According to research carried out by IDEX Online, there has been a drop in the sharp decline in the demand for jewellery in the US. This is good news for everyone in the industry.
The first quarter sales, 2009 were down 14%. Jewellery sales dropped by nearly 20% during the important 2008 holiday sales. According to the report the drop in jewellery sales in April was only 5%, suggesting that probably the worst is behind us.
These signs suggest that there is gradual improvement in the demand for jewellery. Other factors which indicate the gradual recovery of the jewellery and diamond industry are reopening of some of the diamond mining operations, $400 million DTC sight sold recently and the recalling of laid off workers in Surat.
Many economists also believe that a slow recovery is in progress. Mortgage re-financing has improved and banks have started lending again.
Jewelry sales in the US are expected to increase to a record breaking $66 billion in sales in 2011, according to forecast by IDEX. Survivors of the current recession will also see fewer competitors.