The performance of independent jewelers in December 2023 reveals nuanced market shifts across various product categories, offering intriguing insights into consumer preferences and market dynamics during this crucial sales month.
Overall Trends:
The independent jewelry channel experienced a marginal decline in sales by less than 1 percent in December. Despite a 4 percent decrease in the number of units sold, the average retail sale increased by 3 percent.
Category Highlights:
Diamond Earrings: Despite a 5 percent drop in sales, they accounted for a significant 10 percent of the month’s total sales.
Watches: Constituting 13 percent of December’s sales, watches outperformed earrings with a 3 percent increase in gross sales and an impressive 7 percent rise in average retail sale.
Diamond Bridal: Witnessed a 12 percent drop in gross sales and a 9 percent decrease in average retail sale, with a 4 percent decline in units sold.
Diamond Fashion Jewelry: Slightly positive results with less than a 1 percent increase in gross sales and a 2 percent rise in average retail sale, despite a 2 percent decrease in units sold.
Diamond Bracelets: A December success story, with a 9 percent rise in gross sales, a 4 percent increase in units sold, and a 5 percent boost in average retail sale.
Services (Repairs and Custom Jewelry): Increased by 8 percent in gross sales and 13 percent in average retail sale despite a 4 percent decline in units sold.
Other Notable Shifts:
Gold Fashion Jewelry: Exhibited a 4 percent growth in gross sales and a 5 percent increase in average retail sale, with a 1 percent decline in units sold.
Colored Stone Jewelry: Mixed results with a 2 percent decrease in gross sales, 5 percent drop in units sold, but a 3 percent increase in average retail sale.
Pearl Jewelry: Faced a 5 percent reduction in gross sales and a 10 percent decline in units sold yet saw a 5 percent rise in average retail sale.
Sterling Silver: Experienced a tough month with a 10 percent decrease in gross sales and an 11 percent fall in units sold, but a 1 percent increase in average retail sale.
Annual Overview
The year 2023 for independent jewelers reflects adaptation and resilience with a mere 1 percent decrease in gross sales and a 2 percent decline in units sold. Here’s a category-by-category breakdown:
Diamond Categories: Comprised 43 percent of the year’s total sales.
Bridal Jewelry Trends:
Diamond Engagement Rings: Experienced a 2 percent decrease in gross sales and a significant 7 percent reduction in units sold.
Semi-Mounts: Faced an 8 percent drop in gross sales and a 5 percent fall in units sold.
Loose Diamonds (Natural and Lab-Grown): Witnessed a steep 16 percent decline in both gross sales and average retail sale, despite steady unit sales.
2023 Standouts:
Diamond Bracelets: A notable success with a 5 percent increase in gross sales, a 4 percent rise in units sold, and a 1 percent boost in average retail sale.
Diamond Necklaces: Demonstrated modest yet steady growth, achieving a 1 percent rise in both gross sales and average retail sale while maintaining stability in units sold.
Fashion Gold Jewelry: Promising results with a 1 percent uptick in gross sales.
Watches: Remained a robust category with an impressive 7 percent growth in both gross sales and average retail sale.
Colored Stone Bracelets: Stood out with a significant 13 percent jump in gross sales, a 10 percent increase in units sold, and a 2 percent rise in average retail sale.
Colored Stone Necklaces: Showed 9 percent growth in gross sales, a 5 percent rise in units sold, and a 4 percent increase in average retail sale.
Sterling Silver and Alternative Metals: Mixed results with chains bucking the trend, experiencing a modest 1 percent increase in gross sales and a 4 percent rise in units sold.
Services:
Repair Business: Showed positive movement across all key performance indicators.
Custom Jewelry: Strong in December but experienced a yearly dip with a 3 percent decrease in gross sales and a 1 percent drop in both units sold and average retail sale.
Looking Ahead:
While certain categories faced downturns, the resilience and adaptability in others paint an optimistic picture for the future of independent jewelers. The industry’s ability to retain value and customer interest even in less favorable conditions suggests a market successfully navigating through complex economic terrain.
As we step into the future, the independent jeweler’s ability to adapt and innovate will continue to be crucial. Embracing emerging trends, understanding consumer behavior, and focusing on high-performing categories can pave the way for sustained growth. The resilience shown in 2023 sets a foundation for cautious optimism in the ever-evolving world of jewelry retail.
