Value of the Worldwide Jewelry Market
- In 2022, the total value of the global jewelry market was approximately $270 billion, and it is expected to increase by more than $60 billion by 2026.
- In 2021, the global demand for gold jewelry was about 2,124 tons. This was an increase of approximately 700 tons from the previous year.
https://www.statista.com/topics/5841/jewelry-market-in-the-united-states/
Countries That Spend the Most on Jewelry
The U.S. market is significantly (77.9%) larger than the jewelry market in Europe.
U.S. Jewelry Market
- The U.S. jewelry market generated an annual revenue of $61.76 billion in 2021.
- The U.S. jewelry market is expected to grow at a CAGR (Compound Annual Growth Rate) of 1.31%, reaching a revenue of $61.868 billion by 2026.
- Data collected from 117 different jewelers shows that the average retail price of jewelry is $804.
- Data from 2020 and 2021 from the world’s two largest jewelry companies (Signet Jewelers and Tiffany & Co) shows that the average profit margin in jewelry is 116%.
- Looking at the data from 2017-2022, the most sought-after jewelry category is rings, with engagement rings being the most popular search on Google.
- With e-commerce sales contributing $22 billion, only 8.2% of all jewelry sales are made online.
- Although necklaces perform best worldwide, women prefer earrings over other types of jewelry.
- The largest buyers of jewelry are married women aged 25-34 with an average salary.
- High-income individuals in the 45-54 age group spend the most on jewelry, consuming $304.6 worth of jewelry per year.
https://classywomencollection.com/blogs/fashion-guide/jewelry-market
Looking at Broad Jewelry Categories, Today’s Most Popular Jewelry Includes:
- Necklace: The most popular type of necklace is the solitaire, preferred by 64% over all other necklace styles, with 66% of women preferring a separate chain and pendant, and 34% preferring to wear just a chain.
- Earring: 70% of women prefer round-cut stones in stud earrings, with 41% preferring 1-1.5 carat over any other stone size, and the most searched earrings are 1-carat round-cut diamonds.
- Bracelet: 51% of women prefer bracelets. Additionally, 47% of women prefer to stack their bracelets, while only 39% prefer to wear a single bracelet at a time.
- Ring: While only 11% of jewelry-inclined women dislike wearing rings, 52% prefer statement rings, and 37% prefer band rings.
https://classywomencollection.com/blogs/fashion-guide/jewelry-market
According to research by a consulting firm in the U.S.-based jewelry industry:
- eBay is a highly competitive, price-sensitive platform, mainly for generic products. Walmart is similar in this regard, focused only on the U.S. market, and has stricter registration processes for sellers.
- Amazon has a stricter registration process but offers a wider range of product categories and access to customers worldwide. On the other hand, Etsy is very focused on unique designs and rare niches.
Amazon.com: On Amazon.com, the click ranking is #4 based on country and #10 in the world.
https://www.similarweb.com/website/amazon.com/
Sales Plan:
- While the Individual plan costs $0.99 per sale, sellers using the Professional plan pay $39.99 per month regardless of how many products they sell. If you sell more than 40 products a month, the ‘Professional’ option is much more sensible.
Amazon can suspend or terminate any seller’s Fine Jewelry or Jewelry listing privileges at any time, for any reason, with notice to the seller. Sellers can stop listing Fine Jewelry or Jewelry products at any time, for any reason.
Product Requirements for Amazon.com
- Sellers must ensure that their products meet ‘Amazon’s Quality Assurance Standards’, which help provide extraordinary value to jewelry customers when selling jewelry products on Amazon.
- It stipulates that the products must comply with established international grading standards. This applies to all product titles, product descriptions, and product features.
GIA: stands for the Gemological Institute of America, a nonprofit organization focused on research and education about precious stones and precious stone jewelry.
- Since 1931, GIA has been a leading authority in all aspects of jewelry. The GIA is responsible for the development of some of the best innovations in the jewelry industry, including the gemological microscope and the diamond grading process (what many refer to as “diamond certification grading”).
Gold:
- The tolerance for normal gold items is +/- 0.003 of the stamped fineness. For items made with soldering (e.g., bracelets), the general tolerance is 0.007.
- When a product is listed as gold, the purity of gold (for example, 10K, 14K, 24K) must be clearly stated.
Stamping:
- All metal stampings must be accurate, complete, and presented with a trademark or manufacturer’s name.
- Gold; 6k, 9k, 10k, 14k, 18k, 22k, 24k
Hypoallergenic Standards:
- Does not contain Nickel, Cobalt, and other known allergens.
- Is made of a pure metal (such as Platinum, Surgical Steel, Sterling Silver, or 18-karat Gold or higher).
- If you have competent and reliable scientific evidence that the product does not materially differ from pure metal in terms of its capacity to cause allergic reactions. Jewelry containing Tungsten, Stainless Steel, and Nickel-plated Sterling Silver, etc., cannot be described as hypoallergenic.
Measurement:
- The tolerance for ring sizes is over 1/4 size or under 1/8 size of the ring size specified on the detail page. Size for narrow bands will be measured at the front edge, and for wider bands, in the middle of the band.
- The tolerance for chain and bracelet lengths is +1/4 inch as stated on the dispatch note/invoice and is based on the usable length while buckled, with zero tolerance for short measurements. The width must match the millimeter measurement stated on the dispatch note/invoice.
Stone Settings:
- Any loose stones will be considered a defect. Stones will be tested with a setting test machine to test tightness and tweezers to test security.
- Stones should be set consistently at the same height, according to the design.
- Pearl jewelry, such as earrings, rings, brooches, clasps, etc., should include a cup and post for each pearl (or at least a post depending on design/placement), with the pearl half-drilled and epoxy applied on the cup and post.
Pearls and Precious Stones:
- Color ranges for precious stones must not exceed two saturation tones.
- The method of pearl formation (i.e., natural, cultured, or simulated/imitation) must be fully and completely explained on the product detail page.
- A statement regarding the geographic origin of a gemstone (e.g., Ceylon Sapphire) can only be used when it can be proven and even then, the name of a geographic region can only be used if it indicates the area where the gemstone was found.
- Precious stones will be assessed based on visually observable criteria. Magnifiers will only be used for the purpose of defect description.
- Precious stones should not have scratches, polish lines, chips, cracks, or wear. No obvious defects will be accepted.
- Ensure accurate minimum weight, cut, clarity, and number of stones specifications for all precious stone products.
- Ensure that all pearl features, including pearl size, shape, strand length, color, etc., are accurate
Diamond Standards:
- Amazon prohibits sellers from selling products containing stones sourced from any connection with internal conflicts, crime, or terrorist activities. By selling on Amazon, you declare and warrant that you have not knowingly purchased or sold any precious stones linked to such activities.
- Any treatment such as laser drilling, fracture filling, clarity enhancement, or other treatments is unacceptable and will be rejected. Listings for enhanced colored stones must include the stone creation, stone treatment, and stone care methods.
- Diamond color will be determined by direct comparison with GIA Master Stones.
- Diamond weights will be verified by direct weighing or weight estimation formulas. For diamond weights expressed in decimals, the weight must be stated to two decimal places. For example, a weight of 0.47 carats means the weight is at least 0.465 carats.
- All diamonds must have at least 17 polished symmetrical facets, and sellers cannot list a product that includes a stone not meeting this standard.
Diamond Grading Report or Certificate of Authenticity
- A Diamond Grading Report (or Certificate of Authenticity) is required for natural or lab-created diamonds of any clarity and any color (excluding black diamonds) based on:
- Diamond Stud Earrings: If the total specified carat weight of the center stones in a pair of stud earrings exceeds 1.0, Amazon requires a grading report.
- Rings or Necklaces: Amazon requires a grading report if the specified weight of the center stone is ¾ carat or more.
- If there are side stones specified as weighing ½ carat or more, they must also be certified and can be included in the same certificate as the center stone.
All grading reports must state that the diamond’s carat weight, clarity, color, and cut meet or exceed the presentation of your item on the Amazon website.
Amazon only accepts originality certificates or diamond grading reports from one of four certification bodies: GIA, IGI, AGS, and GCAL.
IGI; International Gemological Institute (IGI) is a diamond, colored stone, and jewelry certification organization.
AGS; American Gem Society (AGS) is a non-profit trade association comprised of quality jewelry professionals dedicated to setting, maintaining, and promoting the highest standards of ethical conduct and professional behavior.
GCAL; The Certificate of Authenticity issued by Gem Certification & Assurance Lab (GCAL) serves to verify the quality of your diamond. All products must be original and priced at $300,000 or lesz; You must meet the following operational metrics:
- Less than 1% Defect Rate
- Less than 2.5% Cancellation Rate
- Less than 4% Late Shipment Rate
• Amazon.com Commission Rates
20% on the portion of the total sales price up to $250
5% on the portion of the total sales price over $250
Walmart.com: Walmart.com ranks #16 in the country and #61 globally.
https://www.similarweb.com/website/walmart.com/
Minimum Qualifications to Join Walmart Marketplace
- Business Tax ID(s) (SSN is not accepted) or Business License Number
- Supporting documents verifying your Business Name and Address
- A history of marketplace or e-commerce success
- Products with GTIN/UPC GS1 Company Prefix Numbers
- Fulfillment through Walmart Fulfillment Services (WFS) or another B2C US warehouse capable of handling returns
- Customers can return products to the seller by printing shipping labels from their Walmart.com accounts or by returning ready-to-ship return packages to a Walmart store.
- Marketplace sellers can request exemptions from this standardized return process in the scenarios specified below (known as Return Policy Exemptions) for items over $300 such as Jewelry and Watches, Fine Art, Precious Stones and Gems, Collectible Items.
- Mannequins must not appear in scaled images of jewelry, watches, and certain accessories.
- Jewelry and precious metals are subject to the Marketplace Products Under FinCEN Policy.
FinCEN; As defined by the Financial Crimes Enforcement Network (FinCEN), covered goods include jewelry, precious metals, precious stones, or manufactured products. Because these products are at higher risk for financial crimes like money laundering, specific laws apply.
Walmart.com Commission Rates
- 20% on the portion of the total sales price up to $250
- 5% on the portion of the total sales price over $250
https://sellerhelp.walmart.com/
Etsy
- Etsy is a marketplace where you can directly sell your handmade goods, vintage items, and craft supplies to buyers around the world.
- Fees and Payment Policy
- All fees listed exclude any applicable value-added tax (VAT) or similar taxes.
- A listing fee of $0.20 USD will be charged for each item you list for sale on Etsy.com or Etsy’s mobile apps.
- Listings on Etsy.com expire after four months. Only pattern listings do not expire. If you list multiple quantities of the same item, the initial listing fee is $0.20 USD, and after each item is sold, the listing automatically renews at $0.20 USD.
- When you make a sale on Etsy.com, a transaction fee of 6.5% of the displayed price for each listing and 6.5% of the amount received for shipping and gift wrapping is charged.
- Successful Etsy sellers can subscribe to Etsy Plus, a subscription package that offers an expanded toolkit for growing brands. The fee for Etsy Plus membership is $10 USD per month.
United States Sales Tax; In most US states, as applicable, Etsy will collect the sales tax amount from the buyer and pay it to the relevant tax authority. If the sale is made through Etsy Payments, the sales tax amount will appear in your payment account and be deducted from your current balance.
https://www.etsy.com/legal/sellers/
Integration with ShopiVerse via Huboo
- Huboo is an e-commerce fulfillment partner that uses people and technology to help businesses of all sizes and types grow.
Protections
- Huboo warehouses are insured against fire and flood.
- While products are in the warehouse and under the physical control of Huboo, any loss of goods is limited to a payment of £100 per ton of goods, outside of any insurance coverage provided by Huboo.
Types of Protection
- Partial Protection; provides protection for 50% of the items’ sales value (typically covers the cost of the goods). The cost is 1% of your total sales managed by Huboo.
- Full Protection; provides protection for the full sales value of items. This is charged at 2% of your total sales managed by Huboo.
