Events & Awards

Industry Optimistic About Year Ahead, JCK Survey Says

Events & AwardsJun 05, 2019

Industry Optimistic About Year Ahead, JCK Survey Says

The JCK Jewelry Industry Confidence Index is at 86 this year, but the challenge of online competition remains.

20190605_industry_trends_header.jpg
Yancy Weinrich, senior vice president of JCK organizer Reed Exhibitions, delivered the results of the second annual “JCK State of the Jewelry Industry Report” Saturday morning at the show.

Las Vegas—A strong majority of jewelers are feeling good about the year ahead, according to the second annual “JCK State of the Jewelry Industry Report.”

The JCK Jewelry Industry Confidence Index, a numerical reflection of industry sentiment, is at 86, meaning that 86 percent of respondents said they were optimistic about business for the next 12 months.

That is down slightly compared with 88 percent last year.

Yancy Weinrich, senior vice president of JCK organizer Reed Exhibitions who oversees the JCK and Luxury shows, shared the research at a session held Saturday morning in Las Vegas.

JCK partnered with research firm MRI-Simmons to conduct the survey, asking jewelry industry professionals to pinpoint challenges and track trends in order to gain insight on the future of the industry.

The most commonly identified challenge was online competition (67 percent) followed by the overall economic climate (56 percent), lack of general consumer demand (50 percent), and lack of millennial demand (40 percent).

Competing with Online Players
When asked how they planned to tackle the problem of online competition, the greatest percentage of respondents said they would build connections via social media (17 percent).

The survey found that 96 percent of respondents use social media marketing, with 89 percent stating social media will play a greater role in their marketing in 2019.

About 72 percent of those surveyed forecast that social media marketing would be the most successful business practice in 2019.

Facebook and Instagram were the most popular for customer engagement, tied at 74 percent, with Pinterest (24 percent) in the next slot, followed by Twitter (16 percent) and LinkedIn (11 percent).

Social media was the most popular advertising platform among respondents, though 61 percent of survey-takers said they also use other forms of online advertising, including: paid search (64 percent), online display ads (57 percent), digital ad networks (50 percent), and native or content-based ads (33 percent).

Around 37 percent of respondents said they would reach out to social influencers to boost their brand.

RELATED CONTENT: Micro-influencers Are the Next Big Thing, Says Report
Other answers to the question of how to combat online competition included trying non-traditional advertising (13 percent), improving the in-store buying experience (13 percent) or changing up inventory buying habits (12 percent).

Only 3 percent of respondents said they would invest in new technology to combat online competition.

Managing Inventory
Survey-takers were asked about how they manage their stock, and the survey showed that 65 percent of businesses
use an inventory management system for both tracking (60 percent) and forecasting (39 percent).

A majority of respondents (59 percent) did not use a Customer Relations Management (CRM) system.

Of the 41 percent that did use a CRM system, they said it improved sales (57 percent) and increased profits and revenue (49 percent).

Lab-Grown Diamonds
The survey also asked about lab-grown diamonds, a polarizing, hot topic throughout the industry, to get a sense of consumer views.

Lab-grown diamonds topped the list of types of jewelry that produced the most consumer concerns (61 percent) followed closely by “conflict” diamonds (60 percent) and responsibly sourced jewels (37 percent).

Affordability topped the list of reasons customers were interested in lab-grown diamonds (86 percent) followed by “eco-friendly” positioning (36 percent), “conflict-free” positioning (33 percent), and an interest in the technology behind the stones (15 percent).

The top reason customers were not interested in lab-grown diamonds was that natural stones were considered more “real” (47 percent), with a preference for natural diamonds (46 percent) coming in at a close second, followed by concerns that lab-grown diamonds will not hold their value (39 percent) and the price not being low enough (17 percent).

The trend of women buying their own jewelry also is expected to continue, with 67 percent of women buying jewelry for themselves spending more than $500. The average price point is $1,240.

Other trends expected to stay strong include stacked rings and heart-themed jewels while purple jewels and beads are on the way out, according to the survey.

Custom pieces and colored stones buoyed 2017-2018 sales, while sales of charms were on the decline.

For 2018-2019, colored gemstones and fashion and bridge jewelry are anticipated to be top sellers, while watches could be on the decline.
Lenore Fedowis the associate editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

The Latest

Future Fortune sapphire ring
TechnologyMar 28, 2024
Pinterest’s 2024 Wedding Report Is Out

The report shows that couples are searching for vintage and antique rings, gold jewelry, pearls, and colorful pieces.

David Ettinger
IndependentsMar 28, 2024
David Ettinger of Bechdel Jewelers Dies at 69

He’s remembered as a “font of passion,” leaving behind a legacy of dedication to his craft and community.

Jewelers of America logo
IndependentsMar 28, 2024
JA to Host Series of Learning Workshops

The first one will take place next month during the Jewelers of Louisiana’s and Mississippi Jewelers Association’s conventions.

Jewelers of America Fly In Washington, D.C.
Brought to you by
How Jewelers of America Represents Your Business

For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.

Jaeger-LeCoultre Madison Avenue NYC store
WatchesMar 28, 2024
Peek Inside Jaeger-LeCoultre’s Revamped NYC Flagship

The redesigned boutique features interactive displays and a workshop space for hands-on learning about watchmaking.

Weekly QuizMar 28, 2024
This Week’s Quiz
Test your jewelry news knowledge with this short test.
Take the Quiz
Asian Star’s diamond manufacturing facility in India
SourcingMar 27, 2024
Compliance, Caution, and Concern: The Current Outlook of Indian Diamantaires

There is a willingness to comply with new government-mandated regulations, with an insistence that they should be practical and realistic.

Kira Diam solar plant
Lab-GrownMar 27, 2024
Indian Lab-Grown Diamond Manufacturers Keep Growing

A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.

BTYB-HoBrothers-updated.png
Brought to you by
The Scalable, Professional, and Effortless Solution for High-Demand Custom Jewelry Retailers

Ho Brothers offers scalable solutions for the future of custom jewelry.

Bharat Ratnam, a Mega Common Facilitation Centre (CFC)
SourcingMar 27, 2024
Reinvigorating SEEPZ, the Epicenter of India’s Studded Jewelry Exports

The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.

SRK Empire and SRK House
Policies & IssuesMar 27, 2024
SRK Exports’ Journey Toward Net Zero Impact

By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.

Georgia May Jagger Tommy Hilfiger ad campaign
FinancialsMar 27, 2024
Movado’s Full-Year Sales Sink 11%

The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.

Hand holding shopping bags
SurveysMar 27, 2024
Consumer Confidence Held Steady in March

Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.

Bernadette Mack
Policies & IssuesMar 27, 2024
Mercury Free Mining Hires Bernadette Mack

The former WJA executive director is MFM’s new managing director.

April Is Diamonds Do Good Month
Policies & IssuesMar 27, 2024
Diamonds Do Good Announces Its April Initiative

DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.

Tiffany & Co. With Love, Since 1837
MajorsMar 26, 2024
Tiffany & Co. Debuts ‘With Love, Since 1837’ Campaign

Highlighting the most iconic Tiffany collections, it’s inspired by the company’s late window designer, Gene Moore.

National Jeweler columnists Duvall O’Steen and Jen Cullen Williams
ColumnistsMar 26, 2024
Creative Connecting: AI Tools and Tips for Social Media

Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.

Nordstrom Men’s Store New York City
MajorsMar 26, 2024
Nordstrom May Go Private, Says Report

The retailer previously turned down an $8.4 billion offer in 2018.

Interior of Miami Lakes Jewelers
IndependentsMar 26, 2024
Miami Lakes Jewelers to Close After 37 Years

The Florida store’s owner Miguel Gonzalez is retiring.

 International Gemological Institute
GradingMar 26, 2024
IGI Announces Tech for ID’ing Lab-Grown Colored Diamonds

The lab stresses the importance of accurate identification, as the difference in price is “substantial.”

Kendra Scott lab-grown diamond jewelry
CollectionsMar 25, 2024
Kendra Scott Debuts Lab-Grown Diamond Fashion Jewelry

The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.

Carie Lehrke and Megan Mattice
MajorsMar 25, 2024
Borsheims Announces New VP of HR, Assistant Manager

Longtime employees Carie Lehrke and Megan Mattice have received promotions.

My Next Question graphic vintage jewelry webinar
Recorded WebinarsMar 22, 2024
Watch: How to Buy and Sell Vintage Jewelry

Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.

Chris Clipper and Robert Lepere
MajorsMar 22, 2024
David Yurman Announces New CFO, Chief People Officer

Chris Clipper and Robert Lepere join the company with 50 years of combined experience.

Nakard pyrite earrings
CollectionsMar 22, 2024
Piece of the Week: Nakard’s Pyrite Earrings

The trendy, metallic earrings wink at classic spring colors.

Stock image of police cars with their lights on
CrimeMar 21, 2024
Sparks Fly as Burglars Lose Safe on California Freeway

JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.

Grizzly Mining rough emeralds
SourcingMar 21, 2024
Grizzly Sells 4,145-Carat Emerald for Over $1M

The miner’s March auction generated $19 million.

Helen McCluskey
MajorsMar 21, 2024
Signet Jewelers Names New Board Chair

Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy