Headlines

US Jewelry Market to Hit $90B — But This Could Hold It Back

Published

8 years ago

September 28, 2016

Annual growth of 3.1 percent is expected.

U.S. demand for jewelry and watches is likely to hit $90 billion in 2020, up from $77.2 billion in 2015, according to a new report.

If that figure is achieved, it would represent annual growth of 3.1 percent, says the Freedonia Group, a Cleveland, OH-based industry market research firm.

Fine jewelry sales will be driven by an increase in the number of new marriages.

But the company sounds a note of caution, explaining that “ongoing financial challenges faced by young adults – coupled with their growing preference for purchasing other big-ticket items such as electronics and experiences (eg, vacations) – will restrain further advances in personal spending on these accessories.”

That line of thought echoes recent concerns that millennials might not be the enthusiastic buyers of diamond jewelry that their parents and grandparents were.

De Beers, however, insisted in a recent report that millennials “do express strong desire for diamonds when they reach financial and demographic maturity.”

Read more from the Freedonia Group

This Third-Generation Jeweler Was Ready for Retirement. He Called Wilkerson

Retirement is never easy, especially when it means the end to a business that was founded in 1884. But for Laura and Sam Sipe, it was time to put their own needs first. They decided to close J.C. Sipe Jewelers, one of Indianapolis’ most trusted names in fine jewelry, and call Wilkerson. “Laura and I decided the conditions were right,” says Sam. Wilkerson handled every detail in their going-out-of-business sale, from marketing to manning the sales floor. “The main goal was to sell our existing inventory that’s all paid for and turn that into cash for our retirement,” says Sam. “It’s been very, very productive.” Would they recommend Wilkerson to other jewelers who want to enjoy their golden years? Absolutely! “Call Wilkerson,” says Laura. “They can help you achieve your goals so you’ll be able to move into retirement comfortably.”