Events & Awards

Live From Las Vegas: Industry’s Level of Optimism ‘Striking’

Events & AwardsJun 04, 2018

Live From Las Vegas: Industry’s Level of Optimism ‘Striking’

JCK Events shared highlights from its new State of the Industry Jewelry Report, which found that many in the industry are feeling positive right now.

2017-JCK-Las-Vegas_copy.jpg
Yancy Weinrich, who heads the JCK jewelry shows, presented the results of a recent jeweler survey at a breakfast held Friday morning, before the opening of the 2018 edition of JCK Las Vegas.

Las Vegas--If one recent survey is any indication, the industry is feeling pretty optimistic right now.

JCK Events conducted a survey in conjunction with GfK this spring and created a report based on the findings, the 2018 JCK State of the Industry Jewelry Report.

On Friday morning in Las Vegas, Reed Jewelry Group Senior Vice President Yancy Weinrich shared select highlights from the report at a breakfast held before the jewelry trade shows opened for the day.

Performed in February and March, the survey included feedback from 549 respondents. Most of them were retailers, but survey-takers also included manufacturers and wholesalers as well as some jewelry designers.

Weinrich added that 79 percent of the respondents have been in the industry for more than 11 years, meaning they’ve weathered changes before and bring a long-term perspective to the results.

When looking at the results, she said they discovered a “level of optimism about individual business prospects and the overall direction of the general economy that was striking.”

Though the male respondents were slightly more optimistic than the females, the overall sentiment was positive by a margin of two to one.

In fact, Weinrich said the confidence in the industry and future outlook for the general economy far outstrips that of the general public. Forty-six percent of those who took the jewelry survey said the economy was doing better in the last 12 months, which was nearly twice as many as who said the same in the population at large.

Those expecting continued improvement in the next year are slightly fewer than that, but still outnumber the American public by almost 50 percent.

She said the industry is “overwhelmingly positive” about the likely effects of the recent tax overhaul, with only 13 percent concerned it might hurt the economy.

In questions of trade policy, however, there was more caution and concern; more respondents were worried the changes in the policy toward the Asia-Pacific region, in particular, might hurt the economy.

Nevertheless, the industry sentiment, according to the survey, seems to be positive, especially when it comes to respondents’ own businesses.

Coinciding with the release of the survey, JCK Events introduced a number designed to reflect the state of the industry: the 2018 JCK Jewelry Industry Confidence Index, which will be based on the percentage of jewelers who express optimism regarding their stores.

For the first measure of the index, when

asked how optimistic they were about their own businesses over the next 12 months, 88 percent of retailers said they were either somewhat or very optimistic.

“This is a number that we’re eager to watch over the years, testing its resilience and learning about the attitudes of our professionals in the jewelry industry over time,” Weinrich said.

When it comes to the industry’s biggest challenges, the most commonly mentioned were: online competition, overall economic climate, a lack of general consumer demand and a lack of millennial demand.

According to the survey, the top strategy for dealing with these challenges is improving the in-store buying experience, which “shows that retailers particularly believe that buying jewelry is not something that can only migrate to the virtual world,” she said.

Even with the larger number of brick-and-mortar stores closing, many in the industry aren’t behind going all-in on e-commerce, as buying jewelry goes beyond product to also include seeing and feeling pieces in person, becoming educated and being guided by a trusted professional.

The industry also is turning toward non-traditional advertising and social media as ways to drive the consumers into the store.

Eighty-one percent of survey-takers ranked social media marketing as one of their most successful business practices, while 90 percent indicated they plan to increase their efforts in this area, with Facebook and Instagram dominating.

“Social media is obviously seen as a cost-effective front for taking on online competition,” Weinrich said.

The survey also delved into lab-grown diamonds.

Though only one in five respondents reporting selling the stones, those that are in the business reported that sales were good; 62 percent said sales were up in the last year, and 78 percent expect them to increase again in the coming year.

Also among the top trends for survey-takers was the sale of “responsibly sourced jewelry,” with 73 percent reporting that they sell it, and 49 percent reporting sales were up year-over-year in 2017.

“While this may bolster the growth of blockchain in the industry in the immediate future, it also provides a foothold for lab-grown diamonds to leverage going forward,” Weinrich said.

Meanwhile, sales of watches and charms were “visibly down” from 2016 to 2017, with the former being affected by the disruption of smartwatches and wearable tech, while sales of custom pieces were up 59 percent among respondents as the customization trend across all consumer categories picks up.

The full version of the 2018 JCK State of the Industry Jewelry Report can be purchased at JCKLasVegas.com/IndustrySurvey.
Brecken Branstratoris the senior editor, gemstones at National Jeweler, covering sourcing, pricing and other developments in the colored stone sector.

The Latest

Nina Pugliese Henne Jewelers
IndependentsSep 29, 2025
Nina Pugliese, Longtime Henne Jewelers Employee, Dies at 65

She was remembered as a creative and generous woman of faith, who also had a sweet tooth.

Overnight volume 7 bridal catalog
MajorsSep 29, 2025
Overnight Releases New Bridal Catalog

The “Volume 7” bridal catalog features best-selling engagement rings, trending styles, and a new section highlighting anniversary bands.

Mark Henry Leandra Medine Cohen
IndependentsSep 29, 2025
Mark Henry Jewelry to Debut in Canada

The New York-based brand is set to launch a limited-time offering for the holiday season at Holt Renfrew in Toronto.

gia-edu main image.png
Brought to you by
A Brilliant Future Is Here

Online education from GIA experts.

Kwait White and Yellow Gold Diamond Earrings
TrendsSep 29, 2025
Amanda’s Style File: Ear Focus

Move over neck mess, the ear story is the way to make a layering statement today.

Weekly QuizSep 25, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Hand holding holiday shopping bags
SurveysSep 26, 2025
Online Shopping, Influencers to Drive Holiday Spending, Mastercard Says

Holiday sales growth is expected to slow as consumers grapple with inflation and tariff-related uncertainty.

Kwit Square Signet Pinky Ring in Red and Azure
TrendsSep 26, 2025
Piece of the Week: Kwit Jewelry’s Square Signet Pinky Ring

The red and azure colorway is one of many fun enamel pairings offered, bringing whimsy to the classic style of a monogramed signet ring.

reDollar-fine-jewelry-department.jpg
Brought to you by
reDollar.com Is Rolling Out the Next Level Jewelry, Diamond & Watch Consignment Program

With their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.

Jewelers of America Fly In
Policies & IssuesSep 25, 2025
JA CEO Provides Tariff Update Following Annual Fly-In

A trade deal with Switzerland seems probable, but reaching an agreement with India remains a challenge, David Bonaparte said.

Entrance to Jwaneng diamond mine in Botswana
SourcingSep 25, 2025
2 African Countries Aim to Take Stake in De Beers

Botswana’s president said his country wants a controlling share, while Angola envisions multiple countries holding minority stakes.

Kira Jewels Growing Rowing Machines
Lab-GrownSep 25, 2025
Kira Jewels Expands Lab-Grown Diamond Production

The manufacturer is adding 1,400 chemical vapor deposition (CVD) reactors to its growing facility in India.

Alex Moss SoHo store
IndependentsSep 25, 2025
Alex Moss’ New Flagship Brings Bold Jewels to SoHo

The jeweler to the stars has worked with Drake, A$AP Rocky, Tyler the Creator, and other celebrities.

Matthew Wilson, Kavin Kulamavalava, and a Elmasolvex VA
WatchesSep 25, 2025
Wilson & Son Jewelers Donates to the Horological Society of New York

The Scarsdale, New York-based jeweler donated a professional-grade watch cleaning machine.

Representatives of India’s Gem and Jewellery Export Promotion Council and Indian government leaders
Policies & IssuesSep 24, 2025
Tariffs Throw Diamond Trade Into Disarray

The 50 percent tariffs on diamonds shipped from India to the U.S. have pushed midstream manufacturers to the edge.

Father’s Day diamond advertisement that ran in India
SourcingSep 24, 2025
De Beers Adopts New Strategies to Drive Natural Diamond Demand in India

De Beers’ refreshed, multipronged approach, which includes generic promotions and retail partnerships, is delivering positive dividends.

Policies & IssuesSep 24, 2025
For Jewelry Manufacturers, Higher Tariffs Create Long-Term Worries

They are trying to balance the need to sustain well-established relationships with the pressure higher tariffs have put on margins.

Guest lecture for people with disabilities at the Jewelex factory
SourcingSep 24, 2025
A Helping Hand: An Effort to Boost Inclusivity in the Industry

Jewelry manufacturer Jewelex has partnered with JOSH, an industry training center, on a program for people with disabilities.

Greenwich St. Jewelers Estate Capsule Campaign
CollectionsSep 24, 2025
Greenwich St. Jewelers Goes Back in Time With First Estate Collection

The collection includes pieces dating back to the Victorian and Art Deco periods as well as mid-century and late 20th-century designs.

Marcus ter Haar
Policies & IssuesSep 24, 2025
Diamonds Do Good Names Marcus ter Haar as President-Elect

He previously served as co-chair of the nonprofit’s beneficiary committee.

Jane Goodall Brilliant Earth campaign
CollectionsSep 24, 2025
Brilliant Earth’s New Jane Goodall Collection Calls for Peace

Its second collaboration with the conservationist features jewelry with dove and olive branch motifs.

SRK Kriam Pharma
SourcingSep 24, 2025
SRK Launches Kriam Pharma

The diamond manufacturer’s new company will provide accessible and affordable high-quality medicines across India.

Emmanuel Raheb, CEO of Smart Age Solutions and National Jeweler columnist
ColumnistsSep 23, 2025
Quiet Luxury: What Fall’s Top Trend Means for Jewelers

Emmanuel Raheb shares tips on how a jeweler’s showcases, marketing, and social media presence can whisper, instead of shout.

Claire’s storefront
MajorsSep 23, 2025
Ames Watson Completes $140M Acquisition of Claire’s

The private equity firm has a plan to revive the mall staple.

Super Smalls Super Book of Gems, Maria Dueñas Jacobs, and Bianca Gottesman
SourcingSep 23, 2025
Super Smalls’ New Book Introduces Kids to Gems, Fine Jewelry

The “Super Book of Gems” dives into the Mohs Hardness Scale, the Four C’s, and designs from jewelers like Cartier and Bulgari.

Mattioli CEO Claudio Pasta
MajorsSep 23, 2025
Mattioli Names Kering Exec as New CEO

Claudio Pasta will take the lead at the Italian fine jewelry brand, succeeding company founder Licia Mattioli.

Monique Lhuillier fashion jewelry Kay
CollectionsSep 23, 2025
Monique Lhuillier Adds Fashion Jewelry to Kay Jewelers Line

The new lab-grown diamond jewelry offering is the latest expansion of the designer’s “Bliss” collection.

Rio Tinto tender
SourcingSep 22, 2025
Rio Tinto Announces Final ‘Beyond Rare’ Tender

The miner is honoring the end of an era with an offering of 52 lots from the now-closed Argyle and the soon-to-close Diavik mines.

×

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