Author: Edahn Golan
The most pressing fundamental issue for the global diamond industry today is the decline in consumer demand. Hopefully, this is changing, as US retail sales of fine jewelry have posted several consecutive rises recently, signaling a turn for the better.
In August of this year, fine jewelry sales increased 2.4% year-over-year, the fourth consecutive month of increases. Fine jewelry sales totaled an estimated $4.9 billion and overall jewelry and watch sales an estimated $5.5 billion.
JEWELRY RETAIL SALES BREAK RECORDS
This level of sales is significant in a number of ways: first, because it is already a clear trend. When sales increased year-over-year in May for the first time in five months, it might have been a fluke. When trade figures are first published, they are preliminary and tend to be later revised. However, unless there is a major revision that updates figures a few years back, these figures are final and very solid.
Another reason these figures are significant is the month-over-month trend. It is in sync with buying trends of past years showing that even if the figures are revised a little up or down, they are still in line with consumer behavior.
Read more at: Edahn Golan