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Market Developments
Exclusive: Valentine’s Day brings jewelers love
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New York--Many jewelers across the country reported a successful Valentine’s Day, which came as a surprise to some store owners, who don’t usually see so many customers so soon after the Christmas holidays.
Diamond jewelry, including diamond stud earrings, were a sought-after item in many regions. And some jewelers said they saw considerable sales for engagement rings. Others noticed that shoppers stayed in a price range under $500, purchasing sterling silver pieces with gemstones or diamonds.
National Jeweler spoke with independent jewelers about how their stores fared through Valentine’s Day, the most popular items they sold and tactics they used to bring customers in.
NORTHEAST
Daniel Niebauer and his staff had to stay open an extra hour one night earlier this week to accommodate Valentine’s Day shoppers at Ralph Miller Jewelers & Gallery. But, he didn’t mind.
“Never say no to cash,” he laughs.
Overall, Valentine’s Day sales were robust for the Erie, Pa., store, with sales up 12 percent over last year, a double-digit increase that comes on the heels of a strong year and Christmas.
Niebauer said diamonds were the gift of choice, with customers purchasing diamond stud earrings as well as diamond fashion and engagement rings.
One of the holiday’s biggest sales came on Saturday, a 2.25-carat total weight diamond engagement ring on a platinum setting.
“The same situation as Christmas,” Niebauer said, when asked why he thought the store was so busy over Valentine’s Day. “I think people wanted to spend a little more. People are paying down their credit card balances and saving.”
Jake Spigelman said Valentine’s Day is never really busy at Jay Roberts Jeweler in Marlton, N.J., because of its proximity to Christmas and Hanukkah.
Customers who spend $7,000 on a bracelet or necklace for their wife in November and December aren’t ready to repeat that purchase just a few short months later.
“It’s kind of shame it falls so close to the holidays. I’ve always thought they should push it back a month, at least for the jewelers,” he jokes.
This Valentine’s Day was no different, with the store doing about the same amount of business it did in 2011. Spigelman said customers mainly purchased sterling silver jewelry priced between $200 and $800.
“Personally, I think it’s overrated, for jewelers at least,” he said of Valentine’s Day.
SOUTHEAST
Business was up considerably at one of the two stores operated by Goodman & Sons Jewelers, said owner Stuart Goodman.
“We really did have a strong Valentine’s Day. Things really opened up. Monday and Tuesday were fantastic days,” he said of his store in Hampton, Va.
Meanwhile, at the Goodman & Sons in historic Williamsburg, Va., the holiday was much quieter. Goodman said this store serves an older demographic that might not have been celebrating Valentine’s Day to the same extent as the generally younger shoppers who frequent his other location.
Like Niebauer in Erie, Goodman said diamond engagement rings and fashion jewelry were among the top sellers, as were the Pandora and Metalsmiths Sterling lines. “Those two lines were far and away above everything else,” he said.
While the holiday’s largest sale was a pair of 2-carat total weight diamond stud earrings for about $10,000, the store also sold quite a few diamond fashion “right-hand” rings in the $4,500 to $6,000 range.
“It was just very refreshing,” Goodman said. “I’m energized and I’m happy to see that happening.”
After a “dismal” Christmas, Steven Allen, of Allen Jewelers in Albany, Ga., was pleasantly surprised by Valentine’s Day, with sales up 10 to 15 percent over last year.
“I have no idea,” he said, when asked why customers came in for Valentine’s Day. “I am just tickled they did.”
Prior to the holiday, the store turned to TV advertising, as well as a spot on a local talk show, to advertise their Valentine’s Day special--heart pendants custom-made from scratch or using customer’s old and now-unwanted gold and silver jewelry.
“I’ve found that TV does the best job for me,” Allen said, noting that he finds that radio and print are no longer effective mediums.
He said the hearts proved to be popular sellers. Also performing strongly was Pandora jewelry in the $100 to $150 range and diamond stud earrings priced between $800 and $1,500, though the store did sell a couple of pairs that were more than $3,000.
MIDWEST
“I’ve never had such a good Valentine’s Day,” Jim Alperin, owner of James Alperin Jewelers in Pepper Pike, Ohio, said.
Diamond stud earrings were popular for the jeweler, who also sold a pair of $5,000 rock crystal quartz, jade and diamond earrings, set in 18-karat gold. Colored stone jewelry, including a blue topaz and garnet pendant and a multi-stone necklace set in gold, also sold well.
“We really sold bigger pieces,” Alperin said. “It was a very interesting Valentine’s Day.”
Alperin added that he didn’t know exactly why Feb. 14 was better for him this year than last.
“Maybe people want to spend again, maybe people have been holding back too long,” he said.
The jeweler said he’s also been advertising his store on television.
“You do these things and wonder, ‘Does anyone pay attention?’” Alperin said. “But the TV ads really work for me.”
After a robust Christmas, Valentine’s Day fell flat at Metal Works Fine Jewelry Inc. in Yorktown, Ind., said owner Gene Gragg. He said sales were down a surprising 25 percent as compared to Valentine’s Day 2010.
“Traffic was good, but people either weren’t buying or they were buying very small,” he said, noting that many customer gravitated toward his inexpensive silver earrings. “The higher-end stuff just didn’t move at all.”
While Gragg doesn’t know exactly what kept customers from buying, part of the reason could be that people blew their jewelry budgets over the just-past holiday season, which was very strong for his store.
“I think people maybe over-spent,” he said.
SOUTH CENTRAL
Valentine’s Day was “similar to last year’s” at Barnes Jewelry in Amarillo, Texas, according to Jeff Fox.
Silver sterling jewelry was strong for the holiday, especially brands Pandora and John Hardy. Fox said customers bought silver jewelry both with and without gemstones.
“The price point is what made it popular,” he said, noting that most customers were spending $100-$500. “Diamonds didn’t really sell in quantity. Gold was dead.”
Fox advertised his store prior to the holiday on the radio and in the newspaper, which helped to bring new customers in, he said.
“Radio is good for me,” Fox said. “I’m in a smaller market, so it’s affordable. Most of my feedback comes from radio advertising.”
Bernie Butterfield of Butterfield Jewelers in Albuquerque, N.M., said Valentine’s Day was “very good.”
“We did a chocolate pearl promotion, which paired diamond jewelry--stud earrings, bracelets--with boxes of candy,” Butterfield said. “It did quite well. We had an increase over last year.”
He said that there was a lot of traffic at the store, possible due to the heavy radio advertising they did before Valentine’s Day. Butterfield added that the business is expanding, and Butterfield Jewelers will open an additional location, also in Albuquerque, this March.
WEST
Valentine’s Day proved to be more active than Christmas at Cheryl Burchell Goldsmiths in Coeur d’Alene, Idaho, according to owner and goldsmith Cheryl Burchell.
“It’s our regular customers coming in, but we had some personal purchases that were big,” Burchell said. “I think people have relaxed from the holidays.”
The goldsmith said that if her store doesn’t do well in December, it usually follows that things pick up for January and February.
“We’re known for our work, so people bring in their projects,” Burchell said of her custom design shop.
She said she sold a variety of colored stone jewelry for Valentine’s Day gifts, with customers spending $500 and under. Silver pieces with gemstones were a popular choice, as well as “interesting things that can’t be found at a mall.”
Engagement rings were a big seller at Sarah Leonard Fine Jewelers in Los Angeles, according to owner Gail Friedman.
“People were buying, but it wasn’t phenomenal,” she said. “Average, not exciting.”
Diamond jewelry was also popular, Friedman said, with customers buying heart-shaped diamond jewelry, diamond studs, and sterling silver with diamonds. A few pearl pieces were also sold.
“We didn’t see any big gold sales,” she said. “It was a lot of fashion pieces, and jewelry with color.”
Most customers spent a few hundred dollars for Valentine’s Day gifts, Friedman said. “But it’s not a giant spend holiday, as a rule.”
Friedman says the store held many trunk shows and other designer events at the store throughout 2011, which may have made for an average Valentine’s Day. She added that bridal and other in-store events are also planned for 2012.
