US Holiday jewelry sales expected to skyrocket

According to Mastercard SpendingPulse, US jewelers can expect revenue from jewelry sales in the US between November 1 and December 24 will grow 59% compared to the same period last year.

17 september 2021

Australia becomes world’s biggest producer of gold for first time

Australia has become the world’s biggest producer of gold for the first time, having played second fiddle to China for the last decade. Australia unearthed 157 tons of gold in the first half of the year, pipping China by four tonnes.

17 september 2021

Nigerian minister mulls death penalty for gold smuggling – report

Nigeria’s deputy minister in charge of mines and steel development has called for the death penalty for gold smuggling in the West African country.

17 september 2021

Gemfields back to black

Gemfields is expected to register a net profit after tax of $23.8-million in the first half of the year compared with the net loss after tax of $56.7-million, a year earlier. Earnings per share are expected to be 2 US cents from a loss per share of 4...

17 september 2021

Debmarine Namibia's new diamond recovery vessel to arrive in SA next week

Debmarine Namibia’s new N$7 billion diamond recovery vessel, Additional Mining Vessel #3 (AMV3), is expected to arrive in Cape Town, South Africa next week ahead of commissioning early next year.

17 september 2021

Recession Affects Sales of Wedding Bands in U.S.

28 august 2009

The results of the bridal study conducted by the Jewelry Consumer Opinion Council (JCOC) revealed some interesting marriage trends in light of the U.S. recession that remains firmly in place, reports. Most noteworthy, even though the sample size of the study was relatively small, with only 362 online participants, 25 percent said that the wedding plans had been postponed, either temporarily or indefinitely, due to the recession. An additional 3 percent cited non-economic reasons for postponed weddings.

JCOC also inquired specifically about the purchase of engagement and wedding rings. It was heartening to see that approximately 18 percent of the respondents were men, since so many surveys seem only to ask women these important purchasing questions. Those men and women who were not themselves getting married but who were directly involved with the wedding budget were asked to respond to questions about the budget for the rings. Of the 81 individuals who fit this category, 37 percent said they expected no change in the amount that would be spent on the jewelry due to the economic downturn. Seventeen percent responded that more would be spent on rings, 42 percent believed that the budget for the rings would be lowered and 4 percent said there was no plan to purchase rings.

JCOC counted 20 grooms in its survey. Sixty percent of the guys had not yet purchased an engagement ring, but 10 percent had chosen the ring to purchase later. Thirty-six percent of those grooms who had not yet purchased jewelry said that their budget for the rings will now be lower by 15 percent or more. Twenty-eight percent planned to spend more on rings, and 36 percent responded that they will spend about the same amount they intended to spend pre-recession. National jewelry stores, such as Zales, Kay, and Ben Bridge, topped grooms' choices for where to buy the enagement and wedding rings, with 43 percent selecting those stores. A local independent jewelry store was selected by 36 percent of the grooms, 7 percent selected the Internet, and another 7 percent planned to buy on the website of a chain retailer. Department stores did not register with grooms as a place to buy rings in JCOC's survey.

Of the 30 surveyed brides-to-be, 48 percent had lowered their budget for the rings due to the recession, with 23 percent telling JCOC that the budget would be lowered by 15 percent or more. The women skipped department stores for the purchase of the rings as well, but they were evenly split between buying rings at national chains or from local jewelers, which both received 29 percent of the vote. None of the brides selected the Internet as the place to buy an engagement ring or wedding rings; 3 percent, however, selected retail store websites as their choice to buy.