Jewelry sales soar as American consumers returned to purchasing jewelry
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Jewelry sales soar as American consumers returned to purchasing jewelry. The return to an upward trend resulted in a 7.4% year-over-year rise in revenue. Not only revenue, but average spending per unit also kept growing, up 3.7% year over year.
The rise in overall revenue is welcome news as the market enters the holiday season. And yet, the rise in revenue comes despite a decline in loose diamond sales – both natural and lab grown.
Inventory levels increased compared to September, mainly a seasonal trend. On a year-over-year basis, inventory shrank as retailers kept tight management of their stocks.
Total US Jewelry Sales Soared in October
Finished Jewelry Revenue Soars
Finished jewelry sales recovered in October, keeping the year-to-date topline figure positive. According to our latest data, retailers’ topline revenue from finished jewelry revenue soared 9.9%. Year to date, revenue has increased by 2.5%.
Unit sales also rose, up 5.9% year over year, and included every jewelry category and nearly every subcategory. The outstanding subcategory performer was tennis bracelets, up 38.5%.
Of the two subcategories that lost some of the consumers’ interest were anniversary rings, down a mid-single digit.
Finished Natural Diamond Jewelry Bounces 4.7%
Another area with a return to growth was revenue from finished jewelry set with natural diamonds. In October, retailers’ sales of pre-set natural diamond jewelry rose 4.7% year over year.
As with overall finished jewelry sales, those pre-set with natural diamonds rose in every jewelry category, with the largest increase noted for bracelets, up 16% year over year. Some subcategories declined, most of them among rings, such as wedding sets and anniversary rings.
Finished LGD Jewelry Sales Soar 33%
Lab-grown diamond jewelry sales soared 46% in October, resulting in a 33% increase in year-to-date sales.
The rise was due to a significant growth in unit sales but was held back by an 8.5% decline in the average price paid by consumers.
While rings and earrings remain the top categories by number of units sold, bracelets are up and coming, led by a 200% growth in demand for bangles.
LGD-Set Finished Jewelry Revenue
Loose Diamond Sales Soften in October
As the US jewelry market geared up for the holiday season, inventory levels increased. The share of LGD in inventory expanded, partially due to vendors willingness to provide goods on memo.
Consumers were willing to spend more on loose natural diamonds but kept cutting their expenditure on lab grown.
Natural Diamonds: Down Again
The rollercoaster sales trend of loose natural diamonds continued in October, this time declining 1.8% year-over-year.
On a year-to-date basis, revenue declined 4.7%.
The good news is that consumers that do buy natural diamonds are interested in larger diamonds and willing to pay more for their diamonds. Average carat weight remained within the 1.35–1.40 carat range of the past year, while average price climbed 3.4% to $10,121.
A further sign of natural diamond’s steadfast position in the market, it holds steady at 75% share of revenue vs lab grown.
US Loose Natural Diamond Sales Trend
Lab-Grown Diamonds Revenue Flat
The two most characteristic trends of loose lab-grown diamonds were unchanged in October. The number of units sold kept growing, up 24% from last year. Also, the average price kept sinking, down 19.5%.
Revenue from loose LGDs was practically flat. Revenue from the bestseller, 2-carat rounds, dropped 16% as consumers migrated to 2-carat ovals.
Loose Lab-Grown Diamond Revenue YoY
About Tenoris
Tenoris collects retail sales data from a broad representative sample of US jewelry retailers. Tenoris subscribers include retailers, manufacturers, miners, and financial firms. They use this data to study everything from broad market trends to price prediction, assisting them in identifying changing trends and opportunities ahead of their competitors.
Tenoris can help improve your business through a better understanding into the US jewelry market. Contact us to discover how our reports provide comprehensive insights of the US jewelry market and how you can gain access to this data.
