| Hong Kong Jewellery 香港珠寶
Search
News & Highlight

News

  1. WJA Foundation Launches New Scholarship for Women of Colour
  2. Blue Nile Merges with Mudrick for Its Second IPO
  3. RJC Launches ‘Gender Equality Toolkit’ at JCK Las Vegas
  4. GIA Reports to Go Digital by 2025
  5. Gemfields Achieved Highest Revenue at Emerald Auction
  6. DAMAC Group Now Owns de GRISOGONO
  7. GJEPC Proposes Lab-Grown Diamond Park in India
  8. Pandora’s New Crafting Facility in Vietnam Costs $100M
  9. Q1 Gold Jewellery Demand Soft, Says WGC
  10. Jewellery Buying Groups Formed New Global Alliance
  11. Singapore to Host Jewellery & Gem World 2022
  12. ‘Wonder Woman’ Gal Gadot Premiered in Tiffany’s 2022 High Jewellery Collection
  13. Christie’s to Auction ‘The Light of Africa’ for $18M in June
  14. New Board of Directors were elected to Jewellery Exporters Association of Turkey
  15. Oroarezzo back with Première Competition
  16. ‘De Beers Blue’ auctions US$57.5M at Sotheby’s
  17. CTF launches Mother’s Day collection
  18. Jewelers of America Announces The 2022 CASE Award Winners
  19. De Beers: Diamond Businesses Staying Cautious About Business Expectations
  20. Synthetic Alexandrite Pioneer David Patterson Dies at 89
  21. 205 CARAT FANCY INTENSE YELLOW DIAMOND GENEVA MAGNIFICENT JEWELS | 11 MAY 2022
  22. Rebecca Foerster Appointed As President of Hearts On Fire
  23. US Steps Up Sanctions Against Alrosa
  24. PGI Study Findings: Consumers Have Different Interpretations of Sustainability
  25. Irving Wong Appointed as Pandora’s General Manager For China
  26. Rolex’s 6 New Watches Unveiled at Watches & Wonders Geneva
  27. Sixième Sens par Cartier High Jewellery: Heteractis Ring
  28. Will Russian Diamond Ban Help Foster Lab-Grown Diamond Business?
  29. Press Release: Ariana DeBose, Hunter Schafer and Zoey Deutch Shine in De Beers Jewellers at the Vani
  30. Press Release: Ariana DeBose, Hunter Schafer and Zoey Deutch Shine in De Beers Jewellers at the Vani
  31. JEWELLERY GENEVA Takes Place between 30 March and 3 April 2022
  32. Christie’s Presents 228 carat White Dimond
  33. Gold Bar Integrity Programme to be Implemented
  34. Press Release: BONHAMS ANNOUNCES ACQUISITION OF BRUUN RASMUSSEN AUCTIONEERS – DENMARK’S LEADING AUCT
  35. Early Spring Fashion for Natural Diamonds
  36. Jennifer Garner Shines in De Beers Jewellers at the Premiere in New York
  37. To celebrate its 15th anniversary, “Cartier Women’s Initiative Impact Report”
  38. American Gem Trade Association Announces Partnership with JCK Show Again
  39. Chow Tai Fook and Canada's Mountain Province Diamonds Sign Supply Agreement
  40. Registration Is Open for 2022 JCK Show
  41. Alrosa Caught Up in U.S. Sanctions
  42. Tawhid Abdullah Receives Lifetime Achievement Award
  43. The Largest Blue Diamond Appears at Sotheby’s Auction
  44. Price Rise for Nearly 90% Of Fancy Colour Last Year
  45. Dickson Yewn’s Collectibles Given for Sotheby’s Charity Auction
  46. De Beers Boosts Production
  47. Watches & Wonders Geneva To Be Held In Hybrid Format
  48. Jewellery, Gem & Technology Dubai to Debut February
  49. Hong Kong Losing its Dominance as the World's Largest Watch Market
  50. Gift Guide for CNY
  51. Press Release: Sotheby’s Announces New Appointments To Luxury Team In ASsia
  52. Georg Jensen Becomes a Certified Member of RJC
  53. 555.55-carat Black Dimond Unveiled at Sotheby’s Auction
  54. GIA Appoints Anna Martin as SVP for Institute, Industry Relations
  55. Alrosa Boosts Direct Sales of Fancy Diamonds to Investors
  56. CIBJO General Assembly postponed to March 17 and 18, 2022
  57. 7,525 Carat Emerald Discovered
  58. Karl Lagerfeld Jewellery Collections to Shine
  59. Diamonds Travel To The Space
  60. Vicenzaoro January postponed to March
  61. America’s Youngest Jeweller Starts Business via Instagram
  62. Concerns over conflict gold arise again
  63. The 1st International Gemstone & Diamond Trade Summit Wraps Up in Macao
  64. The Knot’s Study:Over 30% of Respondents Say Natural Diamond Unimportant
  65. Pantone’s 2022 Colour of the Year: Very Peri
  66. Phillips Jewellery Auctions Fetch over HK$181 Million
  67. The World’s First Pure Gold Castle of Magical Dreams by CHOW TAI FOOK
  68. Jewellery Sales Jumped 78% During the Thanksgiving Holiday
  69. Gem Auctions DMCC’s Debut Auction Successful
  70. Cartier’s Christmas Tree Lights Up the City with Love and Hope
  71. Rediscovering Lacloche in Hong Kong
  72. Blue diamonds to lead Christie’s HK autumn sale
  73. JMA show to stage next Thursday
  74. HK auction to help Cambodian kids
  75. Basel fair cancelled again
  76. HKDI show to continue in Dec
  77. Gemfields sells 7,500-carat emerald for good
  78. Sustainability is key to diamond purchases, a report says
  79. Christie’s Geneva jewellery sale fetches CHF53.7m
  80. Cibjo forms working group on fei cui standards
  81. Only Watch raises CHF30m for DMD research
Read More...


HIGHLIGHT

  1. US market unfolds changes and potential
  2. The queen of gems, the gem of queens
  3. Classics return

Advertisement

  • Dream Catcher ring, Buddha Mama
  • Bangle, Buddha Mama
  • Connessione ring, Diamonds by Kathy Ireland
  • Pendant, William Henry
  • Earrings, Lord Jewelry
  • Bangle, ALOR
  • Ring, ALOR
  • Three-stone vintage-inspired ring, Noam Carver

US market unfolds changes and potential

The jewellery week in Las Vegas is often considered the weathervane of the US jewellery market. The low attendance of the 2017 edition reassures us challenges and uncertainties are lingering. Industry practitioners interviewed by Hong Kong Jewellery, nevertheless, look forward to the future with hope and opportunities amidst drastic changes.

Market changes

The US market has changed at a rapid pace over the last five years. Besides famous brands, consumers are also very interested in unique, high quality designs for daily wear, said Ori Zemer, principal of ALOR, California-based fine jewellery and watch brand. Well-known for its cable designs, the company has invented tooling that allows them to set trends with unique look and styling. “For us, bangles have always been the strongest category. With the use of cable it is very easy to stack, mix and match and to be universally worn with any outfit. Our new chokers give a youthful and on-trend look that can be worn by any age,” Zemer revealed.

Technological and communication development have made a vast amount of information available to end-consumers. Today’s customers have more options to choose from, but with less loyalty towards individual brands or designers. Although there are various touch points between jewellers and customers such as trade fairs, Zemer stated that they have shifted to promote products and communicate with clients via the digital world, and recorded a huge growth in online sales this year. “If we do not adjust then the customers will go somewhere else…Our social media accounts explore the entire world of ALOR and allow our customers to take the ride with us through our designs and creative processes,” he added.

Los Angeles jeweller Lord Jewelry is specialised in handcrafted jewellery for connoisseurs who value fine art and high fashion. Designer Sinork Agdere observed a rise of demand for one-of-a-kind jewellery in the US market. He also acknowledged the advantages of savvy jewellers’ omni-channel strategies for sharing information, developing brand identity, and building better customer relationships. “Online shopping has become very popular and it is one of the main factors that have driven market change,” he said.

Miami-based Buddha Mama offers handmade jewellery inspired by Buddhism and Eastern traditions. Co-designer Dakota Badía noted that unlike previous years, the market is picking up with reviving buying sentiment and the company has experienced sales growth this year. Regarding the effectiveness of their online and social media presence, she said it is “constant and instant gratification”. Everything online is accessible 24/7, and social media has helped with brand awareness and attracted more clients.

When consumers become more knowledgeable and better-educated, consequently they prefer better products at better price points. “Price has become a driving factor. Retailers are squeezing manufacturers and wholesalers for better margins and lower MSRP (manufacturer suggested retail price)”. All those create subpar products in the market, according to Ori Zemer.

Canadian bridal jewellery designer Noam Carver holds the same view. He commented: “Creating price-sensitive products is crucial; however, they deserve as much attention as high price-point items. Design and quality should not be sacrificed, if they are, you won’t be around when the market picks up and higher price points are in demand.” He believes that the resurgence of fashion jewellery and low price-point collections has greatly affected the market in general in recent years. In regards to the spending habits of consumers nowadays, he sensed that they are more focused on disposable fashion jewellery and want fresh looks that can be switched up quickly.

In partnership with Paul Raps New York, Taly Diamonds and Krainz Creations and inspired and mentored by Elizabeth Taylor, US fashion icon and supermodel Kathy Ireland debuted her new line of ethically-sourced, handmade jewellery Diamonds by Kathy Ireland during Luxury 2017. The brand offers a 65-piece collection including engagement rings, wedding bands, patent-pending earrings, necklaces and bracelets, at US$2,000 entry price point.

Ireland told Hong Kong Jewellery that while diamond jewellery has generated ongoing strength in 2017, the price war continues. “You simply cannot win the war by lowering prices every day. Somewhere, someone will always sell for less. Please don’t let it be you”. She thinks that the biggest change in the current industry is that branded jewellers are winning the market share. “Without a brand, you cannot have a point of difference. No one will pay more for something they perceive to be generic,” she stated.

Men’s jewellery is one of the fastest growing market segments in recent years in the fine jewellery industry, mainly because of the increase of male self-purchasers. William Henry is a fine functional jewellery brand for men with a broad network of over 500 independent retailers in the United States and abroad. Company CEO Dave Boechel revealed that many jewellers have realised that selling men’s jewellery is an effective way to grow their business without detracting revenue from their current product categories. The company continues to grow in importance and sales in 2017. Regarding customer preferences, over 80 percent of their sales are men’s bracelets, which are an easier and more customary choice for US customers.

Almost every player in the jewellery industry is investing and improving the quality and flexibility of their production chain and the online experience they offer to their clients, said Boechel. He thinks that although the market was tough in 2016 due to the slowdown in consumption ahead of the presidential election, main drivers of luxury remain the same, namely design, craftsmanship, intrinsic value and exceptional customer services. “The key is to assure these sales drivers are always effectively-communicated,” he emphasised.

The only constant – bridal jewellery

As De Beers pointed out in its Diamond Insight report published in June 2017, the bridal sector constitutes 28 percent of the US jewellery market, showing that this traditional area is still the backbone of the industry. During the market recovery, bridal jewellery remains the only constant category that defies market trends and fluctuations, becoming a primary growth engine.

This year has seen an incredible growth for Noam Carver as the brand places emphasis on brand building, designs and customer services. Brand owner Noam Carver stressed that the US bridal jewellery market continues strong growth with a focus on branded designer collections that tell stories. “Bridal jewellery is a perennial product, a must-have. A strong market will contribute to higher ticket purchases and a weak market will result in lower ticket purchases. Either situation, bridal is still being purchased,” he noted.

Millennials account for one of the largest generations in history, as they move into prime spending years; an increase in overall bridal jewellery consumption will be seen, Carver projects. Millennials are the target consumer group of Diamonds by Kathy Ireland. According to Kathy Ireland, the brand is disruptive by offering affordable bridal jewellery in high quality, plus world-class craftsmanship and after-sale services. She believes that bridal jewellery is a profit-margin driver and millennials will “absolutely make bridal jewellery purchases”.

ALOR launched its bridal line in May 2017 with two collections – ALOR Down The Aisle and ALOR Ecoearth, incorporating the brand’s cable DNA. While the former utilises mined diamonds, the later applies “eco-friendly and sustainable” synthetic diamonds. With warm reception of their bridal collections, Ori Zemer said that the US society loves weddings, which is a tradition that has been around for thousands of years. “As such, bridal jewellery market will continue to thrive”.

Opportunities and trends

“Direct-to-consumer is the biggest opportunity. The continued development of the ease of purchasing online makes it much easier for end-consumers,” said Ori Zemer. “Technology is moving at a fast pace, practitioners must set up a digital strategy to be able to capitalise on the opportunity.” Regarding future trends, he forecasts that demand for chokers will continue and come on stronger for 2018. Long earrings, especially oversized hoop earrings for mix and match, statement necklaces with oversized symbols will be in vogue.

Lord Jewellery’s Sinork Agdere believes that high quality products always stand out from the crowd. In the near future, he foresees that branded jewellery will claim a higher share of the market. “The US market is strong and robust, there are ups and downs however its resilience is what makes it so special,” said Noam Carver. “There is always room for another competitor but the competition is fierce and unforgiving.” He has confidence in the brands that are willing to adapt to the current market trends.

As customers are increasingly discriminating, practitioners cannot do exactly what they did 20 or even five years ago and expect grow, said Dave Boeckel of William Henry. While men’s jewellery still has not yet been exploited in the United States, he expects to see a growing number of players and products in the category in 2018.

The US jewellery market is unlimited if change is embraced and people stop resisting the reality that we have a younger customer, says Kathy Ireland. As Elizabeth Taylor often said, “something wonderful is about to happen”, Ireland feels that is true for the US market.

← Back