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Mother’s Day Jewelry Spending to Exceed $5B

It’s grown considerably in recent years.

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Mother’s Day spending is expected to total a record $25 billion this year, up from $23.1 billion in 2018, according to an annual survey released by the National Retail Federation.

And increased spending on jewelry represents 31 percent of the expected increase over last year.

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Total spending on jewelry is expected to total $5.2 billion, with 35 percent of people those surveyed planning to make purchases in this category. Spending on Mother’s Day jewelry has increased considerably from $2.3 billion in 2009.

A total 84 percent of U.S. adults are expected to celebrate this year in honor of their mothers and other women in their lives.

“Mother’s Day spending has been growing consistently over the past several years, and this year’s spending is expected to be the highest in the 16-year history of our survey,” NRF President and CEO Matthew Shay said. “Consumers are excited to celebrate all the moms in their lives, and retailers are ready to inspire consumers with unique gift options.”

While the number of people celebrating Mother’s Day is in line with last year’s 86 percent, those celebrating are expected to spend more at an average $196 compared with $180 in 2018.

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Consumers ages 35-44 are likely to spend the most at an average $248, up from $224, and men are likely to spend more than women at $237 compared with $158.

Newer models of gift-giving including special outings and gift cards are growing, in addition to more traditional gifts including flowers, greeting cards, and jewelry.

Many of those celebrating cited finding something unique (44 percent) as the most important factor when picking out a Mother’s Day gift, followed by one that creates a special memory (39 percent). More than 8 in 10 (81 percent) indicate they will look to retailers for gifting inspiration.

“Mother’s Day is about celebrating a very special person or persons in your life,” Prosper Vice President of Strategy Phil Rist said. “Consumers today want to make sure they’re gifting mom something that will make her feel loved. And they’ll use all the inspiration and guidance they can get in finding that perfect gift.”

The 2019 survey of 7,321 U.S. adults 18 and older was conducted April 1-11 and has a margin of error of plus or minus 1.2 percentage points.

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Over the years, INSTORE has won 76 international journalism awards for its publication and website. Contact INSTORE's editors at editor@instoremag.com.

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World’s Largest Diamond Mine to Close ⁠— Here’s What That Could Mean

The mine is known for producing pink and red diamonds.

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Rio Tinto Group plans to close its Argyle mine in western Australia, and that could bring a rise in the price of pink diamonds.

The mine is well-known for producing pink and red diamonds, Bloomberg reports.

In fact, 90 percent of the world’s pink diamonds come from the mine, although such stones are only a tiny percentage of Argyle’s total production. The majority of its production consists of brown diamonds, which are less valuable.

The mine is the world’s largest producer of diamonds by volume.

Arnaud Soirat, head of copper and diamonds for Rio, told Bloomberg that operations will be shut down in late 2020. By then it’s expected that its supply of economically viable stones will have been exhausted.

Pat Godin, CEO of Stornoway Diamond Corp., has predicted that with the closure, “The rational offset between supply and demand should lead to price growth.”

He told Bloomberg that the effect could be “even more dramatic” for pink diamonds.

“You can imagine the laws of supply and demand will apply, and you can imagine the impact that will have on those very rare pink, red, blue and purple diamonds,” Godin said.

Read more at Bloomberg

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Fashion Jewelry Chain to Close All 261 Stores

3,000 employees could lose their jobs.

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Jewelry and accessories retailer Charming Charlie is closing all of its 261 stores in connection with its Chapter 11 bankruptcy filed July 11.

Bloomberg reports that over 3,000 full- and -part-time workers could lose their jobs.

The bankruptcy filing is Charming Charlie’s second in the past two year, Bloomberg reports.

Store closing sales are being conducted by a joint venture consisting of Hilco Merchant Resources and SB360 Capital Partners, according to a press release.

Charming Charlie operates in 38 states. A full list of closing stores is available here.

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The liquidation is expected to take two months.

The company’s debt totals $82 million, according to Bloomberg. Its cash on hand amounted to only $6,000  as of the bankruptcy filing.

Charming Charlie is a Houston-based specialty retailer focused on fashion jewelry, handbags, apparel, gifts and beauty products.

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Serena Williams Wears the Most Unusual Ear Jewelry in Harper’s Bazaar Feature

Can you even call it an earring?

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A new Serena Williams feature in Harper’s Bazaar is sure to attract attention.

The tennis player insisted that the photos be unretouched, and the cover shot features her mostly exposed backside.

But what might be most interesting to jewelers is the unique ear ornament she wore in one of the photos. We’re not even sure you can call this Gucci accessory an earring.

Could this over-the-ear look catch on?

INSTORE style writer Becky Stone doesn’t think so, although she likes the concept.

“I can hear the siren song of this piece! It takes the concept of jewelry adorning the body and elevates it by having the jewel actually become the body,” Stone said. “The look is surprising, sensual, and playful – an appealing combination. Serena looks like she might be a golden robot from the future, and I’m into it.

“That being said, I think there are a lot of practical barriers to the gilded ear’s mainstream appeal. Can she hear? Is her ear sweaty? How does that thing even stay on? I imagine it would have to be custom fitted, which is probably enough to price it out of the possibility of true street style success. I’d be very interested to see a scaled down version: maybe a smaller cuff that fits over just the upper cartilage, or a closely fitted lobe piece that’s anchored with a post for wearability.”

Beth Bernstein, also an INSTORE style writer, also felt the look was unlikely to take off.

“It might work for an editorial shoot or a runway show, but I don’t believe it will ever make it as a trend for even the high-end,” she said. “It kind of looks like the ‘Joker’s Mask’ for the ear.”

Jewelry professionals posting in our INSTORE Community group on Facebook had a variety of reactions.

Deirdre Crosse of Cipher Gems wrote, “Serena Williams requires an extraordinary design for it to register with the viewer. It’s a bold choice of adornment for strong subject.”

Deric Metzger, owner of DeMer Jewelry, commented, “This is the ear climber trend taken to its maximum natural conclusion and it’s every bit as unpleasant as I imagined.”

Other jewelry that Williams wore for the photoshoot included Cartier earrings, a Bulgari bracelet, a David Yurman bracelet and chain and an Audemars Piguet watch.

The photos appear with an essay penned by Williams about standing up for herself and becoming the strong woman, athlete and mother she is today. The issue will be available on newsstands July 23.

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