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January 2024 jewelry sales down - Tenoris analysis

January Jewelry Sales Down 5%, Loose LG Revenue Marks First Fall

A disappointing start for the year. Overall US fine jewelry and diamond retail sales declined 5% in January. The decline in loose diamond sales, which accounts for more than 21% of retailers’ jewelry sales, was the primary cause of the decline.

For the first time, revenue from loose lab grown diamonds sales declined year over, as consumers spent less on per item, presenting a critical challenge for the LGD sector.

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Jewelry Sales Kept Declining in September

Jewelry sales declined in September as US demand continued to soften. Year over year, US fine jewelry and diamond retail sales declined 8.6% by value. Average unit retail price pulled back 1.7% year over year to $1,677.

The September decline brought year to date sales down 8.1% as nearly every category suffered from a decline.

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Consumers Buy Less, Spend More - August 2023 Featured image Photo Sabrianna

Jewelry Retail Sales: Less For More Per Item

Overall US fine jewelry and diamond retail sales were mixed in August. Year over year, sales rose 0.5% by value and fell 4% by quantity of units sold.

Despite the modest rise in consumer expenditure in August, year to date sales declined 7.4%. This is impacting nearly every category of fine jewelry and diamonds.

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