CaratStuller puts jewellery stores at 26% of doors, 48% of dollars
Harold Dupuy of Stuller told the American Gem Society's Conclave that jewellery is taking share from big-box stores. The presentation published neither a period nor a denominator for the two shares.
Jewellers punch above their count. Jewellery-only stores are 26% of national doors and about 48% of the dollars, Stuller's Harold Dupuy told the American Gem Society's Conclave in Orlando.
If you run a jewellery store: the share of dollars is nearly double the share of doors.
If you plan next year's travel: Conclave moves to Kansas City, 2 to 5 May 2027.
What this is not: a measured market share. No period or denominator was published.
| Figure | What it counts | Attributed to |
|---|---|---|
| 26% | jewellery-only stores as a share of national doors | Harold Dupuy, Stuller |
| about 48% | the same stores as a share of the dollars | Harold Dupuy, Stuller |
| 14-18 September 2026 | this year's Conclave, in Orlando | Katherine Bodoh, AGS |
| 2-5 May 2027 | next year's Conclave, in Kansas City | AGS |
| $1.70tn to $1.71tn | US holiday retail spending, November to January | Deloitte |
ITwo shares, one presentation
Dupuy's count. Dupuy is Stuller's vice president of strategic analysis. He told the session that jewellery is taking share from big-box stores.
Spending is slowing. He also said consumer spending is slowing against the stimulus years of the pandemic.
IIAirTags entered the security talk
Trackers in the safe. Scott Guginsky of the Jewelers' Security Alliance and Howard Stone of Jewelers Mutual said Apple AirTags placed in jewellery safes can lead to recovered merchandise.
IIISeptember dates end here
The last autumn edition. This year's Conclave ran from 14 to 18 September in Orlando and is the last to be held in September.
Kansas City next. The 2027 edition returns to spring, in Kansas City from 2 to 5 May.
01What would change this call+
A published denominator. If the 26% counts only doors that sell jewellery rather than all US retail doors, the 48% is a much smaller claim than it reads as, and the gap between the two shares narrows.
02Why doors and dollars are different counts+
A door is one selling location. A dollar share is revenue. The two diverge whenever a category's average ticket differs from the market it sits inside, which is why a jewellery store with one location can carry the revenue of several general-merchandise doors. The useful version of this comparison names its universe: all US retail doors, all doors selling jewellery, or a panel of them. Without that, a gap between 26% and 48% is a direction and not a measurement, and it cannot be compared with any other year's figure.
03Method · the desk’s arithmetic+
Rapaport's report of 17 September 2026, filed from the conference by Jennifer Heebner, is the source for every figure here. Its own automated summary block heads the article as the 2024 Conclave; the reported body says the seminar series ran from 14 to 18 September in Orlando and names this year's award and speakers, so the body is used and the summary is disregarded. The two Stuller shares are printed as Dupuy said them, with the source's own hedge on the second one kept: 26% of national doors, about 48% of the dollars. Neither figure carries a period or a denominator in the report and neither is recomputed here. The Deloitte forecast in Table I and in what to watch is a separate Rapaport item of 16 September 2026 and carries no jewellery-specific breakout, which is stated where it is used. ARCHIVE: AGS Conclave - zero hits across the 389-article archive for Conclave, AirTag and Stuller, each searched separately; no prior period of this event exists in the record, so NEW rather than advanced.
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