MARKET WATCH 市场观察 40 | JNA May/June 2024 This buyer demographic is drawn to more fashionforward options such as ‘Toi et Moi’ rings and bezel settings, reflecting a shift towards modern and unique designs, she added. Citing industry figures, analyst Edahn Golan said LGDs represented 10 per cent of diamond jewellery sales in the US last year while in diamond engagement rings, LGDs had a market share of 36 per cent. While half of the retailers that JNA talked to do not carry LGDs, others offer these by customer request. For her part, Rafferty said Gen Zs bolstered sales of bridal jewellery adorned in both natural and lab-grown diamonds at Christensen & Rafferty. She shared, “Our self-purchasers sometimes opt for larger LGDs to update their collections.” Ingraham noted, “We are at the precipice of LGDs fuelling a stronger desire for diamond jewellery in general and are entering a new era that will impact the mined diamond industry for the better.” The industry believes in natural diamonds, but jewellers accommodate requests for LGDs from customers, especially millennials and Gen Z, added Eisen. Many younger consumers ask for customised pieces that come in all types of materials, even mixing LGDs with natural stones. Some would bring in older pieces to be repurposed into contemporary designs. Not all stores, however, feel the impact that younger consumers have on the business. Broadbent said, “We tend to have more Gen Xers and Boomers, since we are not a large bridal store.” Its focus, instead, is on fine fashion jewellery and watches. He also noted that self-purchasing continues to be a growth driver for Clarkson Jewelers post-Covid. Ingraham shared this observation, adding that her company has seen a 50 per cent increase in female selfpurchasing in the last five years. “They are our fastest growing demographic,” she noted. While all retailers interviewed by JNA observed a rising number of women self-purchasers, Cornell also said men are increasingly buying luxury timepieces for themselves after Covid, reflecting a growing interest in prestigious watches. This was also an experience shared by Berg. “We have seen a drastic uptick in business from pre-Covid to postCovid in all our stores. Since jewellery is often considered a token of love and appreciation, our customers have become more sentimental than ever after the pandemic,” he added. Fortifying the business US retailers also underscored the importance of finding the right suppliers to support the jewellery retail sector. An increasingly significant aspect of this invaluable partnership is responsible sourcing. Cornell said, “We partner exclusively with brands that uphold ethical standards in their sourcing, guaranteeing the quality and integrity of our products. We also value responsive and collaborative partnerships as they play a vital role in meeting customers' expectations.” Commitment to ethical sourcing and environmental stewardship were also echoed by Ingraham of The 1916 Company and Berg of Lee Michaels. In a year when consumer habits and market dynamics continued to evolve post-pandemic, independent jewellers witnessed subtle shifts in demand across various categories. – Sherry Smith, director of Business Development at The Edge Retail Academy, which comprises independent retailers with aggregated sales of more than US$3 billion. For 2023, the independent channel saw a 1 per cent decrease in gross sales and a 2 per cent decline in units sold, with average retail essentially holding steady. Tennis bracelets are enjoying strong demand as observed by Courtney Cornell. Photo credit: Cornell’s Jewelers 据Courtney Cornell观察所得，网球手链的需求非常强 劲。图片来源：Cornell’s Jewelers
RkJQdWJsaXNoZXIy NjAxOTU=