Inventory Turnover › Jewelry
Jewelry Inventory Turnover Benchmarks 2026
Jewelry retailers run among the slowest turnover of any major retail sector at roughly 2.0x to 4.1x per year, with traditional store-based chains at the low end and DTC online-led players turning faster. High unit price, long consideration cycle, and the need to display visual inventory at scale all push this metric low for the bricks-and-mortar model. The economics work via gross margins of 40-55%.
Named retailer 10-K data
| Retailer | Fiscal Year | Turnover | COGS | Avg Inventory |
|---|---|---|---|---|
| Signet Jewelers(SIG) | FY26 (ended Jan 2026) | 2.1x | $4.12B | $1.94B |
| Brilliant Earth(BRLT) | FY25 (ended Dec 2025) | 4.1x | $0.186B | $0.046B |
| Movado Group(MOV) | FY26 (ended Jan 2026) | 2.0x | $0.308B | $0.158B |
Per-retailer notes
Signet Jewelers (SIG)
2.1x turnoverLargest specialty jeweler in US, UK, Canada. Brands include Kay, Zales, Jared, Ernest Jones. Diamond inventory is the largest carrying-cost item.
Brilliant Earth (BRLT)
4.1x turnoverDTC online-led jeweler. Lower physical inventory base than legacy chains; many designs made-to-order from vendor.
Movado Group (MOV)
2.0x turnoverPremium watch designer / wholesaler. Wholesale model with finished-goods inventory across multiple brand licences.
Source: Movado Group 10-K, fiscal 2026
Why the carrying cost is acceptable
At 2.1x turnover, Signet holds approximately 6 months of inventory at any point. Assuming a 20-25% blended carrying cost, that is 10-13% of inventory value spent annually just to hold the stock. The sector tolerates this because:
- Inventory holds value. Gold and diamond intrinsic value floors the obsolescence risk. Unlike fashion or electronics, last-year inventory does not write down to zero.
- Display is the conversion driver. Customers buy what they can see and try on. Visual merchandising requires depth of display inventory.
- High gross margin. 40-55% gross margin absorbs the carrying-cost drag and still leaves operating margin in the 8-12% range.