SurveysAug 18, 2021
Jewelry Sales Soared in July, Says MastercardEvents & AwardsAug 30, 2021
At JCK, 5 Panelists Give Their Outlook on the State of the Industry
Sarin Bachmann, David Bonaparte, Detria Courtalis, Tirath Kamdar, and Miya Owens talk about the last 18 months and what lies ahead.
Las Vegas—Jewelry sales were strong in 2020, driven by consumers’ desire for meaningful gifts and the funneling of money to fine jewelry from other categories.
And the Roaring ’20s have continued into this year as the industry has quickly adapted to the new normal created by COVID-19, the guests at a JCK Las Vegas keynote talk said Saturday morning.
Sarin Bachmann, David Bonaparte, Pandora’s Detria Courtalis, eBay’s Tirath Kamdar, and Miya Owens sat down with Mary McGinty, the National Retail Federation’s vice president of communication and public affairs, for a discussion that centered on the last 18 months in retail and what lies ahead.
According to data shared during the discussion, U.S. jewelry store sales dropped 72 percent in March and April of 2020, as COVID-19 forced physical stores to close and consumers, in general, were uncertain and scared.
As of February 2021, jewelry store sales are up 25 percent year-over-year—meaning people are spending more on jewelry than they were pre-pandemic in the U.S.—with money that normally would have been spent on dining out, going out, and travel funneled to fine jewelry last year.
Kamdar, who noted eBay recorded a significant jump in sales, put it like this: “People were not spending on experiences anymore. They were at home, but they thought, ‘I still want to get my luxury experience.’”
The good times have continued to roll into the middle of 2021. A recent MasterCard SpendingPulse survey showed jewelry sales jumped 83 percent year-over-year in July and are up 54 percent compared to pre-pandemic levels.
And the NRF’s forecast calls for a great holiday ahead, with McGinty noting during the keynote that household wealth is at an all-time high.
In June, the NRF increased its outlook for retail sales in 2021. Spurred by the resiliency of consumer spending, the organization is now forecasting 10.5 percent to 13.5 percent year-over-year growth, up from its previous prediction of 6.5 percent to 8.2 percent growth.
Courtalis, who is Pandora’s vice president of wholesale sales, said while it is unknown exactly what the second half of 2021 will hold, Pandora knows it needs to meet the consumer where they want to shop, whether that’s online, in stores safely, or some combination of both.
She said Pandora does expect to have a strong holiday season.
“We have to be very smart, though,” she noted, “and we have to have a plan.”
Courtalis also mentioned the importance of getting the brand in front of Gen Z consumers, noting twice during the discussion how key TikTok is for reaching this generation.
Related stories will be right here …
And the Roaring ’20s have continued into this year as the industry has quickly adapted to the new normal created by COVID-19, the guests at a JCK Las Vegas keynote talk said Saturday morning.
Sarin Bachmann, David Bonaparte, Pandora’s Detria Courtalis, eBay’s Tirath Kamdar, and Miya Owens sat down with Mary McGinty, the National Retail Federation’s vice president of communication and public affairs, for a discussion that centered on the last 18 months in retail and what lies ahead.
According to data shared during the discussion, U.S. jewelry store sales dropped 72 percent in March and April of 2020, as COVID-19 forced physical stores to close and consumers, in general, were uncertain and scared.
As of February 2021, jewelry store sales are up 25 percent year-over-year—meaning people are spending more on jewelry than they were pre-pandemic in the U.S.—with money that normally would have been spent on dining out, going out, and travel funneled to fine jewelry last year.
Kamdar, who noted eBay recorded a significant jump in sales, put it like this: “People were not spending on experiences anymore. They were at home, but they thought, ‘I still want to get my luxury experience.’”
The good times have continued to roll into the middle of 2021. A recent MasterCard SpendingPulse survey showed jewelry sales jumped 83 percent year-over-year in July and are up 54 percent compared to pre-pandemic levels.
And the NRF’s forecast calls for a great holiday ahead, with McGinty noting during the keynote that household wealth is at an all-time high.
In June, the NRF increased its outlook for retail sales in 2021. Spurred by the resiliency of consumer spending, the organization is now forecasting 10.5 percent to 13.5 percent year-over-year growth, up from its previous prediction of 6.5 percent to 8.2 percent growth.
Courtalis, who is Pandora’s vice president of wholesale sales, said while it is unknown exactly what the second half of 2021 will hold, Pandora knows it needs to meet the consumer where they want to shop, whether that’s online, in stores safely, or some combination of both.
She said Pandora does expect to have a strong holiday season.
“We have to be very smart, though,” she noted, “and we have to have a plan.”
Courtalis also mentioned the importance of getting the brand in front of Gen Z consumers, noting twice during the discussion how key TikTok is for reaching this generation.
Saturday morning’s keynote also included conversations on the other big issue of 2020—the push for racial justice and equity that arose after the police killing of George Floyd in May 2020.
Among the changes the racial reckoning brought about in the jewelry industry was the creation of the Black in Jewelry Coalition, an organization created for the advancement of Black professionals in the jewelry and watch industry.
Owens, a BIJC co-founder who is also the Jewelers Vigilance Committee’s associate counsel and director of mediation, said the industry needs to continue to foster the launch of Black-owned companies and provide mentorship to Black business owners so existing businesses can grow.
Mentorship is also needed in high schools so young Black people know there are fulfilling careers available in jewelry, which is something she did not realize when she was in school.
When panelists were asked for their biggest takeaways from the past year-and-a-half, Owens said people need to not be afraid to have uncomfortable conversations about race and they need to act in order to make change.
“Do better; just don’t talk about it. Operationalize these discussions,” she said.
For Bonaparte, the president and CEO of Jewelers of America, the biggest takeaway was the way the industry came together to support each other during COVID-19, while Pandora’s Courtalis emphasized the importance of listening to your team and over-communicating.
Both Bachmann, the group vice president of RX Jewelry Group, and Kamdar, the senior director and general manager of luxury at eBay, said their biggest takeaway was the importance of being open to change.
“Things are going to be different for a while,” Bachmann noted.
Both Bachmann, the group vice president of RX Jewelry Group, and Kamdar, the senior director and general manager of luxury at eBay, said their biggest takeaway was the importance of being open to change.
“Things are going to be different for a while,” Bachmann noted.
More on Events & Awards
The Latest
IndependentsDec 07, 2022
How Daniel’s Jewelers Has Lasted 70+ Holiday SeasonsIn a Q&A, CEO David Sherwood shares some company history, the secret to success during the busiest time of year, and more.
TrendsDec 07, 2022
Amanda’s Style File: December BluesJewelers of America’s Amanda Gizzi spotlights her favorite turquoise, tanzanite, and zircon December birthstone jewelry.
IndependentsDec 07, 2022
The Radiance Lands at Marissa CollectionsThe retailer is now selling the 13 diamond jewelry capsule collections created by BIPOC designers on its website.
Brought to you by
How To Buy Colored GemstonesGive your customers the full gemstone buying experience by using the 6C's.
AuctionsDec 07, 2022
Christie’s Magnificent Jewels Auction Totals Nearly $59M in New YorkAfter a 13-carat pink diamond was pulled ahead of the sale, blue and colorless diamonds reigned supreme.
Weekly QuizDec 01, 2022
This Week’s QuizTest your knowledge of the latest jewelry news with this quick test.
FinancialsDec 06, 2022
Signet Anticipates Solid Holiday Season, Raises GuidanceThe jewelry giant posted a decline in same-store sales in the third quarter but is gearing up for a season of growth.
TrendsDec 06, 2022
Pantone’s 2023 Color of the Year Is A Lot Like Rubellite, Spinel, Ruby“Viva Magenta” easily finds its colored gemstone counterparts.
Brought to you by
Knowledge and Skills for Today’s Hot TopicsFrom laboratory-grown diamonds to design to country-of-origin, GIA's Alumni Collective™ has a seminar to suite your needs.
AuctionsDec 06, 2022
Jewels from the Sunken ‘Ship of Gold’ Smash Auction EstimatesHolabird Western Americana Collections offered hundreds of treasures recovered from the S.S. Central America in its Dec. 3 sale.
ColumnistsDec 06, 2022
The Smart Lab: 6 Holiday Email Marketing Strategies To Boost SalesFrom creating catchy subject lines to retargeting abandoned carts, Emmanuel Raheb has a half-dozen pieces of email marketing advice.
IndependentsDec 06, 2022
CD Peacock Names VP of Client Engagement, ExperienceQi Holtzman is a member of the second generation to run the family-owned Chicago area jeweler.
IndependentsDec 05, 2022
Holocaust Survivor and Jeffrey Mann Jewelers Matriarch Rena Mann Dies Mann, who opened the Ohio jewelry store with her husband and son in 1984, was 95.
TechnologyDec 05, 2022
Timex Ticks into the Metaverse with Bored Ape Yacht ClubThe watch brand will create 500 custom timepieces for holders of Bored Ape Yacht Club NFTs.
EditorsDec 05, 2022
Meet Jewelry’s First TikTok StarWhen it comes to translating luxury into the social media platform’s approachable style, JewelsWithJules has cracked the code.
SourcingDec 02, 2022
Alrosa CEO Sergey Ivanov to Step Down, Report SaysAccording to Russian news sources, the sanctioned head of the diamond company is leaving to take a job with an investment group.
SourcingDec 02, 2022
Lucapa Sells 170-Carat Pink Diamond Unearthed This SummerSaid to be the largest pink diamond found in hundreds of years, “The Lulo Rose” was sold for an undisclosed sum.
AuctionsDec 02, 2022
Here’s How 2 Royal Jewels Performed at Auction in DenmarkA princess’s tiara fell within its pre-sale estimate while an Art Deco bracelet from a queen doubled it.
CollectionsDec 02, 2022
Piece of the Week: Foundrae’s Chain A closer look at the bold links reveals a subtle, surprising detail.
Supplier BulletinDec 01, 2022
Take Your Jewelry Design Process Digital with the GIA Alumni Collective™Sponsored by GIA Alumni Collective™
WatchesDec 01, 2022
Rolex to Certify Pre-Owned WatchesRetailers within its official distribution network will be able to sell the authenticated timepieces.
CollectionsDec 01, 2022
Kendra Scott’s New Collection is for Barbie GirlsThe capsule collection combines the brand’s classic styles with Barbie’s signature pink color.
AuctionsDec 01, 2022
13-Carat Pink Diamond Withdrawn From Christie’s Auction The auction house is not offering any details on why the fancy vivid pink stone was pulled from its upcoming “Magnificent Jewels” sale.
SourcingDec 01, 2022
Nomad’s Is Selling Its Stones to Raise Money for Ukraine AgainIn the spirit of an advent calendar, “Gems to Help Ukraine” will sell a stone a day through Dec. 24 on the Nomad’s Instagram account.
GradingDec 01, 2022
PhotoScribe Granted Patent for Method that Verifies a Stone’s IdentificationThe secure mark combines an overt mark with a covert data set to provide assurance on a gem.
SurveysNov 30, 2022
5 Things Retailers Should Know About the Start to the Holiday SeasonPlus, what a potential rail strike would mean for retailers.
WatchesNov 30, 2022
Watchfinder & Co. Will Launch a Marketplace Next Year It will provide a place for select luxury watch retailers to sell their stock.
MajorsNov 30, 2022
Pomellato Buys Into Italian GoldsmithThe brand has purchased a minority stake in Costanzo & Rizzetto.
