Jeweller - December 2021

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Tiffany & Co. 2019 - 2021 GOLD JEWELLERY SALES TRENDS THROUGH DATA The charts below compare the sales of gold jewellery for the past three years - 2019, 2020 and 2021 (October). The data is a representative sample of more than 400 independent Australian jewellery stores collected via Retail Edge POS software during a time where the price of gold has steadily increased. CHART B: 2021 – UNITS SOLD AND DOLLAR VALUE 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1000 500 0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC CHART C: 2020 – UNITS SOLD AND DOLLAR VALUE 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC CHART D: 2019 – UNITS SOLD AND DOLLAR VALUE 18ct Diamond & Precious Coloured Gemstone Jewellery DJDIAMONDDESIGNS.COM.AU Daniel Jacuk - 0412 071 103 sales@djdiamonddesigns.com.au 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
TRADE ANALYSIS | Golden Connections “while jewellery demand volumes were likely to remain relatively subdued as COVID-19 continues to impede the normal functioning of many markets across the globe, mass vaccination program and signs of improving economic indicators imply that we expect to see continued, if tentative, improvement in the sector in 2021.” And so it was that by July this year the WGC was reporting that “jewellery demand (390.7t) continued to rebound from 2020’s COVID-hit weakness, although remained well below typical pre-pandemic levels, partly due to weaker Indian demand growth and only a few months later its October report declared that “Jewellery continued to draw strength from the ongoing global economic recovery: Q3 demand rebounded 33% year-on-year to 443t.” Macro versus micro This data is at a macro level and does not necessarily relate to the ‘at the coalface’ experience of jewellery retailers worldwide. In other words, what might be happening in one country/market may not be replicated in other markets. Local factors impact consumer buying and trends. Mike Dyer, sales manager at Retail Edge, a specialist management consultancy firm in the retail jewellery market, details a different side or outcome from that of the WGC data. While the pandemic significantly impacted many industries and international markets throughout 2020, gold was largely unaffected; in January it was priced at around $US1,550 per ounce, a price at which it rarely fell below. By December 2020 it had increased to more than $US1,800 per ounce. " He believes “there are several factors that influence the retail selling price of gold, the best way to measure the comparative movement would be the number of items sold, and to analyse this with just gold jewellery. “Units sold figures for full calendar year 2019 compared to full calendar year 2020 shows just a 6.3 per cent increase in units sold. Markups [retailer margin] achieved are almost the same which points to an increase in consumer demand rather than a resistance to price.” Of course, one explanation could be that consumers who were still buying gold jewellery during the global pandemic - and during a period of a high gold price - could have been choosing lower ‘quality’ and therefore, lowerpriced gold items. However, Dyer’s data - collected from more than 400 independent Australian jewellery stores via the Retail Edge POS software - suggests that there was no shift to 9-carat designs rather than 18-carat to save money: “There is no evidence in the items sold information [by Retail Edge clients] that points to a drop in 18-carat unit sales and an increase in the 9-carat unit sales.” (See Charts B, C and D left) The three-year data from January 2019 to October 2021 shows gold jewellery sales peaked in December 2020, just as Australian cities were re-opening after long lockdowns. It indicates that 13,300 gold jewellery units were sold FIND US ON INSTAGRAM MILLENNIUM_CHAIN Australian leading wholesaler, specialising in manufacturing 9ct and 18ct yellow gold, rose gold and white gold. Machine made and hand made, any kind, chains and bracelets, bangles and findings. Suppliers to retailers and wholesalers. MILLENNIUM CHAIN P: 03 9650 5955 | E: sales@millenniumchain.com.au www.millenniumchain.com.au
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Jeweller - December 2021

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