by David Turgeon, EVP
The personal luxury market hit a slight pause last year. According to Bain & Company, it dipped from $402 billion to $396 billion in 2024—with a projected decline of up to 5% in 2025. That would mark the steepest retreat in more than 15 years (excluding the chaos of 2020). For the big luxury groups, it’s a wake-up call. For independent jewelers, it’s a golden opportunity.
Here’s why: The massive brands have leaned too hard on “aspirational consumers”—people spending under $2,200 per year on luxury—and those customers are pulling back. Meanwhile, high-value clients are feeling ignored, uninspired, and over-marketed to.
As independent retail jewelers, our opportunity is to prioritize personal service, quality craftsmanship, and relationships - and in this environment, we can create deeper connections with our clients.
Here are six practical strategies to help you make the most of the fall selling season:
1. Refocus on Craftsmanship and Storytelling
Luxury shoppers are feeling burned. Prices have jumped by over 50% since the pandemic, yet customers say quality and design haven’t improved. That creates a wide-open lane for jewelers who take pride in the artistry, design, and creation of fine jewelry.
What to do:
-
Highlight the craftsmanship behind your pieces. Tell the story of your bench jeweler. Walk clients through a restoration project or the creation of a custom jewelry piece.
-
Feature fewer items and tell better stories. “We sourced this extraordinary emerald from Columbia. It originates from the legendary mines of Muzo that have produced some of the world's finest emeralds. What do you think about the stone’s vivid green color?”
2. Dial Up the Personal
Luxury clients report getting 40–60 marketing messages a month from brands. Most of them are irrelevant. That’s a lot of noise—and a great chance for you to be the voice that actually breaks through the clutter and resonates.
What to do:
-
Get to know your customer list by segment, occasion, past purchases, and interests. Reach out with meaningful messages that are relevant to a client’s interests.
-
Send handwritten thank you notes. Call when it matters. Keep it warm, authentic and human.
3. Make Room for Intimacy
People aren’t looking for crowded showrooms or sales pitches anymore. They want peace, focus, and to feel seen.
What to do:
-
Offer private shopping hours or by-appointment experiences during slower times.
-
Create a quiet consultation space for custom design, heirloom restyling, or important gift purchases.
4. Clienteling Is Not Optional
Loyalty is no longer assumed. It’s earned. And you don’t need a huge CRM system to do it - you just need to remember the little things.
What to do:
- Track birthdays, anniversaries, and favorite designers in a spreadsheet or CRM.
-
Follow up after the sale—genuinely. A 'Just checking in, how’s your bracelet wearing?’ check-in phone call goes a long way in developing real client relationships.
5. Nurture the Future Big Spenders
Yes, your top clients drive most of your revenue. But those entry-level luxury shoppers? Many will grow into high-value customers… if you keep them close.
What to do:
-
Offer conversation, not intimidation. Show them how to buy diamonds conversationally, clean their jewelry, or understand the difference between different color stones in fun and interesting ways.
-
Treat a $500 sale with the same care you give a $15,000 one. Loyalty starts with how you make someone feel in the little things.
6. Sell Meaning, Not Just Jewelry
Luxury is shifting. It’s less about status and more about connection, story, and identity. People want pieces that say something about who they are—not just what they can afford.
What to do:
-
Share stories that reflect personal meaning for the client. This requires active listening on our part and curating small collections of items that will truly resonate with the customer.
-
Elevate the conversation around legacy, sustainability, and quality. Estate jewelry, meaningful materials, and heirloom-worthy pieces speak volumes right now.
Final Thought:
While the big players are busy recalibrating, you’ve already got what today’s luxury clients are craving—authenticity, personalization, and human connection.
So don’t worry about reaching more people. Worry about mattering more to the people who already trust you. The fall season isn’t about flooding your showcases—it’s about deepening relationships, elevating your experience, and creating jewelry worth remembering.
