Inventory Turnover › Jewelry
Jewelry Inventory Turnover Benchmarks 2026
Jewelry retailers run the slowest turnover of any major retail sector at 1.2x to 2.4x per year. High unit price, long consideration cycle, and the need to display visual inventory at scale all push this metric low. The economics work via gross margins of 40-55%.
Named retailer 10-K data
| Retailer | Fiscal Year | Turnover | COGS | Avg Inventory |
|---|---|---|---|---|
| Signet Jewelers(SIG) | FY25 (ended Feb 2025) | 1.5x | $3.71B | $2.48B |
| Brilliant Earth(BRLT) | FY24 (ended Dec 2024) | 2.4x | $0.198B | $0.082B |
| Movado Group(MOV) | FY25 (ended Jan 2025) | 1.4x | $0.323B | $0.232B |
Per-retailer notes
Signet Jewelers (SIG)
1.5x 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)
2.4x turnoverDTC online-led jeweler. Lower physical inventory base than legacy chains; many designs made-to-order from vendor.
Movado Group (MOV)
1.4x turnoverPremium watch designer / wholesaler. Wholesale model with finished-goods inventory across multiple brand licences.
Source: Movado Group 10-K, fiscal 2025
Why the carrying cost is acceptable
At 1.5x turnover, Signet holds approximately 8 months of inventory at any point. Assuming a 20-25% blended carrying cost, that is 13-17% 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.