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JCK Releases the 2020 State of the Jewelry Industry Report: COVID-19 Business Impact

Jewelers remain optimistic even during a challenging global pandemic.

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(PRESS RELEASE) NORWALK, CT — JCK has released its 2020 State of the Jewelry Industry Report: COVID-19 Business Impact, which surveyed jewelers before and during the pandemic, making it one of the first resources to track the industry’s response and outlook in a COVID-19 focused world. The results captured in the report show the majority of jewelers remain optimistic about the future, with the JCK Jewelry Industry Confidence Index at 66%.

While JCK traditionally announces the State of the Jewelry Industry Report during the JCK show in June, this year Reed Exhibitions US Chief Operating Officer Yancy Weinrich presented an overview at the JCK Virtual 2020 show held in August. The report reveals an industry deeply challenged by the impacts of COVID-19 but characteristically resilient. The full report is available for purchase at lasvegas.jckonline.com/industrysurvey.

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The report is an annual resource for jewelry companies to utilize and track forecasted trends, current consumer behavior, and top selling jewelry categories and those losing ground, as well as learn business tactics to address challenges.

In the 2020 report, some product category stars include: custom-made jewelry, with 38% of respondents reporting custom jewelry sales were up from 2019; bridal, which is up even during the pandemic, with 23% of respondents reporting increases; and colored stones, with 23% of respondents seeing an increase in sales. The report revealed that one in five people surveyed have had an increase in diamond sales over 2019.

The 2020 State of the Jewelry Industry Report shows the effects of a pandemic on the industry and how the industry will continue to move forward. Although the Jewelry Industry Confidence Index was down by 86% last year, 66% of jewelry industry professionals are still feeling optimistic. The majority of respondents — 58% — said that growing back to their previous strength will take time — eight months or more, with 11% predicting they won’t fully recover for two years or more. Over 950 respondents participated in the research, and 67% have been in the industry for 20 years or longer.

“The JCK State of the Industry Report can be a vital resource in our current marketplace. It’s one of the only annual resources available to the jewelry industry that reveals category trends and insight into how jewelry companies are facing opportunities and challenges,” Sarin Bachmann, group vice president, Reed Jewelry Group. “The report reveals that despite the economic challenges of COVID-19, the jewelry industry is uniquely positioned as consumer demand is relatively high, with people spending less on travel and experiences and more on meaningful personalized jewelry.”

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The annual survey that informs the report is conducted by the national research firm MRI-Simmons.

Preview and download the report here.

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For 25 years, Stafford Jewelers of Cincinnati, Ohio, was THE place to go for special gifts, engagement diamonds, high-end Swiss watch brands — in other words, the crème de la crème of fine jewelry. But this summer, the Stafford family was ready to retire. So, they chose Wilkerson to help them close up shop. “One of the biggest concerns was having the sale in the middle of COVID,” says Director of Stores Michelle Randle. Wilkerson gave the Stafford team plenty of ideas as well as safety guidelines, which they closely followed. “All of the employees felt safe, the customers coming in the door felt safe and we did a lot of business,” says Randle. How much business? “The inventory flew,” she says. Translation: They sold millions and millions of dollars-worth of merchandise. Randle calls it, “an incredible experience.” Would she recommend Wilkerson to other retailers who are thinking of thinning their inventories or retiring? “Everyone got more than what they expected out of the sale. You have to hire Wilkerson. They’re amazing.”

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