February 2026 — Monthly Market Commentary
February continued the momentum we’ve been seeing throughout the winter. Revenue growth is being driven primarily by higher average transaction values rather than increased unit volume. Customers are not necessarily purchasing more items, but when they do buy, they are choosing higher-value pieces. This steady pattern over recent months suggests a broader shift toward intentional, quality-focused buying rather than a short-term fluctuation.In January, stronger transaction values were supported in part by colored stones, while diamonds were relatively steady. In February, diamond performance strengthened meaningfully, with larger purchases contributing to solid revenue gains. That progression is important. It indicates that consumer confidence is extending into core categories, not just fashion-driven segments, reinforcing that buyers remain willing to invest in higher-quality jewelry.
Rising gold and silver prices are part of the backdrop, as elevated metal costs naturally push retail price points higher. But inflation alone does not sustain revenue growth when units are soft. What stands out this winter is that higher price levels are holding and consumers are accepting them. Growth is being fueled by stronger transaction values, not increased traffic, which favors retail jewelers who remain disciplined in pricing, assortment strategy, and selling execution.
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