Final Results: Holiday Online Spending Hits a Record $37.2 billion

Retail e-commerce spending for the November – December 2011 holiday season (November 1 - December 31) increased 15 percent, year-over-year, to $37.2 billion, an all-time record for the season, according to comScore, a company that measures digital data and provides digital business analytics.

Ten individual spending days surpassed $1 billion in sales, as compared to just one day reaching that mark in 2010, the Reston, Va.-based company said. Cyber Monday (the Monday after Thanksgiving Day, November 28) ranked as the heaviest online spending day of the year at $1.25 billion, the second consecutive year it has ranked first for the season. The second heaviest spending day was Monday, December 5 at $1.17 billion, followed by Monday, December 12 at $1.13 billion. Tuesday, November 29 ($1.11 billion) and Tuesday, December 6 ($1.10 billion).

With the relative newness and growing acceptance of digital e-commerce, it’s common for online sales to exceed the prior year’s results. However, the 2011 holiday season was exceptional by any standard.

“With brick-and-mortar holiday retail estimated to have grown about 4 percent this year, it’s clear that e-commerce continues to gain market share from traditional retail due to the attractiveness of the Internet’s convenience and lower prices,” said Gian Fulgoni, comScore chairman. “Consumers were especially attracted to the deals and discounts available through digital channels—particularly free shipping, which occurred on well over half of transactions this season. Despite their continuing price sensitivity, consumers felt a bit more comfortable opening up their wallets this year, although this appears to have occurred as a result of a decline in the savings rate. Nonetheless, it’s clear that, at least on the basis of top line growth, this was a Merry Christmas for many online retailers. What will remain unknown until retailers report their financial year end results is whether the aggressive pricing and free shipping offers came at the cost of lower margins.”

Ring Sets Guinness Record with 2,500 Diamonds

Photo credit: Shrenuj & Co.

A famed Ukraine luxury jewelry house has made it into the Guinness Book of World Records for creating a ring with more than 2,500 diamonds.

Known as the “Tsarevna Swan,” the tall, highly stylized 18k white gold ring is set with 2,525 diamonds, according to Guinness. It was created by the Lobortas Classic Jewelry House of Kiev, Ukraine, and was presented and measured on July 21, 2011.

Lobortas has set the price of the ring at $1.3 million, according to published reports.

The diamonds range from 0.001-0.05 carats with a total weight of 10.48 carats. All of the diamonds are of G color and range from VVS2 to VS1 in clarity. The diamonds were supplied by Shrenuj Group, a diamond and diamond jewelry manufacturer based in Mumbai, India.

The design and development of the ring took 530 hours and fabrication took 3,625 hours, according to published reports. The ring is currently being shown in Keiv.

Ice Unveils ‘Try It On’ Mobile App

Online jewelry retailer Ice hops onto the augmented reality (AR) bandwagon with a mobile app that allows shoppers to virtually “try on” rings and bracelets before purchasing. It is currently only available for iPhones while an Android version of the app will be available later this year.

AR is a live direct or indirect view of a physical, real-world environment whose elements are augmented by computer-generated sensory input. In this case Ice is using the technology via a mobile app to provide digital shoppers the opportunity to view the Ice catalog of jewelry products, select an item of their liking and opt to virtually "try on" the piece. Utilizing their personal mobile device camera, a picture of the shoppers hand will act as the landscape for the ring or bracelet of interest. The desired piece of jewelry can then be super imposed on the picture. Ice shoppers will be invited to then share their “try it on” pictures with friends and family via email, Facebook and Twitter, or add to their wish list.

“It's about enhancing our customer's experience, customer engagement with our products as well as overall conversion. For the first time, we are offering our customers with the complete shopping experience,” said Shmuel Gniwisch, CEO of Ice. “No longer will online shoppers have to question "will this look good on me?" they will have the answer right on their smartphone desktop and be able to ask their family and friend's thoughts from around the globe with just a few clicks.”

You can find the app by following this link.

Double Digit Growth for Israel’s Diamond Exports and Imports in 2011

Israel Diamond Institute

The Israeli Diamond Industry reports that it concluded 2011 with double-digit growth in exports and imports. This was achieved despite a slowdown in activity reported in the global diamond industry in the fourth quarter of 2011.

Israel’s total net polished diamond exports increased 23.5 percent in 2011 over 2010, reaching $7.2 billion. Net exports of rough diamonds rose 14.9 percent for the year to $3.5 billion. Net imports of polished diamonds in 2011 jumped 34.7 percent to 5.7 billion while net imports of rough diamonds were up 17.5 percent over 2010 to $4.4 billion.

The United States remained Israel’s major export market for polished diamonds, with 39 percent of the total. This was followed by Hong Kong 26 percent, Switzerland 6 percent, India 5 percent, United Kingdom 3 percent and the rest of the world 21 percent.

Net polished exports to the US stood at $2.8 billion, Hong Kong $1.9 billion, Switzerland $420 million, India $341 million and the UK $205 million.

“The year 2011 began with record growth in the first three quarters in all parameters, balanced out to some degree by a worldwide slowdown later in the year,” said Moti Ganz, Israel Diamond Institute chairman. “In 2011 we have exceeded our polished diamond export figures of 2007, which stood at $7.1 billion before the start of the economic crisis. This is clear testimony to the strength and vitality of the Israeli Diamond Industry.”

Happy New Year

A toast for you. Thank you so much for your support and expect great things from the Jewelry News Network in the coming year.

Here's hoping for a happy, healthful, joyful year. 

All the Best,

Anthony