Diamonds and diamond jewelry continue to represent the largest category of retail sales by independent jewelers, according to the recently released Jewelers of America’s 1999 Cost of Doing Business Survey.
Reporting overall sales increases of 10.5% in 1999, surveyed members of JA reported diamond merchandise sales increases of 11.2%.
They also reported that about 40% of their overall sales in 1999 were either loose diamonds (15%) or diamond jewelry (25%).
Sales increases also equated to a 7.3% net profit increase for jeweler and the first meaningful increase in net margins since 1992.
The stellar performance of both diamonds and other categories of jewelry at retail last year is being attributed to the strong economy that carried throughout the year.
“We are pleased that JA members have been able to take full advantage of the strong U.S. economy,” says JA President and CEO Matthew Runci.
The strong results of the survey, which polled 450 of JA’s retail members, revealed the ninth straight year of growth of jewelry sales and the largest single-year sales increase in the 13-year history of the Cost of Doing Business Survey.