U.S. Jewelry and Watch Sales Rise

Aug 31, 2016 3:57 AM By Rapaport News

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RAPAPORT... Jewelry and watch sales from all outlets in the United States recorded a ninth consecutive year-on-year increase in July, according to provisional government figures.

Revenue jumped 4 percent to an estimated $5.7 billion, meaning sales have risen year-on-year in every month going back to November.

The sector’s total for previous months was revised, as is often the case, meaning sales increased 3 percent in June and 5.5 percent in May. Restated figures for 2015 show sales fell in seven months out of 12.

Jewelry sales climbed 4 percent to $5.03 billion in July, while watch sales rose at the same rate to $666 million, according to Rapaport News estimates.

Gains in sales coincide with a 5 percent jump in jewelry and watch prices as indicated by the consumer price index in July from a year ago. Taken separately, jewelry prices rose 4 percent, while watches advanced 8 percent, according to the Bureau of Labor Statistics.

Jewelry and watch sales totaled an estimated $40.03 billion in the first seven months of 2016 – a 4 percent advance from last year. Jewelry revenue increase by the same percentage to an estimated $35.35 billion and watch sales rose at that rate to $4.68 billion.

By contrast, the Consumer Confidence Index fell month-on-month in July, according to the Conference Board. However, it rose in August.

“Short-term expectations regarding business and employment conditions, as well as personal income prospects, also improved, suggesting the possibility of a moderate pick-up in growth in the coming months,” said Lynn Franco, director of economic indicators at the Conference Board.

The news came as Signet Jewelers, the world’s largest retailer of diamond jewelry, reported lower revenue in the three months ending July but noted several of its fashion and diamond jewelry collections recorded higher sales compared with higher-priced bridal jewelry.

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