Editor’s Note
Amidst global economic uncertainty and volatile commodity prices, this report from the Las Vegas trade shows reveals a surprising resilience in the luxury jewelry sector. While challenges persist, the underlying consumer demand appears robust, offering a cautiously optimistic outlook for the industry.
Whew! Exhibitors seemed to breathe a collective sigh of relief during the opening days of the Luxury and JCK shows when they discovered—to their delight—that while the world might be going crazy, the jewelry industry was holding steady.
Despite the turmoil over tariffs and the ever-increasing gold price, most retailers attending the shows at the Venetian in Las Vegas this past week reported that their customers were still buying—and, consequently, so were they. The halls were filled with the usual crowds, and the dealmaking and schmoozing continued as if nothing abnormal was happening in the world.
Retailers are “looking for product that’s not tariffed,” he said. “A lot of inventory came in ahead of the tariffs, which is great. But it’s like any other year: They’re always looking for the next thing, trendy thing, the special thing, and that’s why they’re here.”
Jennifer “Jenny O” Calleri, owner of Huntington Jewelers in Las Vegas, called the show “outstanding” and said none of the issues that have consumed the industry have kept customers away.
Nicky Mehta, head of business development for Ashi Diamonds, said Luxury was “very, very busy. It was much better than expected. Almost every retailer and wholesaler was really, really happy.
As far as the gold price, the industry has largely stopped talking about it, he said.
Katherine Bodoh, CEO of the American Gem Society, concurred:
Bodoh noted that “the jewelers who are here are actively buying…and looking for new things.” She said the shows are a “great reminder that our industry is about in-person collaboration more than anything else.”
Yet she conceded that tariffs remain an issue:
Lisa Bridge, CEO of Ben Bridge Jeweler, agreed that it’s the lack of clarity surrounding the tariffs—which have been subject to court challenges, 90-day pauses, and backroom deals—more than the levies themselves that’s been upsetting the trade.
Even so, sales in April and May were strong, Bridge said.
The natural diamond industry again showed up in force at JCK, with De Beers putting on an initiative-filled breakfast Friday morning, and Botswana’s president, Duma Boko, appearing at the House of Botswana booth soon afterward.
