Jewelers Predict A Rough Future
The jewelry business is bracing itself for a rough couple of years. The results of the JCK survey of the jewelry industry show that more than half of the businesses in the North American jewelry industry have already been affected by the recession and most expect it to get worse over the next couple years before it gets better. Many are buying less new inventory and lowering prices. Jewelry retailers are being hit from both sides, squeezed by lower sales and by an increased difficulty in getting loans or credit to keep their businesses afloat. Some are sending back jewelry to the manufacturers sending ripples of distress around the industry. As a potential remedy, most jewelers are focusing on customer service, promotions and incentives to keep customers coming in.