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

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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.”

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When Sales Beat Projections, You Know Wilkerson Did Its Job

There are no crystal balls when it comes to sales projections. But when Thomasville, Georgia jeweler Fran Lewis chose Wilkerson to run the retirement/going-out-of-business sale for Lewis Jewelers and More, she was pleasantly surprised to learn that even Wilkerson could one-up its own sales numbers. “Not only did we meet our goal, but we exceeded the goal that Wilkerson had given us by about 134%,” she says. After more than 40 years in the business, Lewis says she decided a few years ago to “move towards retirement.” And she was impressed by Wilkerson’s tenure in the industry. Overall, she’d recommend the company to anyone else who may be thinking it’s time to hang up their loupe. “As a full package, they’ve done a very good job and I’d definitely recommend Wilkerson.”

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