US Gold Jewelry Sales Rise 2.5% In 2003

Gold jewelry sales in the U.S. last year rose by 2.5 percent to total $16.3 billion despite a background of political uncertainty, a weak dollar and rising gold prices.

The increase is the thirteenth consecutive year of gold jewelry sales rises, the World Gold Council (WGC) reports. 

The survey shows a 3.9 percent increase in gold jewelry units sold, while the average price per unit edged down 1.3 percent to $76.17.

“We are encouraged by the leading retailers’ increasing inventory commitment to gold jewelry,” said Michael C. Barlerin, WGC’s Regional Director, Americas.  “Despite higher costs for the raw product, gold jewelry sales continue their moderate growth as female consumers choose to express themselves with the warm, stylish and evocative language of gold.”

Consumer sales increased in several key categories, with bracelets up in dollar sales volume by 8.2 percent and 6.8 percent in unit volume. Earrings showed an increase of 6.6 percent in unit sales and a 2.6 percent rise in dollar sales volume. 

Among retail outlets, mass merchants again led the field in the percentage increase of gold jewelry sales, reporting an increase of 3.6 percent in dollar sales volume ($3.688 billion) and 5.4 percent in units.

Meanwhile, jewelry stores, the largest distribution channel, reported an increase in sales of 2.3 percent ($8.054 billion) and a unit sales increase of 1.8 percent. Department stores increased dollar sales volume by 1.3 percent ($3.12 billion) and unit volume by 0.6 percent.

“Successful retail stores merchandised new collections during the fourth quarter, offering gold jewelry at a wide range of price points and styles and a good mix of fashion forward yellow gold, two-tone and white gold choices. Value-added enhancements like enameling, hand-worked finishes and small diamond accents helped to sustain gold jewelry demand at retail,” said Rick Bannerot, WGC’s Vice President of Advertising in the US.