The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
US Jewelry, Watch Spending Climbed 5% in 2017, BEA Says
Americans spent nearly $77 billion on jewelry and watches last year.
Washington—The U.S. Bureau of Economic Analysis reports that Americans spent nearly $77 billion on jewelry and watches in 2017, an increase of 5 percent over 2016.
The bureau is a division of the U.S. Department of Commerce. Each year, it releases an index estimating how much consumers spend on various products, from jewelry and watches to musical instruments to bicycles.
The watch and jewelry (both costume and fine) total for 2017 was $76.85 billion, up from $73.2 billion the prior year, according to the BEA.
This year’s figures, however, came with some major revisions.
Last year, the BEA reported that 2016 jewelry sales hit $85.4 billion.
However, spokesman Thomas Dail told National Jeweler that the BEA revised its data after receiving updated numbers from the U.S. Census Bureau’s new Annual Retail Trade Survey statistics for 2016, along with revised data for prior years. The revisions of dollar estimates for consumer spending on jewelry and watches stretched back to 2008.
The changes, however, don’t alter the pattern of spending on jewelry and watches over the past 10 years.
As reported last August, 2016 still was a record year, even with the spending estimate revised down by 14 percent, from $85.4 billion to $73.2 billion. And that record was topped in 2017, when spending on jewelry and watches reached nearly $77 billion.
BEA data also shows that after totaling $64.53 billion in 2008, sales fell by 8 percent the following year as the Great Recession took its toll.
The market didn’t begin to recover until 2011. Jewelry and watch sales have risen each year since, according to the BEA, albeit incrementally.
The Latest
The two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
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.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
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.
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
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.