JCK Releases 2020 State of the Jewelry Industry Report: COVID-19 Business Impact

(PRESS RELEASE) NORWALK, CT – JCK has released its 2020 State of the Jewelry Industry: COVID-19 Business Impact Report, which surveyed jewelers before and during the pandemic, making it one of the premier resources for track the industry response and outlook in a COVID-19 focused world. Findings captured in the report show that the majority of jewelers remain optimistic about the future, with the JCK Jewelry Industry Confidence Index at 66%.

While JCK traditionally announces the state of the jewelry industry report at the JCK show in June, this year Reed Exhibitions US COO Yancy Weinrich presented an overview at the JCK show. Virtual 2020 held in August. The report reveals an industry deeply challenged by the impacts of COVID-19 but typically resilient. The full report is available for purchase at lasvegas.jckonline.com/industrysurvey.

The report is an annual resource for jewelry companies to use and track predicted trends, current consumer behavior, top-selling and losing jewelry categories, and learn business tactics to take on the challenge.

In the 2020 report, some featured product categories include: bespoke jewelry, with 38% of respondents saying bespoke jewelry sales increased from 2019; marriage, which is on the rise even during the pandemic, with 23% of respondents reporting increases; and colored stones, with 23% of respondents seeing an increase in sales. The report found that one in five respondents saw their diamond sales increase in 2019.

The 2020 State of the Jewelry Industry Report shows the effects of a pandemic on the industry and how the industry will continue to move forward. Although the jewelry industry confidence index fell 86% last year, 66% of jewelry industry professionals are still optimistic. The majority of respondents – 58% – said regaining their previous strength would take time – eight months or more, with 11% predicting that they would not fully recover for two years or more. Over 950 respondents participated in the research, and 67% have been in the industry for 20 years or more.

“The JCK State of the Industry Report can be a vital resource in our market today. It is one of the only annual resources available to the jewelry industry that reveals category trends and insight into how jewelry companies are dealing with opportunities and challenges,” Sarin Bachmann, Vice President of the group, Reed Jewelry Group. “The report reveals that despite the economic challenges of COVID-19, the jewelry industry is in a unique position as consumer demand is relatively high, with people spending less on travel and experiences and more on meaningful personalized jewelry.”

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The annual survey that powers the report is conducted by national research firm MRI-Simmons.

Preview and download the report here.