The US jewelry market experienced a decline in activity in October. Sales largely declined both on a month-over-month basis and compared to last year.
Jewelry Market in October and Year to Date
Jewelry sales were down 11.1% in October and the number of units sold declined 12% year over year.
In the first ten months of 2022, jewelry sales rose 4% year over year. The rise in consumer expenditures on jewelry was mainly a result of increased average spend per item. Year to date, the average price per unit increased 9.3% year over year.
Retail Diamond Sales Mixed
Specialty jewelers keep loose diamonds on hand to set them in jewelry based on client demand. This allows us to track loose diamonds separately.
In October, retail diamond sales fell 19.3% year over year. Unit sales were down 11%.
Year-to-date, diamond retail sales were flat while unit sales declined 8.4%.
Natural Diamond Sales Eased
In October, natural diamond sales fell 25.4% year over year, while year-to-date sales were down 5.2%. Retailers slashed unit purchases by nearly half (46.4%).
Retailers decreased the average price of round, one carat diamonds 1.1%.
Lab Grown Diamond Sales Continued to Increase
For lab-grown diamonds, its two key trends are unchanged: increased sales and price declines.
Sales leaped 41.8% year over year while retail prices sank another 4.4% in October.
Year to date, sales were up more than 37%.
Retail Trend Analytics for The Global Jewelry Market
Tenoris is an analytics company supplying retail and consumer trend data. We take highly granular data collected from some 900 jewelry stores across the US and analyze every part of it. We slice it and cross reference it to serve the fine jewelry and gemstone industries with the kind of data not available till now.
Our goal is to increase manufacturer and supplier profitability through alignment with current consumer demand. We will show you what consumers are buying, when they are buying it, and how these purchases have changed over time. It is a powerful service designed to save money and improve profitability.
Tenoris focuses on all aspects of the US jewelry and gemstone retail activity with an emphasis on diamonds – to respond to client needs.
If you want to better understand the US jewelry market landscape, check out this interview.
In it, Chris and Edahn discuss Tenoris’ services and provide a live demonstration of the system. They show how to get a deeper and very detailed understanding of the market and how it can help improve your business.