How Daniel’s Jewelers is Utilizing the Recent Successes of the Jewelry Industry
The jewelry industry stands unique compared to other retailers for a lot of reasons, and most of that being with how personal a jewelry purchase can be. Despite flourishing over the years, that growth saw a quick decline in 2020 due to the pandemic. But later the industry saw a rapid increase in sales just last year, according to Insider Intelligence. The bounce back has proven to be a success for many jewelry companies, such as Daniel’s Jewelers.
How has the jewelry industry shifted since the pandemic nearly halted but also improved sales? And what are companies like Daniel’s Jewelers doing to maintain that growth and success with customers?
On “Retail Refined,” Melissa Gonzalez interviews the CEO of Daniel’s Jewelers, David Sherwood, regarding the success of his family-run jewelry business, the company’s forthcoming expansion and customer base, and why the jewelry industry is an exceptional field apart from other retailers.
Sherwood said challenges for consumers brought on by lockdowns and being unable to spend freely, prevented many from making purchases they normally would have made. But as business doors reopened the following year, sales skyrocketed eclipsing anything the jewelry industry had ever seen before.
“The jewelry category has been phenomenal over the last few years and particularly in 2021 it was for the industry, including our business, but we weren’t alone. It was the single best year that the industry will ever have, bar none, and that had a lot to do with, that it was certainly, COVID-related impacts — number one — people couldn’t spend money in lots of places … and then people had a lot of money” said Sherwood.
David Sherwood is the CEO of Daniel’s Jewelers, a company that has been in his family for 75 years. He is now the third generation to head his family company, which has over 107 stores nationally from California to Texas. He is also a graduate of Harvard and Stanford Universities.
Daniel’s Jewelers aims to continue working on expansion with their growing Hispanic consumer base, and offering and improving their in-store services, such as free jewelry cleaning. The company will be expanding to the East, hoping to open their first location in the region in Florida next year.