Jewellery sector sees sales soar 25th October 2004

Retail jewellery is enjoying a resurgence according to a survey conducted by Jewellers of America (JA).

Jewellers saw a 4.4 per cent increase in sales in 2003, with some of the most positive growth taking place in China.

Echoing last week's findings from the Beijing Representative Office of the League of Jewellery Dealers of Asia (LJDA), which showed China's annual production of jewellery has broken the 200 billion yuan (US$24.1 billion) barrier in terms of value, the new JA survey suggests that the industry is maturing in the region.

China, which boasted platinum jewellery demand of around 1.2 million oz in 2003, saw its sales climb ten per cent according to the new survey.

Overall global growth was on an upward curve for the first time since 2000, with respondents to the survey reporting encouraging signs.

Matt Runci, JA president and chief executive, hailed the news, telling the Jewellers Circular Keystone: "We are delighted that JA members are now enjoying sales growth after hanging tough for two years during the economic downturn."

The median profitability among the 350 firms interviewed rose to 4.5 per cent, up from 4.2 per cent in 2002.

Other findings included the discovery that the Internet is playing an increasingly important marketing role in the industry, with around one in five jewellers using the Internet in their business.


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