Jewelry Stores
Industry Profile Report
Dive Deep into the industry with a 25+ page industry report (pdf format) including the following chapters
Industry Overview Current Conditions, Industry Structure, How Firms Operate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.
Call Preparation Call Prep Questions, Industry Terms, and Weblinks.
Financial Insights Working Capital, Capital Financing, Business Valuation, and Financial Benchmarks.
Industry Profile Excerpts
Industry Overview
The 14,000 jewelry stores in the US sell fine jewelry, silverware, watches, and clocks. As opposed to costume jewelry, fine jewelry generally contains some type of precious metal or gemstone. Companies may also create custom jewelry or provide repair services.
Seasonality Challenges
Jewelry sales are highly seasonal, and December is an exceptionally important month because of holiday gift giving.
Expanding Competition
Jewelry stores have lost market share to a variety of channels, including department stores, mass merchandisers, online retailers, and catalog and TV retailers.
Industry size & Structure
A typical jewelry store operates out of a single location, employs fewer than 9 workers, and generates $3 million in annual revenue.
- The jewelry retailing industry includes about 14,000 companies that operate 19,000 stores, employ 123,000 workers and generate about $46 billion annually.
- The jewelry industry is somewhat concentrated, as the 50 largest firms account for 45% of industry sales.
- Large companies include Signet Jewelers (Zales, Kay Jewelers, Jared the Galleria of Jewelry), Fred Meyer Jewelers, and Helzberg Diamonds.
Industry Forecast
Jewelry Stores Industry Growth
Recent Developments
Nov 11, 2024 - Retail Sector Expansion
- Economic activity in the services sector including the retail sector expanded in October 2024, according to the Services ISM Report on Business. The Services PMI registered 56% in October, up 1.1 percentage points from September, marking the fourth consecutive month of expansion. Of the 14 of the 18 services industries reporting growth in October, Retail Trade reported the fastest growth during the period. Employment by jewelry, luggage, and leather goods retailers fell 0.8% in September 2024 compared to a year ago, and average wages for nonsupervisory employees grew 2.7%, per the Bureau of Labor Statistics (BLS). Producer inflation for jewelry retailers grew 7.5% in September 2024 compared to a year ago, according to producer price data from the BLS. Since 2019, prices have increased by nearly a third, attributed in part to rising gold prices and global tensions.
- Swiss exporters are expressing concerns about president-elect Donald Trump’s proposed import tariffs for a number of industries, according to Reuters. Economists from the KOF Institute at ETH University in Zurich estimate that Swiss economic output could be reduced by up to 1% if a trade war is generated from the proposed tariffs ranging from 10% to 20%. The Swiss watch, precision instruments, food, machinery, pharmaceuticals, and appliances industries will suffer significantly from higher tariffs, according to the study. The United States is the biggest market for Switzerland’s export-oriented economy, accounting for nearly 20% of all good exports in the first nine months of 2024, per the report. Any new tariffs may take up to a year to pass through the government so impacts may not be felt until 2026.
- More jewelry businesses closed in the second quarter of 2024, according to data from the Jewelers Board of Trade (JBT) reported in Rapaport. During the three months ending June 30, 226 companies exited the sector, a 30% increase from the same quarter a year ago. The total number of companies active in the US in the second quarter was 22,760, which is 205 fewer than the previous quarter. Retailers accounted for 17,260 of the industry, a decline of 3.6% year over year. Meanwhile, wholesalers decreased 3% to 3,305, and manufacturers fell 4% to 2,195 of the total. Of the firms that exited the sector, one went bankrupt, 37 closed due to mergers or takeovers, and 188 closed for other reasons. The number of new businesses during the quarter dropped to 83, compared to 116 a year earlier.
- The men’s jewelry market is projected to grow from $35.9 billion in 2024 to $71.8 billion in 2032, at a CAGR of 8.4%, driven by higher disposable income, according to a Polaris Market Research report. The men’s jewelry market was valued at $34.2 billion in 2023. According to the report, the men’s jewelry category has undergone a significant transformation with growing fashion awareness, design versatility, and a changing depiction of masculinity in society. Wedding bands and signet rings with gemstones, pendants with religious symbols or personal engravings, and layered necklaces are becoming more popular with men. The ring category dominated the market in 2023, as rings have become more of a status symbol. Sales of men's gold jewelry are expected to grow significantly during the forecast period.
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