Jewelry sales during the U.S. holiday season showed a modest increased compared to 2018, with higher-end independent jewelers performing particularly well, according to several surveys. Online buying surged, while foot traffic in retail stores slowed. The Mastercard SpendingPulse report shows that the jewelry sector experienced 1.8 percent growth in total retail sales, with online sales growing 8.8 percent – supporting eCommerce strength.
Chow Tai Fook, Hong Kong's leading diamond-jewelry retailer and the second largest jeweler in the world by market value after Tiffany & Co., intends to about 15 of its 86 stores in Hong Kong as anti-China protests in the city weigh on the retail market and deter tourists, according to multiple media outlets. Indications that it rather intends to focus on growing its presence in the mainland China market suggests the slump in retail sales is not about the reverse soon.
Forevermark, the diamond brand from De Beers Group, recently unveiled the first boutique in its Next Generation Retail Concept, located within renowned jewellery department store, Caibai in Beijing, the company writes. They say that the the newly renovated 100 square metre boutique "breaks away from the traditional across-the-counter service, inviting consumers to discover the world of Forevermark through an immersive, interactive and informative experience," adding that this is the first time Forevermark has offered this kind of consumer experience within one of its retail partners.
The Titan Company announced in its Q3 FY ’20 update that jewelry sales in December were were better than expected despite “the general economic slowdown in the economy leading to poor consumer sentimenthit." The company said its revenue growth was "possibly due to a good wedding season" and that the jewelry industry as a whole witnessed “reasonable growth” in the festive Diwali season this year. The company itself did better, the statement reads, while also gaining market share.
Retail sales in Hong Kong in general, and sales of luxury items and jewelry in particular, continued to fall sharply in November as local social unrest turned extremely violent, causing very severe disruptions to tourism- and consumption-related activities and further dampening consumption sentiment, writes the Census and Statistics Department of the Hong Kong Special Administrative Region.
Alrosa, Tencent and Everledger are launching a new WeChat Mini Program e-commerce solution for Chinese retailers. The pilot will employ blockchain technology to enable full traceability of diamonds from mine to consumer, providing full transparency of their origin, characteristics and ownership history.
Based on research from Rob Bates of JCK Magazine, the United States' largest retailer of diamond jewelry, Signet Jewelers, is now selling laboratory-grown diamonds at all its major U.S. jewelry banners. These include Kay, Jared and Zales, as well as their online site James Allen, which was already selling them. David Bouffard, Vice President, Corporate Affairs, told Bates that the sythetic diamonds will be available in bridal as well as fashion jewelry. Jared is selling loose lab-grown diamonds and ring settings as part of its Chosen collection.
Tiffany & Co. launched its first-ever men's collection, Tiffany Men's, in October with a launch party in Los Angeles. They have now set up a Men's Pop-Up Shop on East 57th St. in New York City. The pop-up shop is open from December 5 through January 6.
Forevermark, the diamond brand from De Beers Group, today announced it will launch in five jewelry stores in Belgium through a partnership with Gautam Diamonds. Forevermark jewelry will be available in Gautam stores in the historic Grand Place/Grote Markt and Galerie de la Reine/Koninginnegalerij in the city, as well as in three Antwerp Diamonds by Gautam stores in Brussels Airport.
Luxury jeweler Tiffany & Co fell short of investor expectations for profit and sales during the third quarter ended Oct. 31 2019, as weak demand in the U.S. and retail disruption in Hong Kong offset growth elsewhere in China. Tiffany's business in the Americas and Europe has struggled to generate growth in recent years as price-conscious younger customers gravitate to lower-priced competitors like Signet Jewelers - which last week released “better-than-expected” results for the third quarter of fiscal year 2020.
Barely a week after Jeweller Magazine reported Michael Hill (MHI), the jewelry retailer operating 312 stores in Australia, New Zealand, Canada as well as selling jewelry online, made misleading claims in its marketing by describing their lab-grown diamonds using terms as “real”, “genuine” and “authentic”, the company has changed its messaging.
Hong Kong’s retail sales, and particulaly those of jewelry and other luxury items, took a nosedive in September as the protests that have plagued the city since June have kept tourists away and led to a decline in consumer spending. According to a press release and figures from the Census and Statistics Department of the Government of the Hong Kong Special Administrative Region, the overall value of retail sales in September 2019 decreased by 18.3% to an estimated HKD29.9 billion (US$3.8 billion) compared with the same month in 2018.
Beginning this month, De Beers' lab-grown diamond brand Lightbox Jewelry will be available at two select Bloomingdale’s department stores (one in N.Y., one in San Francisco) and 30 Reeds Jewelers stores in a trial run to see whether their product and value proposal perform in traditional bricks-and-mortar retail environments, reports Forbes magazine. Until now, the only way to purchase Lightbox fashion jewelry was through its website or through an occasional pop-up promotion.
Forevermark, the diamond brand from the De Beers Group, has launched its latest consumer campaign, #TrustForevermark, in India, aiming to help prospective buyers allay their doubts, fears and questions that arise when buying diamonds, according to a Forevermark press release. Forevermark is rolling out a multi-media campaign including events, PR, digital, print, television, radio, outdoor and social media content. The #TrustForevermark campaign the brand's largest yet in India and will be rolled out nationally over the next three months targeting nine Tier I and 41 Tier II cities.
From October 22-24, 2019, the Antwerp World Diamond Centre (AWDC) will be hosting the 15th edition of the "Antwerp Diamond Experience", where it will welcome select jewelers, wholesalers and manufacturers from across Europe and give them inside access to the world's leading diamond trade center … free of charge, and with no purchase obligation. (Registration link below).
President Donald Trump said Thursday that the U.S. is putting 10% tariffs on another $300 billion worth of Chinese goods, effective Sept. 1. This means that starting at the beginning of next month, every single good coming into the U.S. from China, except those with exemptions, will be subject to an import tax. Called the 'tranche four' tariffs, the list includes rough and polished diamonds (whether or not worked), loose 'synthetic ...
For months now, the news emerging from across the diamond industry has been colored various shades of sombre, with each analysis referring to some version of the same list of issues ailing the trade: falling polished prices combined with excessive polished inventories, a financing squeeze on Indian manufacturers and a lack of profitablity, low demand for rough, economic uncertainty generated by an unstable geopolitical climate ... take your pick. The question Paul Zimnisky examines is whether this all adds up to a 'crisis'.
Chow Tai Fook Jewellery Group (CTF) has reported higher sales and continuing expansion of their POS (points of sale) during Q1 FY 2020 (three months ended 30 June 2019), as sales in mainland China stores continued to grow at a strong rate while those in Hong Kong and Macau declined for the second time in the past three quarters. Retail sales grew by 24% in mainland China during the period, with same-store sales (SSS) improving by 11%, the jeweler reported. Retail revenues in Hong Kong and Macau fell by 6%, while SSS dropped further, down 11%.
The impact from the Hong Kong protests is spreading to global luxury retailers, with jewelry - including Swiss watches - taking a hit as shoppers and big-spending travelers stay away. Unrest has forced many stores to close and sparked widespread social disruption. Luxury brand Richemont - which owns several of the world's leading luxury goods companies including Cartier, Piaget, Van Cleef & Arpels and Jaeger-LeCoultre - is the latest firm to say its business is being impacted by the ongoing protests.
Australian jewelry chain Michael Hill says it underpaid staff by as much as A$25 million (US$17.45 million) over the past six years, and will pay out a sum in the range of A$10-25 million (US$7-17.5 million) to redress its error. The Brisbane-based chain is the latest in a string of organisations to admit to staff underpayments, and will face questions from the Fair Work Ombudsman (FWO), writes the Australian Broadcasting Corporation (ABC). The jeweler discovered the discrepancy on its own but did not inform the FWO about it.
Hong Kong’s retail sales are expected to decline by 5 percent to HK$460 billion (US$59 billion) for the full year, dragged down by economic uncertainty, social unrest and a decline in mainland Chinese tourists, according to international advisory firm PriceWaterCoopers (PwC). The estimate is a downgrade from its earlier forecast of a 3 percent drop in sales, reflecting a weaker outlook, as government statistics showed first-quarter retail sales falling 2 per cent compared to the same period last year, according to PwC’s Global Consumer Insights Survey 2019 report,
Seattle-based online jewelry retailer Blue Nile, which cleared about $500 million in revenue last year, has place an embargo on Zimbabwean diamonds over reports of human rights abuses in the Marange district, several Zimbabwe news outlets are reporting.
The global personal luxury goods market grew by 6% in 2018, reaching €260 billion (more than $290 billion) in 2018, with similar growth forecasted for 2019, reports leading consultancy Bain & Co. in its “Bain Luxury Goods Worldwide Market Study, Spring 2019”. The strong growth, equivalent to that in 2017, was driven primarily by the acceleration in domestic spending of mainland Chinese consumers and an increase in European tourism. Bain & Co.
Hong Kong based jewelry retail and bellwether for the Chinese market Chow Tai Fook Group (CTF) has announced that its sales grew 13% to $8.5 billion (HK$66,661 million) for the year ending March 31 (FY2019), citing increased purchases of gold jewelry and an expansion of the company’s retail network in China. Retail sales in Mainland China rose by 8% to $3.88 billion, while revenue from Hong Kong and Macau increased 12% to $2.94 billion.
Signet Jewelers reported a decline in revenue during the first quarter of fiscal 2020 (ended May 4), as sales fell at all their banner stores except for Piercing Pagoda - the ear piercing and gold and sterling silver shop with roughly 780 kiosks in shopping malls across the United States and Puerto Rico - which gained 13.5%. Ecommerce sales also increased 5.3% year over year to $154.3 million.
Signet Jewelers, North America's largest retail chain for diamond jewelry, endured an uninspiring fourth quarter as weak holiday sales weighed down revenues, sending the jewelry group to a combined 6% loss in Q4 and a 0.1% loss on Fiscal Year 2019. Signet's total Q4 sales (in the 13 weeks ended February 2, 2019) were $2.15 billion, down $138.4 million or 6.0% on a reported basis and 5.4% on a constant currency basis.
The Diamond Producers Association (DPA) has launched a new e-learning program for diamond retailers, entitled “Behind the Brilliance of Diamonds.” Developed to help all US retailers, the hour-long program - split into 3 informative modules – offers educational material and quizzes, going beyond the 4Cs to highlight the intangible value of natural diamonds.
The Diamond Producers Association (DPA) yesterday announced the third wave of the Real is Rare, Real is a Diamond campaign. Entitled ‘For Me, From Me’, the campaign is inspired by the natural diamond industry’s strongest growth engine, women self-purchase, which today represents one-third of all diamond jewelry sales in the US, a $43 billion diamond market that grew +4% in 2017, according to De Beers Group data. The $10 million–$15 million campaign will include digital, print, television, and out-of-home components. Its videos will debut during E!’s Oscar coverage on February 24.
Holiday retail sales in the U.S. during 2018 grew a lower-than-expected 2.9 percent over the same period in 2017, according to the National Retail Federation (NRF), falling short of their forecast that holiday sales would grow between 4.3 percent and 4.8 percent. From November 1 through December 31 reached $707.5 billion, according to figures from the Commerce Department, whose results were delayed by nearly a month because of the recent government shutdown.
The average expenditure on an engagement ring in the U.S. stayed flat in 2018 at $3,388, fitting the new pattern of economizing on the big day and a slight shift away from including an engagement ring, according to a survey from The Wedding Report. The survey concluded that the average cost of a wedding in the U.S. declined by 4%, from $25,764 in 2017 to $24,723 in 2018.
Americans are expected to spend a record amount on Valentine’s Day this year despite a years-long decrease in the percentage of people celebrating the holiday, according to the annual survey released today by the National Retail Federation (NRF) and Prosper Insights & Analytics. Of the estimated $20.7 billion the NRF expects US consumers to spend on the holiday, almost $4 billion will be on jewelry, putting it at the top of the list, despite the fact that only 18% of people surveyed are planning to gift jewelry (26% men, 9% women).
In 2014, I wrote that the lab-grown diamond industry was out-promoting the natural. That is even more pronounced now. I don’t get many pitches from natural diamond companies. And some of the pitches I do get are kind of dull. By contrast, I get at least two or three pitches on lab-grown diamonds a week. My Facebook feed is inundated with ads for lab-grown companies. The man-made segment claims only a single-digit percentage of the market, but it appears to be doing an outsized percentage of the marketing ...
A quick comparison of retail prices show a price difference [between LGDs & naturals] of 20-40%, depending on the specific goods and the retailers’ branding, market positioning, etc. Wholesale prices behave very differently. In the wholesale market diamonds are priced as a commodity ... a much more accurate way of measuring price changes over time. Polished wholesale prices of LGDs are 50-85% lower than those of natural diamonds ... the smaller the goods, the larger the price difference. On average, 1-ct.
Signet Jewelers, the United States' largest retailer of diamond jewelry, announced its same-store sales fell 1.3% to $1.84 billion during the "Holiday Season" (the 9 weeks ended January 5, 2019) as the company failed to get enough demand from its legacy product lines and enough traffic in their stores during key weeks in December. For the current quarter ending Feb. 2, it now expects same-store sales to be down 1.6% to $2.5%.
One of the bellwether jewelry brands and the largest jeweler in China, Chow Tai Fook, has reported that same-store-sales of gem-set jewelry in Q4 2018 declined by 5% in mainland China and 8% in Hong Kong and Macau “amid an uncertain macroeconomic environment.” This marks the first quarterly decline in two years for the company despite China’s lowering of its jewelry import tax by an average of 20.7 percent last summer, which was expected to bolster sales.
Signet Jewelers' online diamond bridal jewelry retailer JamesAllen.com has officially opened its new concept retail store in Georgetown, Washington DC. The brick-and-mortar location is a first for the online retailer, and is intended to lure and engage consumers by encouraging them to interact with the product as well as their staff. The initiative launches Signet's effort to draw traffic to their digital platform while tapping into the "immersive" experiential aspect shopping, a combination favored particularly by the younger generations.
53 million Americans plan to buy a diamond between Thanksgiving and Valentine’s Day. 21% (1-in-5) Americans plan to purchase a diamond between Thanksgiving and Valentine’s Day, with men and millennials among the most likely to be in the market for a diamond this holiday season. 35% of millennials plan to purchase a diamond, and more than 1-in-10 plan to buy a diamond engagement ring (13%), while 27% of men plan to purchase a diamond and 11% plan to buy an engagement ring.
- Diamond Producers Association, findings from a recent survey.
Tiffany & Co's worldwide net sales increased 4% to $1.0 billion in the third quarter, with higher spending by local customers noted across the board, but a decline in purchases by Chinese tourists in the United States and Hong Kong put a dent in the jeweler’s Q3 results. The stock market took notice, as shares of Tiffany & Co. plunged 12 percent following their publication of the results, as industry analysts had been anticipating better results.
The card game company Cards Against Humanity has a long history of pulling Black Friday stunts, writes Laura Hudson for The Verge. "This year, Cards Against Humanity has decided to take its disdain for the capitalistic holiday to an absurd new extreme with a 99 percent off sale on a rotating series of expensive and spectacularly bizarre items," she writes. “Every ten minutes, a new deal will go live on this page," reads the official website. "Don’t be frightened by the deals.
The Antwerp World Diamond Centre (AWDC) and Alibaba Group announced today that they have entered an exclusive partnership to offer Antwerp certified diamonds directly to Chinese consumers via Alibaba’s B2C marketplace, Tmall. The cooperation agreement was signed in the framework of the first China International Import Expo (CIEE), which is being held this week in Shanghai.