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RAPAPORT... U.S. jewelry and watch sales across all channels fell 1.5 percent year on year to $5.427 billion in April, as estimated from preliminary government figures. According to Rapaport News calculations, jewelry sales dropped 1.4 percent to $4.792 billion, while sales of watches contracted 2.7 percent to $635 million during the month. In addition, April became the seventh consecutive month to reflect a decline in sales for the sector. If there was any good news from revised data for January through March, it was that jewelry sales totals were not lower than previously posted and increased just a touch from earlier estimates. Nonetheless, jewelry and watch sales for 2015 are lower across the board. U.S. jewelry sales for the first four months of 2015 have fallen 1.2 percent year on year to $19.018 billion, while watch sales dropped 2.9 percent to $2.52 billion, according to Rapaport News estimates. Jewelry sales at specialty jewelers have registered a more severe decline so far, falling 5.6 percent year on year to $6.3 billion in the first three months of 2015. April's totals from specialty jewelers will be published shortly. Nearly all of the diamond dealers and most of the diamond jewelry brands Rapaport News spoke with at the JCK Vegas show this week confirmed that the U.S. market has been in a soft patch since the third quarter of 2014. The general exception to this trend has been high-end goods.
While wholesale and retail orders continue to be placed, the volume is lower than one year ago and retailers, in particular, are holding back on building inventory since consumers have adopted a more conservative approach to making jewelry and watch purchases. Look for extended coverage of the Las Vegas jewelry shows in this week's Rapaport Tradewire, Rapaport Weekly Report and in the July issue of Rapaport Magazine.
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