Wednesday, October 26, 2011

Are Americans Shopping?

Gabrielle Bruni Creations blue topaz and diamond ring

According to Ken Gassman, president and founder of the Jewelry Industry Research Institute,” the jewelry business has been strong all year with unit sales through August up 11.4% compared to 2010.”[1] Many economists are predicting that fine jewelry purchasing will be up this holiday season. Does this mean that fine jewelry sales will bloom during the holidays? I truly don’t know the answer to this question.

While the economy does not seem to have significantly improved, those who monitor our shopping habits believe that Americans have had enough and are returning to the mall. As a society based on capitalism, we have a tendency to shop. This is not a bad thing really. Since most of society is no longer agrarian we need to shop for our most basic necessities, such as food, clothing and entertainment! Additionally, shopping can be a form of entertainment and you don’t have to buy, you can just browse. However, as the economy continues to look bleak people may be uncomfortable with putting money into anything other than a commodity.

 Gabrielle Bruni Creations blue topaz and diamond earrings

To me jewelry is a commodity. Webster’s dictionary states that a commodity is an article of commerce, or even something that is useful and valued. This sounds like jewelry to me. Truthfully, jewelry as a commodity is not that farfetched. Jewelry is manufactured with specific gold, silver and gemstone weights and these values can be quantified. A gold coin has an inherent monetary value based upon the amount of gold in the coin and that days gold value. Jewelry can have its value measured based on content. At all those gold jewelry buying parties people aren’t just bringing in ingots and coins to sell. The immeasurable aspects of jewelry include labor, design and sentimental value, which is why some people say jewelry is not a commodity.

But in these up and down markets Americans maybe investing in something they can hold in their hand, or wear on their person. Additionally, consumers maybe considering the new frugal lifestyle and they are thinking more about each purchase. They maybe are saving up for a fine jewelry purchase instead of spending small amounts on costume or littler items. Consumers are investing in something substantial that will last years and can be worn with a multitude of outfits; they are seeking value and versatility. So come and check out my web store, I have a lot of fine jewelry and at the very least I have some really cute pieces that are bound to become classics.

Gabrielle Bruni Creations blue topaz and diamond necklace

[1] Barbara Thau, Diamonds are…prudent? Why jewelry sales will shine this holiday season,, 10/14/2011.

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