De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
A case of the (holiday season) Mondays
It seems hard to believe considering that I feel like I am still new to New York, but this year marks my seventh straight calling retailers first thing on Monday morning to ask them how their weekend sales were.
It makes perfect sense, especially considering that so many of the jewelry-for-Christmas purchasers are men, who prefer to procrastinate until about Dec. 23 before making up their minds on gifts. Oh, boys …
Still, I think there is value in seeing how the holiday season started for retailers, what they sold, if anything, and how they think Thanksgiving weekend bodes for the rest of the holiday season. (In case you missed yesterday’s story, the answer for 2013 is very well.) We think it’s beneficial for retailers to know what their peers are up to and we hope you, our readers, feel the same.
I think it’s also worthwhile to look at the overall picture and, while there are many, many surveys out there these days, I rely on the data produced by the National Retail Federation, a trade organization for the retail industry as a whole.
One of the main takeaways from the NRF data is this: Outside of department stores, more consumers shopped online than anywhere else over the holiday weekend.
For the survey, the NRF polled more than 4,000 consumers and then extrapolated that data to paint an overall picture of consumer behavior over the weekend.
When asked where they shopped (a category in which they could pick more than one response), 54 percent of survey-takers said department stores while 42 percent said online. That’s more than picked discount stores (39 percent), electronics stores (32 percent) and clothing stores (29 percent).
Online shopping will only continue to grow in popularity, and retailers (must) know this by now.
While she hated to admit it as a brick-and-mortar storeowner, Arizona retailer Stephenie Bjorkman, CEO of Sami Fine Jewelry, acknowledged in our interview Monday morning that Amazon.com, the giant among online retailers, is pretty great, and I wouldn’t argue.
It is nice to be able to sit in the comfort of your own home, find exactly what you want by simply typing in a few keywords and have it delivered to your doorstep in no time at all,
Almost everyone does it, at least once in a while. This past weekend, “almost everyone” totaled 59 million shoppers who spent 44 percent of the entire weekend’s budget online, according to the NRF.
So what does this mean for brick-and-mortar retailers, even those off to a fast start this holiday season? They need to make shopping in their store more than just shopping. It needs to be an experience.
Whether that involves throwing a holiday party with a fun theme, coming up with a fantastic giveaway that’s only available in-store and/or giving customers the ability to be part of the design process, it is something each store owner must decide for themselves, based on their demographics and resources.
But, if it wasn’t clear before, it certainly is now: putting merchandise in a display case and slapping a price tag on it isn’t enough anymore.
Or, as Arizona retailer Bjorkman puts it, “If you are going to compete with the Internet you have to do it on a personal level. If you’re just like every other store, why wouldn’t they buy online? It’s easier.”
The Latest
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
B&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.
Emily Highet Morgan and Emily Bennett have joined the agency’s team.
Its updated book for mountings is also now available.
She has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
Joyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
He is remembered by loved ones for his loyalty, integrity, and kindness.
Hosted by Freeman’s | Hindman, the sale will take place May 7-8.
The auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.
From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.
From cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.
The charm is a modern rendition of the evil eye amulet that has been worn for thousands of years.
Ahead of its trade show next month, TJS awarded free registration and accommodations to one jewelry professional and three students.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Members can still sell lab-grown stones, it said, but only natural gems are allowed on the show floor.
He is remembered for his charisma, passion, integrity, kindness, and wit.
The retailer also appointed two new board members, avoiding a proxy fight from a potential buyer.
The bridal collection consists of 35 engagement rings and seven wedding bands.