8 STATE OF THE MAJORS 2026
LETTER FROM THE EDITOR
I
t was not difficult to see an overarching
theme in this year’s State of the Majors.
It is the next generation and the
impact they are having on the jewelry industry.
But now when we say the “next generation,”
we’re no longer talking about the millennials;
we’re talking about Gen Z.
I will be the first to admit that oftentimes,
too much is made of the differences among
consumers of varying ages, but there is a real-
ity the industry needs to face about Gen Z—
they are growing up with a different economic
reality than the baby boomers, the Gen Xers,
and even some elder millennials.
The cost of living is high and they’re carrying a lot of student debt, making
the normal stepping stones of adulthood—key among them homeownership—
seem out of reach.
Senior Editor Lenore Fedow’s story addresses this issue head-on.
In “6 Things Retailers Should Know About Consumers Today,” Lenore
digs into Gen Z’s shopping habits, including “doom spending,” “little treat
culture,” and the allure of the TikTok Shop. It is on page 10.
Associate Editor Lauren McLemore and contributor Avi Krawitz’s articles
also focus on the next generation.
For “The Spirit of Young American Gemstone Cutters,” Lauren inter-
viewed four lapidarists about what drew them to gemstones and how they
approach their craft and create community. It is on page 64.
Avi’s story, “The Way Forward for Natural Diamonds,” examines the
industry’s approach to marketing natural diamonds to Gen Z consumers,
who did not grow up with the same messaging as the baby boomers and Gen
Xers. It is on page 72.
Finally, for her story on page 52, “Only the Innovative Will Survive,”
Associate Editor Natalie Francisco writes about an economic reality that’s
affecting everyone, the price of gold.
Natalie interviewed jewelry designers about how they’re approaching new
collections given that the price of gold has topped $5,000 an ounce.
To close out the magazine, National Jeweler columnist and sales trainer
Peter Smith shares his “Final Thoughts.”
On page 82, Peter lists 10 truths about sales that will never change, no
matter which generation is standing on the other side of the counter.
I hope you enjoy the 2026 State of the Majors issue and find ideas and
inspiration for your business within.
I wish everyone a great rest of 2026 and if you see me in Las Vegas, please
say hello.
Michelle Graff, Editor-in-Chief
120 Broadway, Suite 2820 | New York, NY 10271 | www.nationaljeweler.com
EDITOR-IN-CHIEF
Michelle Graff
michelle.graff@nationaljeweler.com
EDITORIAL
Senior Editor, News Lenore Fedow
lenore.fedow@nationaljeweler.com
Associate Editor, Gemstones Lauren McLemore
lauren.mclemore@nationaljeweler.com
Associate Editor, Fashion Natalie Francisco
natalie.francisco@nationaljeweler.com
CONTRIBUTORS
Editorial Edahn Golan, Avi Krawitz, Peter Smith
Research Peggy Jo Donahue, Edahn Golan
Copy Editor Peggy Jo Donahue
Art Direction and Design Weswen Design
SALES
U.S. Sales | Bobbie Hamburg
bobbie.hamburg@nationaljeweler.com | 610-716-1225
India Sales | Kaushal Shah
kaushal@kaushals.com | +91 98217 15431
MARKETING & COMMUNICATIONS
Vice President of Marketing & Communications
Molly Fallon | mfallon@jewelers.org
Marketing & Communications Manager
Emily Russo | erusso@jewelers.org
Digital Services Manager
Michael Coleman | mcoleman@jewelers.org
Marketing Coordinator
Jordan Carmel | jcarmel@jewelers.org
EDITORIAL ADVISORY BOARD
Cathy Calhoun, Calhoun Jewelers
Bill Farmer Jr., Farmer’s Jewelry
Karen Goracke, Borsheims
Steve Padis, Padis Jewelers
Craig Rottenberg, Long’s Jewelers
PRESIDENT & CEO
David J. Bonaparte
BOARD OF DIRECTORS
Matthew Rosenheim, Chair, Tiny Jewel Box
Steve Padis, Chair-Elect, Padis Jewelry
Elise Greenberg, Vice Chair,
Greenberg’s Jewelers
Karen Goracke, Vice Chair, Borsheims
Steve Velasquez, Treasurer, Madison Jewelers
Tobey Ritchie, Secretary, Harry Ritchie’s
Coleman Clark, Immediate Past Chair,
BC Clark Jewelers
John Carter, Jack Lewis Jewelers
Joseph Corey, Day’s Jewelers
Kim Crawford, Macy’s Inc.
Edward Dikes, Weston Jewelers
Sue Hopeman, Robbins Brothers Jewelers
Sheryl Jones, Sheryl Jones Inc.
Julie Keeney, Fred Meyer Jewelers
Valerie Madison, Valerie Madison Fine Jewelry
Robert Marks, Rogers Jewelry Co.
Hunter McGrath, Tivol
Krista Peterson, Jewelers Mutual Insurance Group
Constance Polamalu, Zachary’s Jewelers
Sherry Smith, The Retail Smiths
Alex Stuller, Stuller
Scott Udell, London Jewelers
Tonia Leitzel Ulsh, Mountz Jewelers
Ulrich Wohn, Victorinox
A JEWELERS OF AMERICA PUBLICATION
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