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Here’s How Much Americans Will Spend On Valentine’s Day Jewelry This Year

It’s expected to be a record year for spending.

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WASHINGTON – Americans are expected to spend a record amount on Valentine’s Day this year despite a years-long decrease in the percentage of people celebrating the holiday, according to the annual survey released by the National Retail Federation and Prosper Insights & Analytics.

Those celebrating plan to spend $3.9 billion on jewelry (given by 18 percent), $3.5 billion on an evening out (34 percent), $2.1 billion on clothing (18 percent), $1.9 billion on flowers (35 percent), $1.8 billion on candy (52 percent), $1.3 billion on gift cards (15 percent) and $933 million on greeting cards (44 percent).

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“The vast majority of Valentine’s Day dollars are still spent on significant others, but there’s a big increase this year in consumers spreading the love to children, parents, friends and coworkers,” said NRF President and CEO Matthew Shay. “Those who are participating are spending more than ever and that could be the result of the strong economy. With employment and income growing, consumers appear to be expanding the scope of who qualifies for a card or a box of candy.”

Those surveyed said they would spend an average $161.96. That’s up 13 percent from last year’s $143.56 and easily tops the previous record of $146.84 set in 2016. Total spending is expected to be $20.7 billion, which is an increase of 6 percent over last year’s $19.6 billion and breaks the previous record of $19.7 billion, also set in 2016.

The spending increases come even though only 51 percent of Americans plan to celebrate the holiday, down from 55 percent last year and a high of 63 percent in 2007. It is unclear why the number of consumers celebrating has trended downward over the past 12 years, but spending, while varying with the economy, has generally trended up. The lowest spending during the period was $102.50 in 2009 during the Great Recession.

Of the $18.40 increase in average spending, only $4.26 comes from spending on spouses and significant others, which is expected to total $93.24. Consumers said they would spend $29.87 on other family members, up $4.58; $9.78 on friends, up $2.59; $8.63 on children’s classmates or teachers, up $1.37; $7.78 on co-workers, up $2.99; $6.94 on pets, up $1.44 and $5.72 on others, up $1.17.

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As in each year of the survey, men are the biggest spenders at $229.54, up 20 percent from last year. That’s more than double the $97.77 women said they would spend, which is down 1 percent, and is within the survey’s margin of error.

Among age groups, those 35-44 are the biggest Valentine spenders at $279.14, followed by those 25-34 at $239.07. Both groups typically have more people to buy for, including children and children’s classmates or teachers.

Gifts for pets continue to be popular, purchased by 20 percent. Pet spending is expected to total $886 million, up $519 million since NRF first asked in 2008.

Department stores are the most popular Valentine’s Day shopping destination, visited by 35 percent of shoppers, followed by discount stores (32 percent), online (27 percent), specialty stores (18 percent) florists (16 percent), small or local businesses (14 percent), jewelry stores and specialty clothing stores (each 9 percent).

Even among those who don’t plan to celebrate Valentine’s Day as such, 11 percent plan to treat themselves to gifts like clothing or jewelry and 9 percent plan to get together with other single friends or family.

“Valentine’s Day means different things for different people,” said Prosper Vice President of Strategy Phil Rist. “Whether it’s a day of romance or one of making sure their children have enough cards in their backpacks for each of their classmates, it’s an important day for those who choose to participate.”

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The survey of 7,384 adults 18 and older was conducted January 2-9 and has a margin of error of plus or minus 1.2 percentage points.

 

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Power-Cutting Burglars Target Jewelry Stores in Northeast

The trend has spread to New Jersey and Connecticut.

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The Jewelers’ Security Alliance reports that power-cutting thieves have been targeting jewelry stores in the Northeast.

The latest incidents took place in New Jersey and Connecticut. The pattern has played out in many states, with burglars cutting jewelry stores’ power lines in order to disable alarm systems, but previously had occurred mainly in the West, Midwest and South.

These are the incidents the JSA reported in a bulletin to retailers:

Morris Plains, NJ, July 27

At 6:45 p.m. on a Sunday evening two males and one female cut the power to a retail jewelry store, but police reported they left without trying to get inside the store. The same gang was reported to have done the same thing at jewelry stores in Sparta, NJ, on July 26, 2019, and in Bedminster, NJ.

Darien, CT, Aug. 8

At 11:20 p.m. suspects turned the power off at a downtown jewelry store at the outside electrical box. The power interruption tripped the burglar alarm, and the suspects waited for the police response. On Saturday, August 10, the same suspects returned at 6:20 p.m. and again turned the power off. It is believed that the suspects again waited to observe police response, and to wait for the back-up battery to be exhausted. However, no entry was made to the store. 

Fairfield, CT, Aug. 11

Between 3:00 a.m. and 4:00 a.m. on Sunday, August 11, a retail jeweler received a call from his alarm company regarding the loss of power to his store. The jeweler discovered the electrical meter cover had been pried off the box. The police responded and no suspects were observed.

JSA reported in June that it was aware of over 50 cases in which burglars had cut power lines.

The burglars cut the power lines soon after a store has closed for the night, then wait nearby to see the response by the owner or police, according to JSA.

The burglars have not carried out safe burglaries at all of the stores.

 

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Tiffany Rolls Out Men’s Jewelry Collection

The line is ‘centered on craftsmanship as the foundation of our company.’

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Tiffany & Co. announced the launch of its Tiffany Men’s collections, including jewelry, watches and home and accessories products.

Tiffany Men’s includes two collections: Tiffany 1837 Makers and Diamond Point.

These pieces are from the Tiffany & Co.’s men’s collection. Photo: Roe Etheridge

“Tiffany Men’s is centered on craftsmanship as the foundation of our company,” said Reed Krakoff, chief artistic officer for Tiffany. “Tiffany 1837 Makers is a nod to the workmanship and time-honored techniques used in creating jewelry — the idea that there’s a person behind each object.”

According to a press release:

Embodying Tiffany’s craftsmanship heritage, the Tiffany 1837 Makers collection is inspired by the jeweler’s hollowware workshop and its tradition of handcrafting sports trophies. Designers experimented with concave and convex forms, flat edges and motifs evocative of utilitarian hardware when creating jewelry, barware and more. Stamped with symbols like “T & CO MAKERS,” “NY” and “AG925,” Tiffany 1837 Makers honors Tiffany’s silversmithing legacy and the fact that the luxury house set the U.S. standard for sterling silver (925 per 1,000 parts silver). The made-to-order Tiffany 1837 Makers trophy ring honors Tiffany’s 160-history of making sports trophies by hand and makes a bold statement and adds edge to any outfit.

Diamond Point, on the other hand, “represents the elevated, classic end of the style spectrum with a strong, graphic pattern.”

The company states:

This motif appears as a subtle accent or a prominent overlay on jewelry and Home & Accessories pieces like the Diamond Point rectangle pendant in sterling silver, cuff in sterling silver and cocktail mixer in lead crystal and sterling silver. Most of the Diamond Point jewelry designs are die struck and hand polished to achieve the distinctive textured motif.

Diamond Point takes a more modern and graphic approach, utilizing a pattern inspired by a diamond’s culet that ties back to our diamond authority.

The New York Post reports that the launch is “part of the Tiffany’s strategy to attract younger shoppers and pump up sales.”

In all, Tiffany Men’s includes about 100 pieces. Jewelry rices range from $200 to $15,000.

Among the accessories items on offer are ice tongs and cocktail shakers.

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Jeweler Sentenced for Theft, Ordered to Pay $85,000 in Restitution

He’ll have to serve 4 years of probation.

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A Colorado jeweler who was accused with stealing gold, jewelry and money from customers has been ordered to pay restitution and serve a probationary sentence.

David Kushnir, who operated D & D Jewelers in Thornton, pleaded guilty to theft, KMGH-TV reports. He was accused of stealing from nine customers, according to the news outlet.

The court ordered Kushnir to pay about $85,000 in restitution and serve four years of economic crime supervised probation.

In January, authorities accused Kushnir of defrauding customers after they brought their diamonds, watches and other jewelry to him for repair or consignment sale at his business. It was also alleged that he sold fake diamonds to three victims.

The Sentinel newspaper reported in January that in one case, he was accused of removing a movement piece worth $40,000 from a Rolex watch he was asked to repair and then substituting “a Chinese piece.”

Read more at KMGH-TV

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