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Challenging times for jewellery trade this Christmas

By George Appleshaw

 


               Cool Diamonds

LONDON, November 9, 2008 – The warning signs are there. It’s going to be a tough Christmas for jewellery sales in many markets.

The latest fall in sales at Signet in the United States and the UK suggests that the economic climate, already bad, is getting worse on both sides of the Atlantic.

Online diamond jewellery retailer Cool Diamonds is warning of a lower spend per customer this Christmas.

There is some hope – governments have bailed out banks and are urging them to quickly pass on the latest chunky rate cuts to customers to ease the blow from higher prices and aggravated worries over jobs.


If the banks do offer much cheaper rates to customers, and soon, shoppers might start regaining confidence.

But all the warning signs suggest that many countries will be suffering from a long recession in 2009.

As Cool Diamonds MD Michel Einhorn says, jewellers need to tighten their belts – keep costs down and inventories under control, and not borrow more than necessary. Good marketing is still vital, as long as costs are held down.

Now is the time to swap insight and information and look for avenues to better times.