Friday, 13th August 2004 (3941 views)

The luxury market in Australia is expanding as the mega-rich continuously buy high quality items such as designer jewellery.

According to The Courier Mail the super rich are trying to differentiate themselves apart from the rush of new millionaires that are the result of a booming property market.

All the prestige names in the country from a variety of sectors are reporting an increase in sales and profits as a result of Australians' spending trends.

One company, Brisbane's Hardy Brothers Jewellers, has now changed its stocks as a result offering rings worth hundreds of thousands of dollars as standard.

Store manager John Mansfield explained that there was also an expanding market for one-off, high-end jewellery items and in particular mechanical watches.

Spending is also thought to be so high since the country has seen a hold on interest rate rises due to the upcoming federal election.

 

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