Headlines

US Jewelry Market to Hit $90B — But This Could Hold It Back

Published

8 years ago

September 28, 2016

Annual growth of 3.1 percent is expected.

U.S. demand for jewelry and watches is likely to hit $90 billion in 2020, up from $77.2 billion in 2015, according to a new report.

If that figure is achieved, it would represent annual growth of 3.1 percent, says the Freedonia Group, a Cleveland, OH-based industry market research firm.

Fine jewelry sales will be driven by an increase in the number of new marriages.

But the company sounds a note of caution, explaining that “ongoing financial challenges faced by young adults – coupled with their growing preference for purchasing other big-ticket items such as electronics and experiences (eg, vacations) – will restrain further advances in personal spending on these accessories.”

That line of thought echoes recent concerns that millennials might not be the enthusiastic buyers of diamond jewelry that their parents and grandparents were.

De Beers, however, insisted in a recent report that millennials “do express strong desire for diamonds when they reach financial and demographic maturity.”

Read more from the Freedonia Group

You Wouldn’t Cut Your Own Hair. Why Run Your Own Retirement Sale?

After being in business for over a quarter of a century, Wayne Reid, owner of Wayne Jewelers in Wayne, Pennsylvania, decided it was time for a little “me time.” He says, “I’ve reached a point in my life where it’s time to slow down, enjoy a lot of things outside of the jewelry industry. It just seemed to be the right time.” He chose Wilkerson to handle his retirement sale because of their reputation and results. With financial goals exceeded, Reid says he made the right choice selecting Wilkerson to handle the sale. “They made every effort to push our jewelry to the forefront of the showcases,” he says, lauding Wilkerson for their finesse and expertise. Would he recommend them to other jewelers who want to make room for new merchandise, expand their business or like him, decide to call it a day? Absolutely he says, equating trying to do this kind of sale with cutting your own hair. “The results are going to happen but not as well as if you have a professional like Wilkerson do the job for you.”