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| Gold jewelry, like this necklace by designer Marco Bicego, ranked highest for type of jewelry owned, with 80 percent of respondents saying they own some sort of jewelry made of gold. |
When it comes to consumers and their jewelry, Madison Avenue has it right: There is more meaning to that diamond, gold or gemstone piece than its cost or how much it sparkles.
Even as many women consider jewelry a great fashion accessory, there is still a strong link between the pieces of jewelry they own and the story behind each one.
"I have several pieces that have special meaning to me," says Audra Perks, 26, of San Antonio. "One would be the most expensive ring I own—a three-stone diamond ring. It was a ring that I had wanted for a long time, and my husband purchased it as a Mother's Day/birthday/anniversary gift."
Perks also cites her engagement ring, which she says her husband purchased when he graduated from basic training for the Air Force. He proposed that same weekend.
"It's a very small diamond, but it means a lot to me," she says.
Perks was one of nearly 650 female consumers who responded to National Jeweler's Exclusive Consumer Jewelry Ownership Survey.
Sentiment is also key for Misty King, 21, of Aurora, Ind.
"If it was not given to me or bought for emotional or sentimental reasons, I just never tend to wear it," King says.
In addition to the emotional value, Perks says she appreciates the beauty and style of jewelry.
"I consider myself to be a big jewelry person but, of course, I can't really afford a lot of it or buy very expensive pieces," Perks says. "My favorite type of jewelry is a ring. I have been known to wear eight or more at a time, sometimes three on one finger. I just can't pick between them sometimes."
She says the reason her husband combined the three-stone purchase into one gift was because it was pricey (about $1,500) for the single-income family.
In fact, a little more than half of the consumers surveyed said the most expensive fine watch or piece of jewelry they own costs less than $1,000, with 23 percent noting their priciest piece costs less than $250. Thirteen percent said their most expensive jewel costs between $1,000 and $2,000, while 10 percent said between $2,000 and $3,500, and eight percent said between $3,500 and $5,000.
In terms of total value of their fine jewelry and watches, around a third (33 percent) of consumers surveyed placed it at less than $1,000. Twenty-seven percent said the value was in the range of $1,000 to $5,000, while 16 percent said between $5,000 and $10,000, and 10 percent said between $10,000 and $25,000 total.
The numbers diminish as one gets into the higher price ranges, with around five percent of consumers reporting that the total value of their fine jewelry is over $25,000.
Factors including household income level, marital status and age played a role in the value of individual pieces and the total collection.
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| Just 3 percent of respondents said they own palladium jewelry, but it could be a good margin opportunity for budget-conscious consumers. Here, a matching bridal set with HI1 diamonds from Hoover and Strong, available as a semi-mount set with 0.25 carats of diamonds; suggested retail price is about $760. |
And it's no wonder the bridal business remains crucial, given the correlation between marital status and the most expensive jewelry owned. While nearly 38 percent of single consumers said their most expensive item costs under $250, more than half of married respondents owned jewelry worth $1,000 or more.
The top three items in terms of ownership were rings, necklaces and earrings. Rings, owned by 83 percent of respondents, were the most popular jewelry item overall. Seventy-three percent of respondents said they own necklaces and 68 percent own earrings. Bracelets came in fourth, with about half of respondents citing wrist jewelry and 36 percent citing watches.
Among types of jewelry, gold reigned supreme, with 80 percent of respondents saying they own pieces made of the metal. Diamond jewelry was next, with 66 percent, followed by silver jewelry (63 percent), colored gemstone jewelry (51 percent) and pearl jewelry (40 percent).
"I have many gold rings, some of them with diamonds, some with other gemstones, and a few that are just gold," Perks says. She adds that her favorite metal tone is rose gold.
Among King's jewelry possessions are a gold solitaire diamond ring, a gold and cubic zirconium ring and gold earrings.
Marisol Diestro, 30, who lives in orlando, Fla., says she owns some gold and silver, but that pearl jewelry is her favorite.
"I own a lot of pearl jewelry, with and without diamonds," Diestro says. "I love pearls because it is my birthstone, so I always want pearl jewelry."
Despite the ubiquity of chain stores, big-box stores and the Internet, about half of respondents said they buy or receive jewelry from independent stores. Thirty-eight percent cited chains, while 27 percent said department stores. Less popular (though not insignificant) were online and department stores, with 10 percent of respondents citing each.
Convenience is a big factor in terms of where consumers shop for jewelry.
"I don't really shop for jewelry, but my husband always shops at Jared [The Galleria Of Jewelry] because they have a great playroom for the kids and a really good earring selection," says Cindi Munroe of Clearwater, Fla. "He puts the kids in the playroom and he shops in peace. They all love going there."
Cost is another key consideration, especially for jewelry consumers with less discretionary income.
"I like buying a lot of jewelry online because I like having personalized pieces and I can usually find some great items online," Perks says.
She adds that she also likes chains such as Zales and Kay Jewelers, but finds that independent stores tend to charge more than she can afford.
That's also an issue for full-time student Eileen Mancha, 23, of Antioch, Calif., who says she buys jewelry online.
Mancha says she follows fashion jewelry trends and hopes to acquire jewelry from designers such as David Yurman, Bulgari and De Beers, as well as items such as Cartier's "Love" bracelet. A few years back, she bought herself a silver Tiffany and Co. bracelet, a category that's been extremely popular for the retailer.
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| In terms of ownership, rings topped the list, with 83 percent of respondents saying they own some type of ring. Silver jewelry, like this ring with attached star from Montblanc, is a popular category too, owned by 63 percent of those surveyed. |
Tiffany was also the most popular jewelry brand among respondents in terms of both ownership and desire, cited by 43 percent of those who own designer jewelry brands. The next most prevalent brand was Gucci, owned by 20 percent of respondents.
More than half of those interested in acquiring designer brands said they wanted Tiffany and Co. jewelry. Respondents also cited Cartier (45 percent), Chanel (28 percent), Gucci (27 percent), Dior (25 percent), Harry Winston (24 percent) and De Beers (23 percent).
Notwithstanding these well-known brands and designers, including David Yurman, Scott Kay and Roberto Coin, consumers still seem to be less interested in jewelry brands overall. Almost 70 percent of respondents said they don't have any branded jewelry, and 60 percent said they didn't wish to own any.
Jewelry fashion quotient Even if jewelry brands haven't quite broken through for the average consumer, some are making progress, and women are definitely receptive to fashion jewelry.
Mancha says she likes to wear jewelry to accessorize outfits. In terms of what she likes, she says she's usually inspired by jewelry that she sees while flipping through women's magazines such as Cosmopolitan or Elle.
Finding jewelry that works with her wardrobe is also key for Mt. Vernon, Ohio, resident and teacher Anne Marie orr, 38, who says she buys or receives jewelry about once every couple of months.
"I like to have different colors and styles for different outfits. I think jewelry can make an outfit really stand out," she says.
Unlike Mancha, orr says she's not interested in designer or trendy jewelry and prefers traditional pieces.
Among the items she owns are platinum, sterling silver, diamonds, gemstones and rubies. On her wish list are sterling silver hoop earrings and emerald or sapphire rings with platinum.
"I like to purchase jewelry that will not go out of style and is functional for every day," she says.
Most wanted: Marketing and advertising campaigns like Journey diamond jewelry aside, consumers who responded to the survey were more interested in staple items when it comes to diamonds, and they are seeking color in a big way.
Of the jewelry they would most like to acquire across different jewelry categories, here are some top items:
1. Emerald jewelry: 146 respondents
2. Diamond tennis bracelet(s): 132 respondents
3. Gemstone necklace(s): 130 respondents
4. Gemstone drop earrings: 124 respondents
5. (tie) Diamond stud earrings, larger than a half carat each: 116 respondents
5. (tie) Gold earrings: 116 respondents
6. Sapphire jewelry: 114 respondents
7. Diamond drop earrings: 113 respondents
8. Platinum non-bridal ring(s): 110 respondents
9. Engagement ring: 105 respondents
10. Gemstone non-bridal ring(s): 104 respondents
Top three most-wanted brands:
1. Tiffany and Co.: 137 respondents
2. Cartier: 117 respondents
3. Chanel: 72 respondents
Most-wanted fine watches:
1. Dress watch: 117 respondents
2. Diamond watch: 112 respondents
3. Casual watch: 111 respondents
To download the complete National Jeweler Exclusive Consumer Jewelry Ownership Survey results, click here.
Source: nationaljewelernetwork
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