What We Know and What We Don’t

I am reluctant to be too topical because it takes about two months before this column gets printed. But there is little doubt that 2009 will be a tough year for everyone, even with the extraordinary efforts our new president will muster to avert economic and social disaster. We know the government will throw money at everything in an effort to pull the country out of this nosedive. We don't know if it will work. We know the drop in sales affected everyone, even big global jewelry brands. They went on an expansion kick over the last years and suddenly see a smaller pie to share. We don't know how long it will take before there's a real recovery and whether the world will look remotely as it did even a year ago. We know a modest drop in sales can produce a huge drop in net profits. We don't know how many companies will fail as a result and how much damage it will cause our industry.

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