Tobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
Strong in stores, fine jewelry does well online too
E-tailers said they did well over the holiday weekend, with consumers buying everything from bridal jewelry to colored gemstones to trendy pearl pieces online.
New York--After turning out in stores over Black Friday weekend to give fine jewelry a strong start for the holiday season, it seems consumers took to their computers and mobile devices to take part in Cyber Monday’s offerings as well.
Of the five online-only retailers that spoke with National Jeweler Tuesday, none reported a decline in Cyber Monday sales. (Website BaubleBar, which raised $10 million in funding earlier this year, declined to discuss its Cyber Monday performance while huge online players Blue Nile and Amazon--both public companies that rarely disclose financial information piecemeal--did not respond to request for comment.)
Boston-based Gemvara, in fact, recorded the best day in its albeit-brief history Monday and uncovered what might be a new niche for the e-tailer: engagement rings for the lesbian, gay, bisexual and transgender, or LGBT, community.
Gemvara is a custom jewelry website launched in 2010. Customers log on and design a piece to their specifications, and it is then is made in New York and shipped to them within eight days.
Chief Financial Officer Matt Nichols said wedding jewelry sales to the LGBT community tripled year-over-year. Overall, 50 percent of the site’s sales on Cyber Monday were engagement-related.
The high volume of bridal jewelry sales helped boost the e-tailer’s average ticket value 23 percent year-over-year.
Overstock.com also had a very strong performance on Monday.
“We had record numbers for jewelry and watch sales this year on Cyber Monday, with 23 percent growth year-over-year. It was a huge day for us,” said Erin-Leigh Hess, Overstock’s merchandising manager for jewelry and watches. “This is a growth trend we’ve seen all year at Overstock, but it really came in for us [Monday].”
Much of the site’s growth in jewelry and watch sales was due to the new Jewelry Liquidation Vault, comprised of pieces purchased from now-defunct jewelry auction site Bidz.com. The e-tailer also sold a $30,000 piece bridal.
RELATED CONTENT: Overstock buys Bidz.com’s inventory
Ice.com also reported year-over-year double-digit gains in Cyber Monday sales as did Stone & Strand, though the site is only a year-and-half-old, making year-over-year comps not that difficult to top.
Jamie Kovelman, senior buyer at Max & Chloe, a Miami-based e-tailer that sells a mix of fashion (non-fine) and fine jewelry, said they took the same amount of orders as last year but the average order value fell, from $350 to $75.
“This year, we had
Pearls, including pieces with both cultured and large, faux costume pearls, were popular among customers. One of the site’s best-selling items was a pair of trendy double faux pearl stud earrings. Kovelman said these retail for $18, and their popularity was part of the reason the average order value sank.
Online sales of jewelry were part of a Cyber Monday in which sales were strong across the board. Digital metrics firm comScore reported Tuesday that sales from desktop computers exceeded $2 billion on Monday and were up 17 percent year-over-year.
“Varying reports have … indicated weakness in the consumer economy due to flagging brick-and-mortar sales over the holiday weekend,” comScore Chairman Emeritus Gian Fulgoni said in a news release, likely referring to the National Retail Federation’s disputed claim that Black Friday weekend sales fell 11 percent. “But what we may really be seeing is an accelerating shift to online buying as mobile phones spur increased showrooming activity. The data we’re seeing suggest it may be more a change in shopping behavior than a lack of consumer demand.”
ShopperTrak’s Bill Martin, however, offers a more balanced perspective. ShopperTrak has devices in stores worldwide that track how many people come in and how they shop.
Martin said that by his estimates, sales over the weekend fell 2 percent and, while Cyber Monday sales grew, that growth is slowing. He said online shopping is convenient but never will replace consumers’ desire to touch, feel and see merchandise before they buy it.
“Being in the store is going to be favorable for a long time to come,” he said.
Martin said there is still a lot of shopping to be done and, as his firm predicted earlier, the Saturday before Christmas will be the strongest day of the season. He said they are standing by their forecast of a 3.8 percent increase in holiday retail sales.
The Latest
Stars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
The branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
The six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
The highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
The “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
The Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
The Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
The Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.
It will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
Wheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
PGI partnered with four new and seven returning designers for its annual platinum capsule collection.
Nicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
Karina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.