ColumnistsDec 21, 2023
On Data: Subdued Sales in the Second Week of December ColumnistsDec 28, 2023
On Data: In December, A Tale of Two Markets
The first 21 days of the month revealed surprising shifts in consumer behavior, Sherry Smith says.
Sherry Smith is director of business development for data and consulting company The Edge Retail Academy. She can be reached at sherry@edgeretailacademy.com.
Scratch the surface of holiday sparkle, and you’ll find a tale of two markets: stability in total sales for independent jewelers but surprising shifts in consumer preferences.
This report dissects these trends, arming you with insights to navigate the changing market and maximize your holiday sparkle.
Dive deeper and discover which categories are cooling off while others bask in the holiday spotlight.
Overall, total gross sales for independent jeweler were steady in the first 21 days of December.
However, a subtle 5 percent decrease in unit sales coupled with an average retail sale of $590 suggests a cautious consumer approach.
The diamond categories (including sales of both natural and lab-grown stones) continued their downward trajectory, with a 5 percent decrease in gross sales and a 4 percent fall in unit sales, yet they boasted a robust average retail sale of $2,184.
Sales of bridal jewelry, traditionally seen as a bellwether for broader market trends, notably reflected this cautious sentiment. Gross sales fell 12 percent and there was a 5 percent decline in units sold.
This downturn may be attributed to the number of engagements normalizing to pre-COVID levels, suggesting a shift back to traditional buying patterns rather than a decrease in overall market health.
Conversely, the diamond fashion segments showed resilience with a slight 1 percent uptick in gross sales, though unit sales dipped by 3 percent, achieving an average retail sale of $1,862.
The colored stone and pearl categories also felt the market’s shifts, with gross sales down a little more than 2 percent and unit sales decreasing 8 percent, yet they maintained a commendable average retail sale of $943.
The gold jewelry category was a mixed bag, with a 3 percent increase in gross sales counterbalanced by a 2 percent decrease in unit sales, and an average retail price of $523.
Watches, while experiencing a 5 percent decrease in units sold, defied the trend with a 12 percent increase in gross sales thanks to a strong average retail sale.
In contrast, sterling silver and alternative metals faced a more challenging environment, with both gross sales and units sold down by 12 percent.
Repair and custom services, however, were a bright spot, with gross sales increasing 7 percent despite a 3 percent decline in units sold.
Lastly, giftware faced a downturn, with a 4 percent decrease in gross sales and a more pronounced 10 percent decrease in units sold.
Related stories will be right here …
This report dissects these trends, arming you with insights to navigate the changing market and maximize your holiday sparkle.
Dive deeper and discover which categories are cooling off while others bask in the holiday spotlight.
Overall, total gross sales for independent jeweler were steady in the first 21 days of December.
However, a subtle 5 percent decrease in unit sales coupled with an average retail sale of $590 suggests a cautious consumer approach.
The diamond categories (including sales of both natural and lab-grown stones) continued their downward trajectory, with a 5 percent decrease in gross sales and a 4 percent fall in unit sales, yet they boasted a robust average retail sale of $2,184.
Sales of bridal jewelry, traditionally seen as a bellwether for broader market trends, notably reflected this cautious sentiment. Gross sales fell 12 percent and there was a 5 percent decline in units sold.
This downturn may be attributed to the number of engagements normalizing to pre-COVID levels, suggesting a shift back to traditional buying patterns rather than a decrease in overall market health.
Conversely, the diamond fashion segments showed resilience with a slight 1 percent uptick in gross sales, though unit sales dipped by 3 percent, achieving an average retail sale of $1,862.
The colored stone and pearl categories also felt the market’s shifts, with gross sales down a little more than 2 percent and unit sales decreasing 8 percent, yet they maintained a commendable average retail sale of $943.
The gold jewelry category was a mixed bag, with a 3 percent increase in gross sales counterbalanced by a 2 percent decrease in unit sales, and an average retail price of $523.
Watches, while experiencing a 5 percent decrease in units sold, defied the trend with a 12 percent increase in gross sales thanks to a strong average retail sale.
In contrast, sterling silver and alternative metals faced a more challenging environment, with both gross sales and units sold down by 12 percent.
Repair and custom services, however, were a bright spot, with gross sales increasing 7 percent despite a 3 percent decline in units sold.
Lastly, giftware faced a downturn, with a 4 percent decrease in gross sales and a more pronounced 10 percent decrease in units sold.
In conclusion, the first three weeks of December are evidence of a complex landscape for independent jewelers, marked by steadfast gross sales yet underlined by shifts in consumer buying behavior.
As we move forward, understanding these nuanced changes will be crucial in strategizing for the upcoming year.
It’s imperative to adapt to the evolving market, focusing on areas of growth and addressing the segments showing decline.
With a strategic approach and an eye on market trends, the independent jeweler can navigate these fluctuations and position themselves for sustained success in the future.
Keep an eye out for my next column, where I will provide a comprehensive performance analysis for the entire month of December.
Don’t miss this dive into the insights that will influence our strategies and understanding of the market as we head into 2024.
More on Columnists
The Latest
CrimeJun 18, 2025
7 Men Indicted in $100M Brinks Jewelry HeistThe heist happened in Lebec, California, in 2022 when a Brinks truck was transporting goods from one show in California to another.
AuctionsJun 18, 2025
Historic ‘Marie-Thérèse Pink’ Diamond Fetches $14M at Christie’sThe 10-carat fancy purple-pink diamond with potential links to Marie Antoinette headlined the white-glove jewelry auction this week.
EditorsJun 18, 2025
Q&A: Caryl Capeci Dives Into Cruise Jewelry ShoppingThe Starboard Cruises SVP discusses who is shopping for jewelry on ships, how much they’re spending, and why brands should get on board.
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.
AuctionsJun 18, 2025
16th-Century ‘Gresham Grasshopper’ Ring Sells for $56KThe historic signet ring exceeded its estimate at Noonans Mayfair’s jewelry auction this week.
Weekly QuizJun 12, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJun 18, 2025
Kirk Kara Celebrates 135 Years With New JewelsTo mark the milestone, the brand is introducing new non-bridal fine jewelry designs for the first time in two decades.
SourcingJun 18, 2025
Gemfields Sells 36-Carat Rough RubyThe gemstone is the third most valuable ruby to come out of the Montepuez mine, Gemfields said.
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.
TechnologyJun 18, 2025
Alex Brown Named President of Smithee GroupFounder and longtime CEO Ben Smithee will stay with the agency, transitioning into the role of founding partner and strategic advisor.
EditorsJun 17, 2025
The Best New Jewelry from Couture 2025, Part 1Associate Editor Natalie Francisco shares 20 of her favorite pieces from the jewelry collections that debuted at Couture.
AuctionsJun 17, 2025
Colored Gemstones, Signed Jewels Shine in Sotheby’s High Jewelry SaleThe top lot was a colorless Graff diamond, followed by a Burmese ruby necklace by Marcus & Co.
MajorsJun 17, 2025
Amanda Gizzi Gets a Promotion at JAGizzi, who has been in the industry since 2001, is now Jewelers of America’s senior vice president of corporate affairs.
MajorsJun 17, 2025
Kering Names Automotive Exec as Its New CEOLuca de Meo, a 30-year veteran of the auto industry, will succeed longtime CEO François-Henri Pinault.
EditorsJun 16, 2025
Q&A: Bogolo Joy Kenewendo on Mining, Tariffs, and the Energy of Las VegasFollowing visits to Vegas and New York, Botswana’s minerals minister sat down with Michelle Graff to discuss the state of the diamond market.
IndependentsJun 16, 2025
Greenwich St. Jewelers Launches Commitment Campaign Celebrating LGBTQ+ CouplesThe “Your Love Has the Perfect Ring” campaign showcases the strength of love and need for inclusivity and representation, the jeweler said.
MajorsJun 16, 2025
Ivette Nersesyan-Stephanopoulos Joins Tiffany & Co.The former De Beers executive is the jewelry house’s new director of high jewelry for the Americas.
MajorsJun 16, 2025
Catbird Names WNBA Star Nyara Sabally as Its New Brand AmbassadorThe New York Liberty forward is the first athlete to represent the Brooklyn-based jewelry brand.
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.
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.
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.
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.
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.
