The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
Drilling down on data
It always stresses me out when we run a story about a survey or data and a few days later I see another article pop up with data that directly conflicts with what we just published.
You will understand why, then, my blood pressure rose last week when we printed this report on jewelry sales being “weak” based on the latest U.S. government data and then, a few days later, reports emerged from the Global Retailing Conference in Tucson citing MasterCard data that claimed 25 straight months of year-over-year growth for jewelry sales.
This contradicts with what the U.S. Commerce Department has been saying for the past five months: that jewelry sales are down compared with a year ago.
So, what’s the real story?
To begin with, I think we need to look at the well from which each source is drawing its data.
The government uses data derived from samples and it’s measuring sales of jewelry at tens of thousands stores nationwide, including specialty jewelry retailers (stores that sell jewelry and little or nothing else) as well as at multi-line retailers (places like Walmart, J.C. Penney, Kohl’s, etc.) and online-only retailers (Blue Nile, etc.).
Ken Gassman, a longtime source of mine who follows and tracks data on the jewelry industry more closely than anyone else I know of, said he considers this data from the government to be the most reliable, as it tracks very closely to proprietary numbers he sees from independents jewelers as well as the numbers from the big public companies.
MasterCard’s data, meanwhile, is a combination of MasterCard transactions and other payment forms that the company puts together and, like the government data, is intended to paint a picture of total retail spend in specific categories.
Or, as MasterCard explains it, “MasterCard SpendingPulse deploys a proprietary methodology that takes our aggregated and anonymous transaction data and uses additional data and algorithms to deliver total retail spend—across credit and debit cards, cash and check, both online and offline.”
Now, one of the reasons for the discrepancies in the data that Gassman suggested was that today’s jewelers, specifically independents, don’t offer store credit as widely as their predecessors did, so more consumers are financing their purchases using other means, including MasterCard.
In addition, there are also fewer independents out there today and the Commerce Department data shows us
In an effort to test Gassman’s theory, I asked MasterCard if they could give me their data related to MasterCard spending alone, without the “additional data and algorithms” used to deliver total retail spend, so we could see just how much of the spending on jewelry relates to more use of MasterCards vs. more spending on jewelry as a whole. But a spokeswoman for the company—which, after having my request all week, got back to me at 4:45 p.m. on Thursday, just under the buzzer!—said they don’t release that data.
So, in conclusion, I am not saying that there necessarily is anything wrong with the MasterCard data.
I am just pointing out that it is not necessarily painting an accurate picture of U.S. jewelry sales but could, in fact, be telling us something different: What we may well be seeing is not an increase in jewelry sales but a shift in how consumers are paying when they do buy jewelry.
The Latest
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
The brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
Tim Schlick has been promoted from his previous position as COO.
It’s the second year for the event, slated to take place in October in Toronto.
Supplier Spotlight Sponsored by GIA
Sales will be paused while the relocation takes place over the next few months.
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
The retailer is moving to a newly designed space in the same shopping center.
Gifts that are unique and thoughtful are top of mind this year, according to the annual survey.
The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
The two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
The Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
The announcement came as the company reported a 23 percent drop in production in Q1.