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Major Jewelry Companies Report Sales Declines

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Political uncertainty is a possible reason for the drop.

Stagnant oil prices, political uncertainty and a strong U.S. dollar are among possible reasons for a decline in jewelry sales, The Wall Street Journal reports, citing sales declines recently reported by Tiffany & Co. and Signet Jewelers Ltd., which owns the Kay Jewelers, Zales and Jared chains. The article says Signet doesn’t attribute the drop to allegations that diamonds have been swapped out for lesser-quality stones at Kay. Meanwhile, Tiffany depends on foreign tourists, who are spending less because of the strong dollar. Quarterly revenue is down 5.9 percent, to $931.6 million, and at Signet it’s down 2.6 percent, to $1.37 billion.

Read more at The Wall Street Journal

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When Tom Moses decided to close one of the two Moses Jewelers stores in western Pennsylvania, it was time to call in the experts. After reviewing two candidates, Moses, a co-owner of the 72 year-old business, decided to go with Wilkerson. The sale went better than expected. Concerned about running it during the pandemic, Moses says it might have helped the sale. “People wanted to get out, so there was pent-up demand,” he says. “Folks were not traveling so there was disposable income, and we don’t recall a single client commenting to us, feeling uncomfortable. It was busy in here!” And perhaps most importantly, Wilkerson was easy to deal with, he says, and Susan, their personal Wilkerson consultant, was knowledgeable, organized and “really good.” Now, the company can focus on their remaining location — without the hassle of carrying over merchandise that either wouldn’t fit or hadn’t sold. “The decision to hire Wilkerson was a good one,” says Moses.

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