds, Traceability, and TariffsThe De Beers Group CEO discusses the company’s new “beacon” program, the likelihood diamonds will be exempt from tariffs, and “Origin.”
MajorsJun 11, 2025
Pandora Bets on Las Vegas for First North American FlagshipThe Danish jewelry giant hosted its grand opening last weekend, complete with a Pandora pink roulette wheel.
GradingJun 11, 2025
Tiffany Stevens Exits IGI, Lab Appoints New Board LeaderIndustry veteran Anoop Mehta is the new chairman and independent director of the IGI board.
Events & AwardsJun 11, 2025
Kering Announces Winners of Sustainability-Focused AwardThe winners of the inaugural “Kering Generation Award x Jewelry” are student Lee Min Seo and China-based startup Ianyan.
SourcingJun 10, 2025
De Beers Turns to Brown, Yellow Diamonds for New ‘Beacon’“Ombré Desert Diamonds” will emphasize cream-, champagne-, and brown-colored diamonds, shades that set natural stones apart from lab grown.
AuctionsJun 10, 2025
Noonans to Auction 16th-Century Signet RingIt's one of the “Gresham grasshopper” rings English financier Sir Thomas Gresham was known to gift to acquaintances or business associates.
CollectionsJun 10, 2025
Tabayer Names Mary Chiam as CEOThe brand also debuted its new “Zorae” collection featuring a talisman of protection and harmony inspired by a sheaf of wheat.
MajorsJun 10, 2025
Lauren Johansen Joins Loudr As Loudr’s new account manager, Johansen will partner with clients to craft and execute marketing strategies.
Events & AwardsJun 09, 2025
And the Winners of the 2025 Couture Design Awards Are … Designers were recognized in 12 categories, from platinum to pearls, before the evening ended with a new, retail-focused award.
AuctionsJun 09, 2025
Nancy Astor’s Cartier Tiara Sells for $1.2MThe rare turquoise and diamond jewel was the top lot at Bonhams’ June jewelry sale.
Events & AwardsJun 09, 2025
CASE Awards Now Accepting Entries For 2025The deadline to submit is June 16.
MajorsJun 09, 2025
RDI Diamonds Partners With LavalierThe diamond wholesaler is working with the insurance provider to seamlessly offer personal jewelry insurance to RDI retailers’ clients.
CollectionsJun 06, 2025
Piece of the Week: Harwell Godfrey’s ‘Granny Squares Eleanor’ Necklace As an homage to iconic crochet blankets, the necklace features the nostalgic motif through a kaleidoscope of cabochon-cut stones.
Events & AwardsJun 05, 2025
The 12 Fresh Faces in Couture’s Design AtelierDiscover the dozen up-and-coming brands exhibiting in the Design Atelier for the first time.
SourcingJun 05, 2025
A Rare Suite of Rubies Has Arrived in Las VegasThe “Royal Ruby” Collection is a quintet of untreated rubies curated by collector Jack Abraham.
Events & AwardsJun 05, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
MajorsJun 05, 2025
Platinum Guild International Updates Leadership TeamTwo existing executives have been given new roles.
Events & AwardsJun 05, 2025
Zillion Announces 'Women in STEM' Scholarship RecipientMeredith Tiderington, an electrical engineering student, was selected for the award.
Lab-GrownJun 04, 2025
GIA Reverting to More General Terminology for Lab-Grown DiamondsIt will quit assigning the stones specific color and clarity grades in favor of applying “new descriptive terminology.”
