Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
Engagement Ring Sales Down Again for Blue Nile
The online retailer reported that it sold a total of $56.7 million in diamond engagement rings in the United States in Q1 2016, down from $61 million in Q1 2015.
Seattle--For the second quarter in a row, Blue Nile’s diamond engagement ring sales have slipped, with more people buying their rings on the website but the average sale price declining.
The Seattle-based e-tailer reported Thursday that U.S. engagement sales totaled $61.0 million in the first quarter ended April 3, down 7 percent from $56.7 million in the first quarter 2015.
The decrease comes on the heels of the 8 percent drop in U.S. engagement sales Blue Nile reported in the fourth quarter 2015.
On a conference call held Thursday morning, CEO Harvey Kanter described the first quarter as “challenging,” as it expected. He noted that the company’s average sale price declined and that it continues to see weakness in sales at the high end of the market.
The drop in engagement sales, the company’s core business, dragged down overall sales.
Blue Nile reported a 3 percent year-over-year decline in net sales, from $106.5 million to $103.1 million. Net income was down slightly, from $1.2 million to $1.1 million.
Non-engagement sales, a category that encompasses all other jewelry sold on the website including wedding bands, were up 4 percent from $26 million to $27.1 million.
Executives said on Thursday’s conference call that they continue seeing double-digit growth in wedding band sales while sales of diamond fashion jewelry grew in the mid-single digits. Sales of other fashion jewelry declined.
The company has added another jewelry designer to its Designer Collective, Angela George.
Also on Thursday’s call, executives spoke briefly about the company’s “webrooms,” the physical locations it is opening in malls in New York, Virginia and Oregon where consumers can try on engagement rings; all purchasing, however, still happens online.
Blue Nile has one webroom open so far, in Roosevelt Field Mall on New York’s Long Island.
Kanter said the other New York webroom, plus the ones in Virginia and Oregon, are slated to open by mid- to late summer. He also said that the company is now working on a plan to open additional webrooms in 2017, though he provided no further details on location or timing.
When asked how the company expects the webrooms to contribute to sales volume on the website in the second quarter and next year, Blue Nile Chief Financial Officer David Binder said, “It’s very much a learning period for us. We’ve very optimistic and we’re also very cautious in what a different market may do
Blue Nile said it anticipates sales of $114 to $117 million in the second quarter and is maintaining its full-year guidance of $465-$495 million in net sales.
The Latest
Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
The Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The announcement came as the company reported a 23 percent drop in production in Q1.
The three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.
A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
The selected nine organizations have outlined their plans for the funds.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
The overhaul includes a new logo and enhanced digital marketplace.
The money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.