Friday, 6th May 2005 (4123 views)

Jewellery sales in the US have risen in recent months, although analysts say that it remains a difficult market for many in the industry.

Statistics from diamonds.net showed that US sales jumped by 5.4 per cent in 2004 to $47.2 billion in comparison with the previous year.

Industry observers identified the main drivers of this growth as large branded jewellery goods from mass retailers such as Amazon and Wal-Mart.

Indeed, demand is said to be moving towards this discount, mass-market trend, which has proved expensive for many independent retailers who are struggling with the high costs of precious metals.

Both gold and platinum pieces have become increasingly expensive in the last year, with the metal prices soaring.

One other key trend identified is the emergence of luxury jewellery as a major market.

Consumers have shown a willingness to spend more on high-end, one-off pieces, in an indication of a polarised market in the context of the mass-market success of the major retailers.

Luxury firms such as Tiffany, Mayors Jewelers and Harry Winston have all enjoyed strong profits on the back of this movement, with specialised "celebrity-style" pieces attracting customers.

 

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