What are the 3 best-performing jewelry lines that you carry?
Allison Kaufman is back on top, earning54 votes. After ceding the top spot to Sylvie last year, the two brands flip-flopped, with Sylvie finishing in second place this year with 49 votes. Hot on their heels was Gabriel & Co. at No. 3 with 48 votes. Stuller and Ostbye rounded out the top five with 38 and 37 votes, respectively. Results are based on the responses of 255 independent jewelry retailers to the question, “What are the three best-performing jewelry lines that you carry?”
What are the 3 best-performing watch brands that you carry?
What jewelry or watch brand would you most like to add to your cases?
Rolex topped this wish list by a wide margin. These are the brands that two or more jewelers said they’d like to see in their cases.
1. Rolex
2. Omega, Tag Heuer TIE
3. Cartier
4. Patek Philippe
5. David Yurman
6. Gabriel & Co.
7. Breitling
8. John Hardy
9. Glock Watches
10. Sylvie, Bulova, Shinola TIE
What do you think will be the next breakout trend in jewelry?
1. Yellow gold (bold and chunky designs)
2. Lab-grown diamonds (particularly in fashion jewelry)
3. Colored gemstones, especially engagement rings
4. Silver jewelry
5. Natural diamonds
6. Pearls
7. Men’s jewelry
Despite high gold prices, the trend most survey-takers thought would break out was yellow gold, particularly chunky, bold designs. Several respondents also felt that gold-plated and gold-filled pieces would grow in popularity. The second hottest trend mentioned was lab-grown diamonds, with many stating that they would become more prominent in fashion jewelry. Colored gemstones and diamonds, especially in engagement rings, was the third most popular response. Silver jewelry received the nextmost mentions, followed by the “return of natural diamonds.” Pearls and men’s jewelry rounded out the trends receiving more than a handful of votes.
How do you feel about the following categories?
Are your customers …
Has the rise of millennials to society’s biggest consumer group been good or bad for your business?
Although these statistics indicate jewelers are slowly warming up to millennials, respondents who commented on the generation expressed a wide range of opinions.
Many said they are responsible for the high demand for lab-grown diamonds, for better or worse.
“The emergence of lab-grown diamonds has certainly made high-ticket bridal harder for us,” said one. “Just three to four years ago, our average bridal budget was $8,000 to $12,000; today, we’re excited when someone comes in with a $5,000 budget. That dynamic makes it hard to meet sales goals in bridal, let alone grow sales. We’re selling more engagement rings than ever, but it doesn’t reflect in the bottom line despite good profit margins. It can be discouraging.”
Some respondents said millennials, the oldest of whom are now in their 40s, are no longer their target consumer: “Middle-aged people only buy a little jewelry. They are busy raising their kids and paying bills. The jewelry they purchase is usually for special occasions. Older groups with extra income buy. Younger folks buy engagement rings.”
- It’s not millennials I’m seeing more of; it’s Gen Z. Lots more young people looking for jewelry that fits their personality.
- I think we put too much thought into generational consumers. Putting people in boxes limits you as a salesperson. Now, having said this, you must understand the grand scheme of the motivators of these different groups. Just don’t let it consume the art of the sale. Some appreciate that millennials know what they want:
- They have zero issues paying for what they want — they love custom items, from unique tattoos to one-of-a-kind jewelry. They research, they design, they stay engaged in the process, and they are happy at pick-up.
- Millennials grew up in the era of customization. As a business that does all of our custom in-studio, it gives us an edge. Not only can they be involved in the design, but they can watch it being cast right in our studio. It’s that extra bit of “bragging rights” they love!
- Millennials are still spending the bulk of their disposable income on experiences. However, they are also the group most likely to buy yellow gold, so when they spend money on fine jewelry, they aren’t buying silver.
- As a consumer group, they are more attuned to style and environment. We have been able to capture market share by creating the atmosphere and style they want, paired with the traditional trust and value that older consumers look for.
How long do you give a new line to perform in your store before you start marking it down or sending it back, consider scrapping it?
Is your buying at trade shows …
Do you offer in-store financing, either through a vendor or your own receivables program?
When a trend takes off (think Pandora, stacking rings, and lab-grown diamonds), how quickly do you respond?
How do you bring exclusivity — meaning unique or hard-to-acquire products — to your market?
