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.
“There was concern before the show,” said Mark Smelzer, vice president of business development at Jewelers Mutual Group. “But it seems like a really fantastic show.”
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.
“Love isn’t canceled because of tariffs,” she said—echoing jewelers’ words from early in another recent national crisis, the COVID-19 pandemic. “Just because people have to pay an extra tax, it doesn’t matter at the end of the day. Love means more than any amount of money and that’s what our industry is all about.”
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.
“Retailers want to be a little progressive, they’re more active in their purchases. They are little nervous about the impact of tariffs and want to buy now,” Mehta added.
As far as the gold price, the industry has largely stopped talking about it, he said. “People expect it to be high. They know they can’t do anything about it. How can you control the price of gold? You can’t.”
Katherine Bodoh, CEO of the American Gem Society, concurred: “People are used to the high price now. Inventory management is key.”
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: “Everyone is very concerned about it, but they’re taking a wait-and-see approach.”
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. “Uncertainty is the biggest concern,” she said. “That’s the thing that gives people pause.”
Even so, sales in April and May were strong, Bridge said. “I’m glad to see there’s a level of resilience. I’m finding much better energy than I expected.”
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.
“This moment at JCK Las Vegas is not just a platform for promotion, it is a stage for reconnection,” Boko told a capacity crowd. “We must inspire the world to fall in love again, not just with how diamonds look, but with what they mean.”
Top: Necklace with 68.19 cts. t.w. Asscher-cut diamonds in 18k white gold; price on request; Rahaminov
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