Jewelers Report Strong Holiday Season, Brace for Changing Sales Landscape in 2025

After a year of being buffeted by economic and political uncertainty, independent jewelers ended 2024 with a strong finish.

Nearly 60% of the respondents to our third and final 2024 Holiday Season Mini Survey rated the peak winter sales period as Good or Excellent compared to only 25% who scored it unfavorably. Thirty six percent said their sales were up on the same period last year while 33% said they were stable. Meanwhile, 39% said their average ticket was up year-on-year.

Not surprisingly, many also reported being exhausted by the effort — and a little uncertain about the future.

“Wow, quite a year. Gold price, lab-grown diamonds, natural diamonds, politics, etc. But as we count our blessings the question becomes ‘What next?’ For many of us the reward for hard work seems to be more hard work!” noted Alex Weil, owner of Martin’s Jewelry in Torrance, CA.

Added Scott McQuaid of In House Jewelers in Jacksonville, MD: “It was overall a good season but now deciding on should we shrink it.”

Driving the mixed nature of the season were the emergence of a clear demographic break between affluent older customers and cash-strapped younger buyers and the emergence of lab-grown diamonds, which about 4 in 10 of the survey respondents cited as their top seller.

“Lab diamonds had a significant impact on our sales mix this season,” said Bill Elliott, the owner of Ross Elliott Jewelers in Terre Haute, IN. “They killed our sales of under $2,000 natural diamond bridal rings. And although unit sales of lab diamond jewelry were up 400%, dollar sales were up only 25%. Lab diamonds also negatively impacted our overall average ticket, as we didn’t have a single sale over $10,000.”

Moreover, while 39% of jewelers reported their average ticket was up, versus 15% who said it was down, more than half the survey respondents said foot traffic was down compared to just 14% who said it was up.

“Every sale this year took time and customers were more educated when spending money. The days of point and sell are gone!” noted Naomi Vargas of Mehaffey’s Jewelry in Haines City, FL.

Responses to the second 2024 Holiday Season survey were collected on Dec 26. A total of 61jewelry store owners or managers from across the country responded to the online survey.