State of Fine Jewelry Industry by XO Jewels
An Insider's Look at The Industry
LOS ANGELES, August 4, 2020 (Newswire.com) - Based on XO Jewels’ annual interview with fine jewelry retailers across the nation, the stores’ sales figures for the 2019 holiday season were satisfactory, considering the holiday selling season gets shorter every year as Millennial consumers are not into luxury lifestyles compared to previous generations and majority are accustomed to the convenience of fast, free delivery that comes with online shopping.
Fast forward to March 2020, jewelers started closing their stores during the week of March 13 as the news about the COVID-19 started to spread. Since then, stores have reopened but with strict social distancing laws in place to avoid resurgence of the virus, many non-essential businesses remain shut or operate on very limited capacity resulting in high unemployment and hence, cut-back in spending on non-essential products.
Quoting Hank Davis, president of Davis Jewelers, a high-end jewelry store and authorized Rolex dealer located in Louisville, KY. “With the consumers' focus on necessities, major sales will be primarily in two product categories A: Diamond engagement rings as they are an essential part of every marriage proposal B: High-end jewelry purchased by the affluent consumers whose wealth is not affected by swings in economic conditions.”
XO Jewels designs and manufactures exceptional diamond and precious colored gemstone jewelry for the fine jewelry retailers. Passion for creativity, dedication to clients and professional integrity are the cornerstones to XO’s success since 1985.
Contact: Robert Ahdoot
Phone: 213.623.3037 x 103
Source: XO Jewels