Jewelry: POAS, COGS and margin benchmarks
Jewelry sales can cluster around gifting moments, and high-value pieces can take a long time to decide on. Signet Jewelers reports that its fourth quarter has historically accounted for approximately 35-40% of its annual sales. Metal prices can move a piece's cost without any change to your price: Brilliant Earth's annual report notes that precious metal prices have been highly volatile, with significant increases in 2025. The pages below cover what belongs in a jewelry store's cost of goods, and how to plan spend around gifting peaks, metal prices and returns.
The questions, with sourced numbers
- What's a healthy POAS?
What POAS jewelry and accessories stores need on Google Ads when metal prices move cost, order values vary widely and conversions take days to arrive.
3.99Median Google Ads ROAS - What counts as COGS?
Metal, stones, plating, insured shipping, gift packaging and personalisation: which jewelry costs belong in COGS when measuring POAS on Google Ads.
42.5%COGS as a share of sales (one company) - How do you scale spend profitably?
How to scale Google Ads for a jewelry store on profit: split by price tier, plan the gifting calendar, and re-cost products when metal prices move.
35–40%Signet's annual sales made in Q4
Background reading
- What Is POAS (Profit on Ad Spend)? Full Definition
- ROAS vs POAS: Which Metric Should You Actually Use?
- ROAS vs POAS: The Metric Killing Your Shopify Profits
- How to Calculate Break-Even ROAS (With a Worked Example)
- Shopify COGS Setup: How to Track Cost of Goods Sold
- Google Ads for Shopify: The Complete Profitability Guide
- Wasted Ad Spend in Google Ads: How to Find and Fix It