The data, compiled by Retail Edge Consultants from more than 400 independent stores, documented a decline of 1.3 per cent compared with the previous year.
Unit sales declined by 9 per cent, continuing a trend in recent years of jewellers selling fewer items at a higher price during this period.
The average retail sale price remained strong, reaching $236, a notable 15 per cent improvement from $205 in 2023.
General manager Leon Van Megen's advice remained the same: “Managing aged stock with a plan and buying items with a sales strategy in mind will help jewellers avoid a cashflow squeeze.”
Regarding product categories, diamond-set precious metal jewellery declined by 5 per cent on a year-on-year comparison and 10 per cent when compared with 2022.
“This decline in the largest jewellery category continues to impact the total performance of jewellery businesses,” Van Megen added.
“Managing diamond inventory remains critical to managing your total inventory, which continues to be the single biggest driver of the accumulation of aged stock.”
Colour gemstone precious metal jewellery increased by 11 per cent on a year-on-year comparison, while silver and alternative metal jewellery was likewise positive, rising by 9 per cent.
Precious metal jewellery that does not feature a diamond or gemstone increased by 8 per cent.
Regarding laybys, analysis detailed a 4.8 per cent decline in dollar terms between new orders and pickups and/or cancellations. The pattern in services, including repairs, revealed a decrease of 26.2 per cent by the same metrics.
Finally, special orders decreased by 7.4 per cent in dollar terms between new orders and pickups and/or cancellations.
2024 Jewellery Retail Sales May Results
Charts published with permission courtesy of Retail Edge
The charts below are based on data collected via Retail Edge POS software
at more than 400 independent Australian jewellery stores.
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