Taking the Temperature of a Growing Jewelry Market
Independent jewelry stores are revving up for the holiday season and reflecting back on the past year. Bright colors, bold silhouettes and sentimental meaning are the ‘It’ factors driving business forward these days, even amid a more cautionary spending landscape.
As small business owners, these stores appear optimistic yet pragmatic. They’re aware of difficulties seen through out the U.S. — like staffing shortages — but seem upbeat about the overall future.
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Here, six highly regarded retailers speak with WWD about what’s on their radars for the next few months.
Alysa Teichman, vice president of business development, Ylang 23
WWD: What is the climate like now that people have mostly returned to their usual lives, amid inflation?
Alysa Teichman: We haven’t seen a slow down in jewelry purchasing — quite the opposite actually. People had such a bottleneck of joyful occasions to celebrate after the pandemic that we’re now seeing our clients come in and buy jewelry for everything that paused during COVID-19 like weddings and vacations.
WWD: How might purchases be changing since pandemic times?
A.T.: During the pandemic, it was all about gold pendants and heavy chains, as well as lucky talismans for us. We are still buying and selling many chains, but we’ve seen our client’s focus shift to colored stones and diamonds, as well as statement earrings, now that people are going out more. The jewelry we are buying and selling continues to be bold and joyful.
WWD: What “looks,” stones, etc., are selling best?
A.T.: We’ve seen our client’s attention shift from pendants to chains that they can layer and use in many different ways (again, Foundrae). Juicy, vibrant-colored stones that make a huge statement by Irene Neuwirth and Retrouvai have been flying out of our store too. Lastly, the big trend around beads hasn’t gone anywhere. I’m especially obsessed with Ileana Makri’s Globetrotter collection, which she designed using found objects she collected over the years.
WWD: What emerging/new brands are you excited about?
A.T.: I am so excited to see the evolution of Lizzie Mandler and Jules Bryant, brands we picked up at couture in 2021. I love to watch both of these designers hit their stride. I’m also very into the ways that Greek designers Ileana Makri and Lito are continuing to reinvent themselves.
WWD: How has your day-to-day as a small business owner in jewelry evolved over the last year? Describe some triumphs and challenges.
A.T.: The biggest triumph and joy to me as a business owner in jewelry has been gathering with my clients and designers again. Having to connect remotely took so much joy out of what I get to do everyday.
My biggest challenge has been the changing landscape as a small business owner with employees. Needless to say, we have evolved and our team is stronger and more committed than ever. I’m grateful for all the learning I have experienced in the last year.
Paul Schneider, owner, Twist
WWD: What is the climate like now that people have mostly returned to their usual lives, amid inflation?
Paul Schneider: I definitely feel a cautionary atmosphere in the marketplace. The pandemic seems to be much lower on the list of concerns people have right now.
WWD: How might purchases be changing since pandemic times?
P.S.: We are seeing more interest in “objects with meaning.” Pieces of jewelry with a message.
WWD: What is performing best?
P.S.: Alternative bridal is still strong, but less alternative than before.
WWD: Are there any trends you have your eye on?
P.S.: Layering is still really a strong look, but we’re seeing lighter versions more now. Sometimes too much is just too much.
WWD: What emerging/new brands are you excited about?
P.S.: I’m excited about Darius, Ondyn and Marie Lichtenberg….They’re so different from each other, each with a clear and fresh voice.
WWD: How has your day-to-day as a small business owner in jewelry evolved over the last year? Describe some triumphs and challenges.
P.S.: As with most small businesses, we are having trouble getting and keeping a strong staff. There seems to be an aversion to making a commitment. Our business is complicated. We represent more than 120 designers and pride ourselves about our ability to tell their story. To get fully trained here takes about a year, but many people are thinking more in terms of weeks.
On the positive side, we are really having an impact on the careers of many of the people we work with. We have added momentum to many young brands and have some great projects in the works right now. Super exciting.
WWD: Post-pandemic, what types of trunk shows and events are resonating with your customer?
P.S.: It seems like our customers are less interested in trunk shows as they used to be. At one time, a trunk show was the only way to see new work or complete collections. Now we are doing more intimate events. We are having dinners on the sales floor and cocktails almost any time. It’s also quite satisfying to see the depth of relationships we have developed with some online customers. I asked our web staff recently how many online customers they could list by name and tell me about their style and taste. They said easily over 200 individuals. That’s really fantastic in my book.
Laura Freedman, founder, Broken English
WWD: What is the climate like now that people have mostly returned to their usual lives, amid inflation?
Laura Freedman: We have been very fortunate. There is always excitement about jewelry. What’s not to love? Everything ebbs and flows. When one area slows down another picks up. We have definitely seen an increase in brick-and-mortar this year versus online and overall purchases have increased since last year.
WWD: How might purchases be changing since pandemic times?
L.F.: The most significant change that I have seen in purchasing since the pandemic is most clients don’t ponder the purchase as much as before. It’s more spontaneous.
WWD: What is performing best?
L.F.: I would say necklaces perform best for us. We are selling higher value items, whereas before we would sell a lot of smaller things.
WWD: What “looks,” stones, etc., are selling best?
L.F.: Diamonds are our biggest sellers and emeralds are a distant second. For looks, it really just depends. Clients still love layering and finding sentimental, meaningful pieces.
WWD: What emerging/new brands are you excited about?
L.F.: I love Sauer and Marie Lichtenberg.
WWD: How has your day-to-day as a small business owner in jewelry evolved over the last year? Describe some triumphs and challenges.
L.F.: We are constantly evolving. The nice thing about having a small business is that you can pivot more quickly. We have been able to streamline things and have become more adaptable. Resilience is always the biggest triumph when it comes to business. Challenges are always there but the biggest has been hiring.
Jennifer Shanker of Muse
WWD: What is the climate like now that people have mostly returned to their usual lives, amid inflation?
Jennifer Shanker: There’s even more excitement around buying jewelry now. “Dressing up” is no longer reserved solely for special occasions, but rather has become an everyday practice for the many people who still want to feel like themselves even if they’re just spending time at home. I’ve noticed an uptick in desire for pieces that are special and original but still practical enough to wear daily.
As for inflation, this has not impacted our sales. We are thoughtful about offering pieces across a range of price points, and have found it’s entirely possible to assist clients in finding jewelry they love within their means and comfort zones.
WWD: How might purchases be changing since pandemic times?
J.S.: From a logistical perspective, clients are more comfortable buying fine jewelry online (especially from a brand that is familiar to them), but they also still love the experience of shopping in-store. Even though people have more options now that they are able to travel and shop more freely, Muse’s client services, creative presentations, and access to the most exclusive designers are differentiating factors that always keep clients coming back.
WWD: What is performing best?
J.S.: Everyday yellow gold and diamond necklaces that are shorter in length do really well right now, especially subtle statement pieces that have some substance and oomph. Stackable bangles and cuff bracelets are also quite popular, as are signet and pinky rings, and collectible charms and pendants.
People are craving a classic aesthetic with a bit of a twist — timeless but still unique, like the Ondyn tennis pieces that have articulated stones and movement, or Anna Maccieri Rossi’s designs that put a modern spin on traditional watch making techniques.
We’re also seeing a lot of interest in yellow gold and diamonds, chunkier gold pieces, layering-friendly necklaces, hoops, enamel combined with precious stones, and diamond studs that are clean and classic but have an interesting shape (like our bestselling Nikos Koulis spectrum studs).
In general though, clients are drawn to our signature “Muse mix,” — thoughtful, elevated combinations of different designers and materials that bring a sense of true personal style into the equation.
WWD: Are there any trends you have your eye on?
J.S.: The shorter yellow gold and diamond necklace, a more everyday, casual version of a classic rivière necklace. Vice Versa, Jenna Blake, Nikos Koulis and Ondyn make versions of these that are really popular. Substantial yet feminine gold pieces, like Beck’s sculptural rings and cuff bracelet. Long beaded necklaces and lots of color — Bea Bongiasca is the ultimate.
WWD: What emerging/new brands are you excited about?
J.S.: Beck, Vice Versa and Alina Abegg.
WWD: How has your day-to-day as a small business owner in jewelry evolved over the last year? Describe some triumphs and challenges.
J.S.: After years of being in the wholesale business, our West Village shop has given me the opportunity to see the world of jewelry from a retailer’s perspective for the first time, which has resulted in invaluable direct client feedback that helps us at every level of the business.
I’ve found that the store has different needs than the showroom, mostly in terms of stocking super wearable but recognizable signature pieces at a self-purchase price point. I’ve also been able to explore other categories to help round out our offering and make the shop more accessible — “jewelry for your home” such as Paul Arnhold vases, Gregory Parkinson textiles and Ori Gersht photographs. Chic, interesting pieces with a high taste level and overall carefree but sophisticated style, just like the jewelry we carry.
WWD: Post-pandemic, what types of trunk shows and in-store events are resonating with your customer?
J.S.: We’ve had a lot of success with casual, friendly, creative cross-marketing — things like events with live music, new designer and product launches and collaborative charitable projects (like our Have A Heart program).
Mary Margaret Beaver of Tiny Gods
WWD: What is the climate like now that people have mostly returned to their usual lives, amid inflation?
Mary Margaret Beaver: People understand that fine jewelry maintains its intrinsic value more so than other luxury purchases. The desire for fine jewelry is still very strong, it has become a more thoughtful decision.
WWD: How might purchases be changing since pandemic times?
M.M.B.: While there was a trend for people to purchase jewelry that was more “of the now” during the pandemic, I am noticing that people are more inclined to purchase pieces with more personal staying power. What I mean is that people want jewelry with longevity — pieces they will want to wear forever and even pass down through generations. It is less about jewelry for “now” and more about jewelry for “forever.”
WWD: What is performing best?
M.M.B.: Statement earrings that can be worn every day. People still want jewelry that expresses their personal style and that resonates on a meaningful level, they are just willing to invest more to have pieces that will stand the test of time.
WWD: What “looks,” stones, etc., are selling best?
M.M.B.: Emeralds, diamonds, yellow gold…always.
WWD: What emerging/new brands are you excited about?
M.M.B.: I adore Parisian brand Rainbow K, Indian brand Ananya and Dries Criel out of Belgium.
WWD: How has your day-to-day as a small business owner in jewelry evolved over the last year?
M.M.B.: I opened Tiny Gods in November 2020 so year one was navigating the pandemic. The past year has been about connecting with clients in a more personal way — face to face (without masks) and through in-store events such as intimate dinners in honor of jewelry designers who were now able to travel for personal appearances and trunk shows.
WWD: Post-pandemic, what types of truck shows and in store events are resonating with your customer?
M.M.B.: People love personalized service and events that feel bespoke. My piercing events with L.A.-based celebrity piercer Stephanie Anders always books up in record time and my piercing events create a fun and dynamic environment. They also serve to get new clients in the door. I love collaborations as well and often open my doors to creative small businesses that don’t have anything to do with the jewelry industry but rather compliment the creative and collaborative environment I hope to foster.
Jennifer Gandia of Greenwich St. Jewelers
WWD: What is the climate like now that people have mostly returned to their usual lives, amid inflation? Is there the same excitement for purchasing jewelry as there was during the pandemic?
Jennifer Gandia: Overall, we’re seeing that the excitement generated for jewelry during the early part of the pandemic has sustained, and we’ve been consistently busy, both in our store and on the website. The time people spent online during the pandemic created new and more informed fine jewelry buyers. As a company that retails independent designer jewelry, we see more shoppers coming in and asking for specific brands than we did previously. In the past, there were fewer buyers that knew the names of designers and they relied on us to introduce them to brands. This still happens but there has been a noticeable increase in people being very informed about designer collections. Overall, we’re seeing a much more informed buyer, which we love, since we enjoy getting into the details about the jewelry we sell and produce.
WWD: How might purchases be changing since pandemic times?
J.G.: Prior to the pandemic, we had clients that shopped with us exclusively through one channel: either in-store or online; but, now we’re seeing lots of channel crossover. The most surprising thing has been online or virtual clients who are making an effort to seek us out in-store when they’re in town. We had a number of clients do that this year, once travel resumed and they were coming back to [New York City].
WWD: What is performing best?
J.G.: Diamond fashion jewelry is very strong right now, being driven by classic styles made relevant again by a new generation of influencers and celebrities wearing reimagined diamond classics like tennis bracelets and necklaces. The resurgence of pearls and beads has also been steady. The most exciting part of that has been to see how pearls have shot up in popularity with men and gender non-conforming people, and how that is influencing the entire category, regardless of the gender of the buyer.
There’s also still pent-up demand for wedding and engagement jewelry, spurred by the backlog of weddings that couldn’t happen during 2020-21. This segment of our business has experienced rapid growth in the past year and a half and we’re seeing demand strongest in larger, fancy shaped diamonds.
WWD: What “looks,” stones, etc., are selling best?
J.G.: There’s still an emphasis on personalization, or perhaps a better way to think of it is individuation: creating an overall jewelry look that is uber-unique to you. Brands like Marla Aaron, Erica Molinari and Single Stone create jewelry that is meant to be chosen and worn in ways that communicate one’s individuality and style. You might curate a stack of bracelets, layers of chains and medallions or wear a bunch of meaningful charms and this is a way to personalize your look that goes beyond the more obvious birthstones, initials and the like. It’s not about branding yourself, it’s about enhancing your persona with jewelry worn and styled in interesting ways.
Colored gemstones are also very hot right now, with particular emphasis on emeralds, tourmalines and Montana sapphires. For our collections, we buy gemstones from suppliers that have transparent mine-to-market supply chains like Anza Gems and Roger Dery, ensuring they’re ethically sourced and we find that this assurance resonates with buyers. Jamie Joseph rings continue to be one of our top-performing styles; no one can resist her rainbow of colored gemstones, which is why we’ve put them right at the front of the store.
WWD: Are there any trends you have your eye on?
J.G.: We’ve seen an uptick in interest in mixed metals in bold silhouettes. Brands like Marla Aaron, Rene Escobar and Sylva & Cie have great options in this vein. Made by Malyia is a new brand that we picked up last year and which is doing incredibly well. She’s creating diamond jewelry that has a unique design sensibility, that sits at the intersection of bold/strong and elegant/feminine.
Astra, the enamel zodiac collection we launched at in 2021 has been a huge hit as well. We’re planning to expand the collection with new styles that explore the theme of astrology as a facet of identity and connection, and wholesale it in 2023. We’re very excited about that.
WWD: How has your day-to-day as a small business owner in jewelry evolved over the last year? Describe some triumphs and challenges.
J.G.: We opened a new store in June that was designed and built during the pandemic, and that was certainly our biggest achievement this year. We try to remain focused on the daily wins, understanding that the consistency of hitting small goals is what sets us up for larger success. Like many other companies, we’ve struggled with staffing, finding people has been a challenge; but when we find the right people that feels like a big triumph. There have also been growing pains that come with change, specifically our move into a larger space coupled with a large increase in sales — not that I’m complaining. The desire to lead the company is often at odds with the day to day needs of the business. That old adage of “working on your business, not in it” can be a struggle for small business owners.
WWD: Post-pandemic, what types of trunk in-store events are resonating with your customer?
J.G.: We’ve had designers in the store again, which had been put on hold for two years. Our customers have been enthusiastic about coming in to meet and work with their favorite designers.
WWD: Any advice your parents, who founded the store, gave you about the business?
J.G.: Our parents were prudent business people and I think about what we learned from them as being the foundation for everything we’ve done — and hopefully will continue to achieve. Save, take calculated risks, provide excellent service, learn from your mistakes — these are the kinds of principles they operated under and are still the hallmarks of strong business ownership today. In a culture that moves fast and worships newness, we honor patience and moving forward with intention. They taught us that.
Launch Gallery: The Bold and The Beautiful: High Jewelry That is Beyond Trends
