Weekly Top 5 News In The Jewelry Industry – Oct.28.2019

1. Gold prices have soared this year, squeezing jewelers’ prices and gross margins. Smaller companies may pass on costs to consumers. Larger companies are more likely to see their gross margins take a hit. As consumers seek to cash in on gold assets, the jewelry recycling market is booming.

2. October 24 – Bulgari Chief Executive Officer Jean Christophe Babin said he expects jewelry sales in China to double in 3-5 years, even if economic growth slows. And he plans to open more stores in this country

3. Louis Vuitton owner LVMH has approached Tiffany & Co with an acquisition offer. Tiffany has hired advisers to review LVMH’s offer but has not yet responded to it. The exact price that LVMH was offering to buy Tiffany, which has a market capitalization of $11.9 billion, could not be learned.

4. According to market research agency Euromonitor International, global sales of men’s fine jewelry raked in $5.8 billion USD last year, a sizeable 23% increase since 2013, as NBC recently reported. searches for “men’s jewelry” are up 50% percent since the beginning of the summer, led by bracelets and necklaces.

5. In the third quarter of 2019, 229 US jewelry retailers closed, the Jeweler Trade Commission reported. That number represented an increase from 193 closings in the third quarter of 2018. The total includes 182 retailers in the “discontinued” category, 43 “consolidated (sales / consolidation)” and 4 bankrupt enterprises. This means the industry is shrinking faster.

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