Policies & IssuesMar 02, 2022
When It Comes to Russian Diamonds, Industry Is Watching, WaitingColumnistsMar 08, 2022
On Data: 2021 Ended on a High Note, But ...
Last year was great and 2022 has started out strong, but, Sherry Smith notes, myriad factors could impact sales going forward.
Sherry Smith is director of business development for data and consulting company The Edge Retail Academy. She can be reached at sherry@edgeretailacademy.com.
In a recent webinar with National Jeweler’s Michelle Graff, I joined Peter Smith and Edahn Golan to discuss what business in 2022 might look like.
An interesting conversation among the four of us ultimately concluded it will be difficult to predict how long the tide will continue to rise for the jewelry business.
In fact, if the last two years have taught us anything, it is to expect the unexpected, and there is every reason to believe that will also be true this year.
To make matters even more challenging, we now have a dangerous military conflict in Europe to factor into the equation.
While we hope for continued growth, we must also recognize there are many variables outside of our control that could negatively impact results this year; inflation, supply chain issues, and labor shortages, to name just a few.
Given this uncertainty, it would be prudent to pay attention to both your own data as well as the broader industry data, and to monitor the trends as closely as possible.
In reviewing the numbers from 2021, we saw independent jewelers’ gross sales increase 41 percent over 2020.
Number of units sold increased a healthy 25 percent, and there was a 13 percent increase in the average retail sale.
Diamond products performed incredibly well for independent jewelry retailers, representing nearly half (49.3 percent) of total sales in 2021, with category increases in all the key performance indicators.
Bridal, which includes loose diamonds, semi-mounts, and complete engagement rings, made up 23.8 percent of annual sales, and was up 36 percent in gross sales year-over-year.
The category was also up 23 percent in units sold and 11 percent in average retail sale compared with 2020.
Loose diamonds comprised 58 percent of the bridal category, with an average retail sale of $6,769, up from $6,148 in 2020.
The Northeast had the highest average retail sale in loose diamonds at $7,400, followed by the Southeast at $7,282 and the West at $7,217.
Related stories will be right here …
An interesting conversation among the four of us ultimately concluded it will be difficult to predict how long the tide will continue to rise for the jewelry business.
In fact, if the last two years have taught us anything, it is to expect the unexpected, and there is every reason to believe that will also be true this year.
To make matters even more challenging, we now have a dangerous military conflict in Europe to factor into the equation.
While we hope for continued growth, we must also recognize there are many variables outside of our control that could negatively impact results this year; inflation, supply chain issues, and labor shortages, to name just a few.
Given this uncertainty, it would be prudent to pay attention to both your own data as well as the broader industry data, and to monitor the trends as closely as possible.
In reviewing the numbers from 2021, we saw independent jewelers’ gross sales increase 41 percent over 2020.
Number of units sold increased a healthy 25 percent, and there was a 13 percent increase in the average retail sale.
Diamond products performed incredibly well for independent jewelry retailers, representing nearly half (49.3 percent) of total sales in 2021, with category increases in all the key performance indicators.
Bridal, which includes loose diamonds, semi-mounts, and complete engagement rings, made up 23.8 percent of annual sales, and was up 36 percent in gross sales year-over-year.
The category was also up 23 percent in units sold and 11 percent in average retail sale compared with 2020.
Loose diamonds comprised 58 percent of the bridal category, with an average retail sale of $6,769, up from $6,148 in 2020.
The Northeast had the highest average retail sale in loose diamonds at $7,400, followed by the Southeast at $7,282 and the West at $7,217.
Moving on to other categories, watches represented 14.9 percent of annual sales in 2021 and, like the diamond categories, was up in gross sales, units sold, and average retail sale.
The category of “services” was 12.1 percent of 2021’s total annual sales and also was up in all key performance indicators.
While the colored stone category comprised only 7 percent of independent jewelers’ annual sales for 2021, it too experienced double-digit growth, with a whopping 50 percent increase in gross sales, a 28 percent increase in units sold, and a 17 percent increase in average retail sale.
Colored stone rings made up 42 percent of total colored stone categories, followed by earrings and pendants.
The sterling silver and alternative metal categories experienced a 29 percent increase in gross sales, a 19 percent increase in units sold, and a 9 percent increase in average retail sale.
Rolling 12 months, February 2021 through January 2022, showed a 41 percent increase in gross sales, a 25 percent increase in units sold, and a 13 percent increase in average retail sale when compared with the prior-year period (February 2020 through January 2021).
Looking at jewelry sales so far this year, January 2022 was up 14 percent in gross sales over January 2021. There was a slight decline in number of units sold, 2.6 percent, but a 17 percent increase in average retail sale.
Valentine’s Day sales were strong, with February ultimately up 16 percent in gross sales, up 6 percent in units sold, and 9 percent up in average retail sale when compared with February 2021.
The diamond categories also performed well in February and were up 19 percent in gross sales, up 7 percent in units sold, and up 12 percent in average retail sale.
Editors' Picks
Sponsored by
According to Kiplinger’s latest forecast on retail sales and consumer spending, expect retail sales to continue to do well for several months due to improvements in supply chain issues.
But keep in mind that as the decline in COVID cases continue, we will most likely see consumers shift their spending to travel, dining out, travel, concerts, etc.
So far, 2022 is off to a stellar start, and we’re looking forward to seeing how the first quarter will play out for our independent channel.
In my next On Data column, we will look at the performance of that first quarter.
But keep in mind that as the decline in COVID cases continue, we will most likely see consumers shift their spending to travel, dining out, travel, concerts, etc.
So far, 2022 is off to a stellar start, and we’re looking forward to seeing how the first quarter will play out for our independent channel.
In my next On Data column, we will look at the performance of that first quarter.
More on Columnists
The Latest
SurveysAug 21, 2026
These Are 2026’s Hottest Retailers, Says NRFThe retailers at the top of the list offer affordable products and fun, discovery-fueled experiences.
WatchesAug 21, 2026
Bremont Names Former Vacheron Constantin Exec CMODaniel Bing was formerly the marketing director for the Americas at Vacheron Constantin.
CollectionsAug 21, 2026
Bijules, Kamyen Serve Up ‘Topspin’ Tennis Bracelet Ahead of US OpenIn our Piece of the Week, the designers reimagine the tennis bracelet with green enamel wrapped around a strand of “Desert Diamonds.”
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
PodcastsAug 20, 2026
Episode 8: Diamond Industry Update With David Bonaparte & Ronnie VanderLindenThe industry veterans join the podcast to discuss diamond marketing, the FTC Jewelry Guides, and lobbying for lower tariffs.
Weekly QuizAug 20, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TechnologyAug 20, 2026
A New AI-Powered Gemstone Identification App Is HereFounder Vik Westermann said the app is a “starting point” to inspire people to work with appraisers and gem labs, not replace them.
AuctionsAug 20, 2026
Storied Unicorn Brooch Up for Auction Gallops to New Home The Verdura brooch, which belonged to the late Virginia Fortune Ryan Ogilvy, was sold to a private collector in Asia.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
Events & AwardsAug 20, 2026
MJSA Education Foundation Names 5 Scholarship WinnersThe five students were awarded a total of $10,000 through the nonprofit’s 2026 “Future of Jewelry Making” scholarship.
MajorsAug 20, 2026
Plumb Club Elects 2026-2027 BoardSteven Lerche is now beginning his term as the youngest member to become president of The Plumb Club’s elected executive committee.
MajorsAug 19, 2026
Mike Alexander To Succeed Scott Murphy as Jewelers Mutual CEO Murphy will retire at the end of the year and Alexander, currently the company’s president, will take over at the start of 2027.
Policies & IssuesAug 19, 2026
Spinelli Kilcollin Embraces Dupes With Trade-In ProgramThe jeweler is encouraging customers who own lookalike rings to come into the store and trade them for credit towards an authentic piece.
MajorsAug 19, 2026
Zales Wants You to Wear Fine Jewelry Every DayThe new campaign, “You Are The Occasion,” discourages shoppers from saving their fine jewelry for special occasions only.
SourcingAug 19, 2026
Vasant Mehta, a Dedicated Diamond Industry Leader, Dies at 81Mehta led India’s GJEPC through the 2008 financial crisis and was respected worldwide for his wisdom, integrity, and knowledge.
CrimeAug 18, 2026
2 California Men Arrested in Fatal Vehicle Smash RobberyOne is the driver who allegedly crashed a car into a Sacramento jewelry store in April, striking a 71-year-old employee who later died.
CrimeAug 18, 2026
Thieves Snatch $1M in Jewelry From New Jersey Jeweler9lakha Jewelers in Iselin, New Jersey, was the target of a smash-and-grab robbery on Aug. 8.
Lab-GrownAug 18, 2026
Ring Concierge, Kendall Jenner’s Tequila Brand Collab on GiveawayThe jeweler has partnered with 818 Tequila to gift lab-grown diamond studs to a bride-to-be and their bridal party.
Events & AwardsAug 17, 2026
Exhibition on Louis Comfort Tiffany’s Studios to Open at The MetThe exhibition will feature more than 100 drawings of stained-glass lampshades, windows, and more, many created by women and émigrés.
CollectionsAug 17, 2026
Marquise Diamonds Dance in Spinelli Kilcollin’s ‘Wren’ CollectionMarquise-cut diamonds in drop charms are the center of the new collection, reflecting the movement of a dancer in modular styles.
Events & AwardsAug 17, 2026
There’s a New Jewelry Show Coming to FloridaThe inaugural Fort Lauderdale Jewelry, Antique, & Object Show will be held from Jan. 28 through Feb. 1, 2027.
IndependentsAug 14, 2026
Smyth Jewelers to Open Fourth LocationThe family-owned jeweler will open a new showroom in Bel Air, Maryland, this fall.
CrimeAug 14, 2026
Wife of Man Convicted in Jeweler’s Murder Sentenced for Conspiracy Amanda Ileana Hernandez is married to Carlos Hernandez, one of two men in prison for the 2024 murder of Michigan jeweler Hussein Murray.
TrendsAug 14, 2026
Paul Morelli’s Latest ‘Wavey Vine’ Earrings Embrace ColorThe reimagined jewel, our Piece of the Week, trades the diamonds in the original 1998 design for blue, pink, yellow, and green sapphires.
Supplier BulletinAug 13, 2026
Your Piece Could Be the One Editors Talk AboutSponsored by American Gem Trade Association
FinancialsAug 13, 2026
Pandora’s ‘Talisman’ Collection Shines, Lab-Grown Diamond Sales FallIn the United States, second-quarter sales were flat amid soft consumer sentiment and lower in-store traffic.
AuctionsAug 13, 2026
This Gold Cadbury ‘Conundrum’ Egg Set a World Auction RecordThe 22-karat gold egg, sold at Batemans Auctioneers in the U.K., was part of a 1980s treasure hunt ad campaign for Cadbury Creme Eggs.
SourcingAug 13, 2026
2,488-Carat Diamond, Largest Found in Botswana, Has a New Owner Lucara Diamond Corp., which recovered the “Motswedi” diamond from the Karowe mine, sold the stone for an undisclosed amount.
