Sales of US jewelry and watches in September grew just 1.3% – the lowest level since the Covid lockdowns of 2020, according to IDEX Online.
This, according to the report, “paints a grim picture” as “the last time sales growth reached a low point like this was as we emerged from the initial Covid lockdowns.” In June 2020, growth was just 1.1%. But, while that growth was seen as part of a diamond industry recovery, the current September’s figure “appears to be part of a long, slow decline”.
Jewelry sales rose 2.3% and watch sales were up 1.1% during September, an average increase of 1.3%.
According to IDEX Online, the US “is on the brink of a recession and the watch and jewelry sector is on the brink of a negative growth, as a direct result.” In addition, the growth in sales remains depressed and has been under 6.0 per cent for the last five months.
