Is the Jewelry Business Golden in 2024?

Cautious optimism is on the minds of many merchants this year, according to manufacturers and brands. Those sentiments aren’t exactly shocking given that the U.S. is heading into an election year, which are notoriously unpredictable; the nation is divided on who will win the election, what new policies they might implement, and how they will affect small business.

“All the news about tough socioeconomic times didn’t impact the independent jeweler much in the fourth quarter of 2023,” insists Cora Lee Colaizzi, marketing director, Quality Gold (QG). “I think the end consumer enjoyed returning to Main Street after the last few years of COVID and restrictions. People are shopping bricks-and-mortar stores.”

Quality Gold

Her colleague and national sales director, Jeff Wynkoop, agrees. “People want to get out and shop,” he observes. Plus, retailers tell him that foot traffic in stores is higher than before the pandemic. “In my meetings, our retailers are excited and continue to source new merchandise to show their customers,” he says.

To keep the momentum going, Wynkoop advises retailers to stay focused on their branding and social media pages.

“Buying metrics and analytics have shown us that younger buyers are doing their research online but coming to brick-and-mortar retail stores to get an experience when they purchase,” he says. Take advantage of the traffic and give the consumer an experience they will remember and want to tell others about.”


And while QG merchants are enjoying client face time in stores, Ostbye clients express opposite concerns. Among them? Online sales competition, how to continually drive traffic into stores, “and keep them true to your business,” says marketing manager Theresa Namie.

Differences aside, most say that 2024 has started off well. “Expectations are focused on maintaining flat or slightly above last year,” explains Namie.

An interesting bright spot in the eyes of Lachish Awad, manager of the customer service department for the Elegant Collection for Jasani USA: post-holiday sales are improving. “Most of our clients have exhausted their inventories and are placing orders with us,” he reveals.

As far as what is selling—beyond karat-gold staples—think colored gemstones and diamond-accented Mother’s Day gifts. “There’s a notable demand for precious color gemstones,” observes Surbhi Jain, marketing director of Shefi Diamonds. She points to her brand’s Majestic Gem Collection of baguette-cut colored stone crosses and birthstone collections as proof. These, she continues, “have been warmly embraced by retailers and serve as the ideal gift for any occasion throughout the year.”

Shefi Diamonds

Birthstone jewelry moves for Ostbye’s clients, too, who also buy wide gold diamond fashion bands and celestial, ribbon, and leaf motifs. Other fast sellers include heart and cross pendants, yellow gold bridal styles (including ring wraps and inserts), stackables, signets, and medallions. “They are great personal gifts to give,” says Theresa Namie, marketing manager.

“The demand for 14k yellow gold has been high for the last few years after so many years of 14k white gold dominating,” observes Colaizzi. “When the gold price is high, yellow gold owns the center stage in the gold jewelry segment. If COVID proved anything to us, it’s that jewelry is timeless and pandemic-proof!”