Recession Impacts Jewelry Business

The deepening U.S. recession has affected more than half of the businesses in the North American jewelry industry, a JCK survey found. Most expect it to get worse before it gets better. Forty-eight percent of retail jewelers polled said their businesses have been affected “somewhat” or “a great deal” by the economic crisis. Sixty-nine percent said the biggest impact is on sales. Far behind in second place (10 percent) is difficulty getting loans, credit, and other financing. Nine of 10 respondents expect the crisis to have “some” or “great” effect on U.S. retail jewelers in the next two years. To cope, many jewelers are focusing on customer service and marketing. Other strategies include buying less new inventory and only what they can afford; selling from what they already have; being creative in new designs; using alternative, less expensive metals; lowering price
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