In a recent analysis published by trend analytics company Tenoris, industry analyst Edahn Golan analyzes jewelry sales in the US in August 2023, and year-to-date.
Overall Performance
According to Golan, August presented a mixed picture for the jewelry industry. While unit sales fell 4.9% year-over-year, there was a notable 2% increase in total retail sales revenue. This boost in value can be attributed to robust retail sales in two specific price ranges: $50,000 to $99,999, which saw a substantial 13.2% growth, and $15,000 to $19,999, which witnessed a 6.5% increase in retail sales.
Conversely, all other price ranges recorded declines in both unit sales and retail sales value, except for the $100,000 and higher range, where unit sales increased, but the overall value decreased.
Year-to-date, says Golan, “unit sales were down 5.4% and retail value declined 5.5%.”
Bridal Sales
Bridal jewelry sales took a notable downturn, with a 5.6% decrease in units sold year over year and a more substantial 9.7% dip in overall value.
Engagement ring sales experienced a dip in average pricing. Unit sales saw a 2% decrease, and the retail sales value took an 8.2% hit. This was primarily driven by a significant 15.1% year-on-year drop in the average sales price, which settled at $3,544.
Meanwhile, natural diamond jewelry sales fell 9.4% in units and 3.4% in overall value.
In stark contrast, lab-grown diamond (LGD) jewelry sales surged with a remarkable 45.7% increase in unit sales and a substantial 37.2% uptick in retail sales value. Notably, LGD-set jewelry accounted for 6.3% of all unit sales in August, marking a notable increase from its 4% share in August of 2022.
Next, Golan looks at the natural diamond fashion jewelry segment, which saw a decline in unit sales by 9.1% and a slight 0.3% decrease in value during August. Fashion jewelry represents the majority (64%) of retail sales value in the fine jewelry market, with bridal jewelry accounting for 46% of sales value.
Golan then looks at various opportunities in the jewelry market based on product categories and shifts in consumer preferences, before he moves on to discuss various trends in the diamond market, including consumer preferences in diamond jewelry, diamond sales trends, comparison with LGDs, and more.
Read the full analysis here.
