JCK Las Vegas 2018 Opens Las Vegas Jewelry Week with Results of State of the Jewelry Industry Report

Jun 04, 2018

Norwalk, CT (June 4, 2018) - JCK Las Vegas 2018 opened doors on Friday for the final year at Mandalay Bay before returning to the Venetian and Sands Expo Center in 2019. Over 2,300 exhibitors were set up to display their offerings for over 20,000 registered visitors.  

The show opened with the first ever Industry Trends Breakfast, hosted by Reed Jewelry Group Senior Vice President, Yancy Weinrich and presented by Signet. Within the event, Weinrich presented the result highlights of the first annual JCK State of the Jewelry Industry Report, a survey, conducted by GFK MRI, with over 500 respondents comprised primarily of retailers and including a sample of manufacturers and wholesalers, as well as designers. The survey focused on overall jewelry retail sentiment and issues facing the industry today.

Highlights of the results include:

  • Debut of 2018 JCK Jewelry Industry Confidence Index: Defined as the way the jewelry industry sees itself, the index revealed an overwhelmingly optimistic outlook; 88% of respondents said they were either somewhat or very optimistic about the next 12 months.
  • Top Challenges
    • Online Competition- 47%
    • Overall Economic Climate- 13%
    • Lack of Consumer Demand- 9%
    • Lack of Millennial Demand- 8%
  • Most Commonly Identified Strategies to Overcome Digital Dilemmas
    • Improving in-store experience- 62%
    • Nontraditional advertising- 50%
    • Connecting with clients via social media- 47%
    • Investing in technology innovation
  • More Social in 2018
    • 90% of respondents plan to increase efforts on social platforms
    • 81% rank social media marketing as one of their most successful business practices
  • E-Commerce
    • 46% of jewelers with a website sell goods on the site
    • 55% report that e-commerce has increased business
    • 59% say e-commerce is less than 25% of business
  • Key Trends
    • Lab-Grown Diamonds Up
      • 19% of respondents sell
      • 62% of sellers saw increase in 2017 over 2016
      • 78% expect increase in 2018
    • Responsibly Sourced Jewelry
      • 73% sell
      • 49% say sales are up
      • 49% saw increase in consumer concern about responsible sourcing
    • Custom Pieces
      • 59% saw increase
    • Female Self-Purchasers
      • 65% saw considerably or somewhat more
      • 71% of female self-purchasers are spending more than $500 (average $1201 price point)
    • Watches and Charms Down
      • Twice as many retailers reported a decrease in sales as did an increase

"It is exciting to see the positivity in the industry," says Weinrich. "This leads us to be encouraged that the JCK Jewelry Industry Confidence Index, which has made its debut at an impressive 88, will stand strong in years to come and be supported by growing sales and strong, adaptable independent businesses."

The full report is available for purchase at jcklasvegas.com/industrysurvey.   

Signet CEO Virginia "Gina" Drosos followed with a keynote presentation, an impactful delivery on the importance of evolving as a company as the business world inevitably changes.  Drosos specified that the jewelry industry, in particular, has lagged in sales behind fashion, travel and dining- items and experiences that do not have the same longevity as jewelry does. To combat this and contend with other categories, she urges that the industry shift focus from holiday and bridal to capturing other significant life moments that occur year-round and provide a wider gateway for jewelry sales.  

Another strong theme of business success was diversity.  Drosos advises the jewelry sector to work more diligently to reach the Hispanic market and growing number of same-sex and unmarried couples to tap into more jewelry buying occasions, such as Quinceaneras and alternative engagement rings.  As the conventions of our country change, thus should business practice.

Effectively driving home her key message, Drosos' address refrained from preaching, as she applied these tenets towards her own post. "While Signet is the category leader in the jewelry industry, we have not been truly leading the market for the last several years," she said. "Signet as the category leader is committed to taking bold, innovated, transformational steps."

For more information please visit www.jckonline.com/lasvegas or call (203) 840-5684.


About JCK:

JCK is a trusted partner connecting jewelry retailers and manufacturers/suppliers with trends, news, products, education, and partners to build business. Whether attending face-to-face events, building inventory with online and onsite sourcing, or obtaining authoritative news and insights from JCK Magazine - the leading industry publication in print & online - JCK offers a suite of tools and events to deliver sound solutions, innovative opportunities, and essential information. For more information on JCK Events, visit jckonline.com.

About JCK Las Vegas:

JCK Las Vegas is North America's most iconic jewelry buying experience. Featuring the most diverse mix of suppliers and products from around the world. Leading jewelry professionals attend JCK to discover what's new, next and meaningful to their business through unique, personalized experiences. JCK is where the jewelry industry comes together to do business, network with colleagues, and make personal connections with those who share their passion for jewelry.

Media Contacts:

Luxury Brand Group

Amanda Tropila
amanda@LuxBrandGroup.com
NY Office: 646.710.7718

Jen Cullen Williams
Jen@LuxBrandGroup.com
LA Office: 323.498.0127

JCK

Lauren Laramore
Group Marketing Director, Reed Jewelry Group
E: llaramore@reedjewelrygroup.com

JCK Las Vegas 2018

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