The number of sales of jewelry by the brand Palm Beach Jewelers increased 3.2% to $1.4 billion in the fourth quarter of 2016.
The jewelry sales growth, which was up from a year earlier, comes on the heels of a record $3.6 billion in jewelry sales for the year ending March 31, which included $1 billion in new orders.
“It’s been a tremendous year for Palm Beach,” said Palm Beach President and CEO Joe DellaVedova.
“The Palm Beach brand continues to be one of the most admired and most sought after in the world.
This growth is a testament to our talented workforce and the brand’s innovative technology.”
The Palm Beach sales increase was helped by a $1 million rebate to be paid to Jewelers Club members and the new Palm Beach Rewards program, which offers discounts on jewelry purchases.
DellaVi said the jewelry industry had a difficult year due to rising prices for consumer goods, a decrease in demand from the emerging market, and new technology, which is expected to be a driver for the industry in the future.
“I think we’ve had a good year,” DellaVenia said.
“We’re pleased with the solid performance and continued growth.”
The company also announced that it is expanding its technology operations by hiring three additional senior executives, including two former senior executives.