March US retail sales increased at a slower pace than the previous month’s as inflation eased and the job market improved.
Revenue grew 0.7% from the month before to $709.6 billion — adjusted for seasonal variation — compared to an increase of 0.9% in February, according to data the US Census Bureau released Monday.
“As inflation for goods levels off, March’s data demonstrates steady spending by value-focused consumers who continue to benefit from a strong labor market and real wage gains,” said National Retail Federation (NRF) CEO Matthew Shay. “In this highly competitive market, retailers are having to keep prices as low as possible to meet the demand of consumers looking to stretch their family budgets.”
Sales climbed 2.7% from a year earlier, on par with February’s year-on-year results, the NRF added.
March sales were up year on year in six of the nine retail categories the NRF monitors, compared to eight last month. Sales in the clothing and accessories segment — which includes jewelry — were flat compared to February, but advanced 2.1% versus the same period a year ago. Online sales saw the largest year-on-year gain, rising 15%, while electronics, furniture, and building and garden supply products fell.
Jewelry was one of the strongest categories as China’s luxury market expanded in 2023 following the resurgence of tourism, according to a new report by Bain & Co.
The jewelry segment increased between 15% and 20% last year after the government lifted Covid-19 restrictions and travel resumed, Bain said last week. The fashion and lifestyle category also gained 15% to 20%, leather goods 10% to 15%, and beauty 8%. The watch market saw the softest rebound, up 5% to 10%.
While the growth was strong in 2023 compared to the previous year, which saw sharp declines due to restrictions on travel and extended lockdowns, it has still not returned to the record high of 2021. That disparity is primarily attributable to lower consumer confidence, a slower-than-expected economic recovery, and the return of Chinese consumers to purchasing luxury goods overseas.
Overall, China’s personal luxury sales rose 12% in 2023, Bain noted. The market is set to see mid-single-digit growth in 2024. Part of the issue with the slower market recovery is the pricing gaps between luxury goods in China and other markets. Jewelry is as much as 10% higher on the mainland than overseas, while watches cost up to 5% more.
Hong Kong-based jeweler Luk Fook saw sales rise in the second fiscal quarter as tourists returned to the municipality in search of luxury items.
Same-store sales — at self-operated shops open for at least a year — jumped 31% for the three months ending September 30 compared with the same period a year ago, the company reported Wednesday.
Hong Kong’s border with the mainland reopened to tourists in January, while the territory’s government removed local restrictions. The municipality derives much of its luxury revenue from visitors — primarily from China — who travel there to purchase goods.
The retailer also attributed the growth to strong sales over the National Day Golden Week holiday as well as its decision to carry a greater proportion of gold products, which are more popular than diamond jewelry.
“Given the decreased demand for diamond products [on the] mainland, the group will continue to actively promote non-diamond fixed-price jewelry products, especially fixed-price gold products, in order to improve…performance,” it said.
The 41% increase in Hong Kong and Macau outweighed an 8% dip on the mainland resulting from a challenging economic situation and subdued consumer sentiment, the company explained.
Luk Fook’s same-store sales of gold — priced by weight at international market rates — grew 30% year on year during the quarter, while “fixed-price jewelry,” which refers to products sold at prices determined by the retailer, was up 36%. Overall, sales of fixed-price gold products increased 76%, while fixed-price diamond goods rose 19%.
“Since the full reopening of borders amongst Hong Kong, Macau and mainland…the Hong Kong and Macau market has shown consistent improvement,” Luk Fook noted. “The macroeconomic in the mainland market showed no signs of improvement and its consumption sentiment exhibited a slower recovery compared to the Hong Kong and Macau market…. This year marked the first National Day Golden Week after the return to normalcy following the pandemic. During this Golden Week period…the Hong Kong and Macau market sustained growth momentum.”
This advice will give you a few tips to help you along the way.
TIP #1 Diamonds are usually given to display love, making the sentimental value higher to the seller than the actual value to a buyer. Should you be in the market to sell your diamond, make sure you are ready to part with the diamond before beginning the process.
TIP #2 Be sure of the quality and authenticity of what you are trying to sell. Make sure of the quality and the grade of the stone. This is most important for the ultimate value of the diamond. There have been many instances where a seller is committed to selling their diamond only to find out the quality isn’t as described when originally purchased.
There are Jewellers or services available, who will give an unbiased assessment of your stone. But it is far more valuable in the long run to get a report from a recognised Laboratory.
It is also recommended to verify the report matches the Laser inscription before placing your diamond on the market, to assure your diamond is the same stone should it not sell.
TIP #3 Now that you have an accurate report of the quality, make sure you get a realistic selling value. Believing the diamond holds a higher value than it truly possesses will lead to a challenging, frustrating experience which can be dragged out.
An appraiser can assist you with determining a fair selling, price so you can avoid this pitfall. Diamonds are priced in US dollars, so your diamonds price will be affected when converted to your local currency.
A good way to see current retail values is to visit online stores like dcladiamondexchange.com.au or bluenile.com.
TIP #4 There are many ways to sell a preloved diamond or diamond jewellery. Research your selling options to make an educated decision that works best for you. Be it an online market or exploring options through a local jeweller or dealer, be sure you are using the best option for your needs.
Example, if time is not of the essence, an online market or an auction house could be the best way forward. If you want a quick sale, visiting your local dealer may be the best option.
DCLA Diamond Laboratory provides an internationally recognised and respected report to any seller or prospective buyer.
DCLA will provide you with an experience expert to advise you and give you the accurate value protecting you when selling. Our goal is to provide you with as much knowledge as possible.
Visit www.dcla.com.au for information advice or to make an appointment.
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India’s jewelry industry could lose business to rivals such as China and Mexico if the US goes ahead with its proposed new tariffs on the sector, industry leaders warned this week.
Fresh import duties would jeopardize jobs and the well-being of the industry in both India and America, officials from the southern Asian nation said Monday in a meeting with the US Trade Representative (USTR).
The calls come after the USTR threatened to levy punitive tariffs of up to 25% on 17 jewelry categories originating in India, as well as on certain goods from other countries. The action, which it announced in March, was a response to e-commerce taxes in those jurisdictions that targeted online retailers. The proposed tax excludes loose diamonds.
Around 140 members of the Indian trade submitted petitions against the move before the April 30 deadline, the Gem & Jewellery Export Promotion Council (GJEPC) said Tuesday. The USTR allowed a panel of industry representatives to present comments at the virtual meeting.
Leading the delegation, GJEPC chairman Colin Shah argued that India had already seen a decline in gold-jewelry exports to the US after losing its preferential trade status with the US around 15 years ago. The latest move would exacerbate the situation, he insisted.
“Further [duties] on jewelry will accelerate that drop, and the beneficiaries will be China and Mexico,” Shah told USTR officials.
While Indian jobs would shift to other countries, US jewelry companies would miss out on the long credit and memo facilities that Indian suppliers offer, Shah added. In addition, India jewelry companies operate an estimated 500 offices across the US, employing thousands of locals, he asserted.
India’s exports of gold jewelry to America fell 22% from $1.9 billion in 2007 to $1.49 billion in 2019, according to a report the GJEPC released in March.
India’s jewelry industry could lose business to rivals such as China and Mexico if the US goes ahead with its proposed new tariffs on the sector, industry leaders warned this week.
Fresh import duties would jeopardize jobs and the well-being of the industry in both India and America, officials from the southern Asian nation said Monday in a meeting with the US Trade Representative (USTR).
The calls come after the USTR threatened to levy punitive tariffs of up to 25% on 17 jewelry categories originating in India, as well as on certain goods from other countries. The action, which it announced in March, was a response to e-commerce taxes in those jurisdictions that targeted online retailers. The proposed tax excludes loose diamonds.
Around 140 members of the Indian trade submitted petitions against the move before the April 30 deadline, the Gem & Jewellery Export Promotion Council (GJEPC) said Tuesday. The USTR allowed a panel of industry representatives to present comments at the virtual meeting.
Leading the delegation, GJEPC chairman Colin Shah argued that India had already seen a decline in gold-jewelry exports to the US after losing its preferential trade status with the US around 15 years ago. The latest move would exacerbate the situation, he insisted.
“Further [duties] on jewelry will accelerate that drop, and the beneficiaries will be China and Mexico,” Shah told USTR officials.
While Indian jobs would shift to other countries, US jewelry companies would miss out on the long credit and memo facilities that Indian suppliers offer, Shah added. In addition, India jewelry companies operate an estimated 500 offices across the US, employing thousands of locals, he asserted.
India’s exports of gold jewelry to America fell 22% from $1.9 billion in 2007 to $1.49 billion in 2019, according to a report the GJEPC released in March.
Sales of jewelry and other luxury goods in Hong Kong fell by more than half in July, according to new figures.
It was the worst affected sector of all, with a year-on-year decline of 53.7 per cent to $328m.
Sales were hit by the ongoing coronavirus pandemic, a two-week quarantine requirement for tourists from mainland China, and continuing anti-government protests.
Figures for the first half of 2020 show revenue from revenue from jewelry, watches, clocks and other valuable gifts was down by 64 per cent to $2.14 bn.
Total retail sales for all sectors were down 23.1 per cent compared with July 2019, at about $3.41bn, according to data released yesterday by the Census and Statistics Department of the Hong Kong Special Administrative Region HKSAR government.
Sales of jewelry and other luxury goods in Hong Kong fell by more than half in July, according to new figures.
It was the worst affected sector of all, with a year-on-year decline of 53.7 per cent to $328m.
Sales were hit by the ongoing coronavirus pandemic, a two-week quarantine requirement for tourists from mainland China, and continuing anti-government protests.
Figures for the first half of 2020 show revenue from revenue from jewelry, watches, clocks and other valuable gifts was down by 64 per cent to $2.14 bn.
Total retail sales for all sectors were down 23.1 per cent compared with July 2019, at about $3.41bn, according to data released yesterday by the Census and Statistics Department of the Hong Kong Special Administrative Region HKSAR government.
If you've ever gone through the process of shopping for an engagement ring, you'll know there can be an overwhelming number of things to consider.
Aside from the look and style of your ring, you quickly start to learn an awful lot about diamonds, from the cut, to the colour and clarity.
What you may not know is most diamonds in Australia over the last 10 years have been laser inscribed with a serial number likened to a 'fingerprint' -- which makes it easier to trace should the unfortunate event that your engagement ring is lost or stolen ever take place.
This code in turn makes your ring a 'low risk' theft item because it's easy for police to trace it. But don't go pulling your ring off your finger to check for that little serial number just yet.
The code is inscribed directly onto the girdle of the diamond which is quite difficult to get to when it's in a setting and it can't be seen with the naked eye either, having to be checked under a microscope instead.
The laser inscription can only be seen under a microscope. Image: Supplied
Speaking to 10 daily, Roy Cohen, a diamond expert from Certified Diamond Insurance, said this spot was specifically chosen instead of on the engagement ring band as this could be lost if it was melted down. Yet removing the code from the diamond itself is near impossible.
"It cannot be removed unless the diamond goes back to a diamond polishing factory where it is put back on the wheel and polished off. I mean, there are very few diamond polishing factories in Australia so the chances of that happening are very remote," Cohen said.
"It’s even harder than for example, the engine number of a motor car. They could just machine it off. I mean, anyone could do that. But with a diamond? No. Only diamond cuts diamond."
A close up of a laser inscription code. Image: Supplied
This process of inscription is completed by Certified Diamond Insurance (CDI) who are in partnership with a Australia’s leading diamond certifier, Diamond Certification Laboratory of Australia (DCLA), as well as the Woodina Underwiting Agency.
Together they're working towards driving the costs associated with insuring diamonds down for Australians, with new research finding almost half of Australia diamond engagement rings aren't insured. If they are, 70 percent of these have inadequate insurance as they're usually lumped with other items as part of home contents insurance.
"If you go and get household insurance, you’ll be paying a standard kind of rate and because they cover everything, you’ll be paying slightly higher premiums," Cohen said.
"What we’ve done is we’ve pulled out all certified diamonds that are laser inscribed and we only ensure those diamonds. These are the lowest risk diamonds."
Laser inscribed diamonds are considered 'low risk' diamonds. Image: Supplied
According to Cohen, these diamonds are a 'thief's worst nightmare' because they often aren't able to tell if it has been laser inscribed or not.
"Thieves can get caught so much easier with this type of diamond. If they go and sell that to a hock shop and it has the laser inscription on it, it is very easy to identify that that diamond has been stolen," he told 10 daily.
So how can you check if your diamond has the laser inscription on it or not? According to Cohen, it's as easy as checking your diamond certification certificate.
"Most diamonds that are of value are sold with diamond grading certificates in Australia and most of those are laser inscribed," he said.The certificate will make note that the diamond has been laser inscribed and it will have the number that’s on the actual diamond.
Yet while most diamonds now have the laser inscribed code on them, if your engagement ring happens to be an heirloom or has been passed down through the family, it likely doesn't. The upside is CDI are offering complementary diamond grading and laser inscription for diamonds owners in this situation.
"So if anybody wants take advantage of the lower premiums that CDI is offering and the diamond is not certified and not laser inscribed, we will actually do that for them," he said.
"The diamond gets removed from the setting, the diamond is graded, laser inscribed and then set back in the setting. Then it is eligible for CDI insurance."
Roy Cohen. Image: Supplied
CDI are further working on establishing a nation wide data base where individuals can register their ring along with it's details and pictures. Should the ring ever be lost or stolen, it can then be flagged in this system, making it easier to locate.
"Then wherever it ends up or if it’s ever checked against that data base or it ends up at a diamond grading laboratory, it will be identified," Cohen said.
"So the benefit is, let's say it was a heritage diamond from your grandma or something like that, you actually have a chance of getting the diamond back."
If you've ever gone through the process of shopping for an engagement ring, you'll know there can be an overwhelming number of things to consider.
Aside from the look and style of your ring, you quickly start to learn an awful lot about diamonds, from the cut, to the colour and clarity.
What you may not know is most diamonds in Australia over the last 10 years have been laser inscribed with a serial number likened to a 'fingerprint' -- which makes it easier to trace should the unfortunate event that your engagement ring is lost or stolen ever take place.
This code in turn makes your ring a 'low risk' theft item because it's easy for police to trace it. But don't go pulling your ring off your finger to check for that little serial number just yet.
The code is inscribed directly onto the girdle of the diamond which is quite difficult to get to when it's in a setting and it can't be seen with the naked eye either, having to be checked under a microscope instead.
The laser inscription can only be seen under a microscope. Image: Supplied
Speaking to 10 daily, Roy Cohen, a diamond expert from Certified Diamond Insurance, said this spot was specifically chosen instead of on the engagement ring band as this could be lost if it was melted down. Yet removing the code from the diamond itself is near impossible.
"It cannot be removed unless the diamond goes back to a diamond polishing factory where it is put back on the wheel and polished off. I mean, there are very few diamond polishing factories in Australia so the chances of that happening are very remote," Cohen said.
"It’s even harder than for example, the engine number of a motor car. They could just machine it off. I mean, anyone could do that. But with a diamond? No. Only diamond cuts diamond."
A close up of a laser inscription code. Image: Supplied
This process of inscription is completed by Certified Diamond Insurance (CDI) who are in partnership with a Australia’s leading diamond certifier, Diamond Certification Laboratory of Australia (DCLA), as well as the Woodina Underwiting Agency.
Together they're working towards driving the costs associated with insuring diamonds down for Australians, with new research finding almost half of Australia diamond engagement rings aren't insured. If they are, 70 percent of these have inadequate insurance as they're usually lumped with other items as part of home contents insurance.
"If you go and get household insurance, you’ll be paying a standard kind of rate and because they cover everything, you’ll be paying slightly higher premiums," Cohen said.
"What we’ve done is we’ve pulled out all certified diamonds that are laser inscribed and we only ensure those diamonds. These are the lowest risk diamonds."
Laser inscribed diamonds are considered 'low risk' diamonds. Image: Supplied
According to Cohen, these diamonds are a 'thief's worst nightmare' because they often aren't able to tell if it has been laser inscribed or not.
"Thieves can get caught so much easier with this type of diamond. If they go and sell that to a hock shop and it has the laser inscription on it, it is very easy to identify that that diamond has been stolen," he told 10 daily.
So how can you check if your diamond has the laser inscription on it or not? According to Cohen, it's as easy as checking your diamond certification certificate.
"Most diamonds that are of value are sold with diamond grading certificates in Australia and most of those are laser inscribed," he said.The certificate will make note that the diamond has been laser inscribed and it will have the number that’s on the actual diamond.
Yet while most diamonds now have the laser inscribed code on them, if your engagement ring happens to be an heirloom or has been passed down through the family, it likely doesn't. The upside is CDI are offering complementary diamond grading and laser inscription for diamonds owners in this situation.
"So if anybody wants take advantage of the lower premiums that CDI is offering and the diamond is not certified and not laser inscribed, we will actually do that for them," he said.
"The diamond gets removed from the setting, the diamond is graded, laser inscribed and then set back in the setting. Then it is eligible for CDI insurance."
Roy Cohen. Image: Supplied
CDI are further working on establishing a nation wide data base where individuals can register their ring along with it's details and pictures. Should the ring ever be lost or stolen, it can then be flagged in this system, making it easier to locate.
"Then wherever it ends up or if it’s ever checked against that data base or it ends up at a diamond grading laboratory, it will be identified," Cohen said.
"So the benefit is, let's say it was a heritage diamond from your grandma or something like that, you actually have a chance of getting the diamond back."
No excess, No set up costs and replacement by your original jeweler.
These are a few features of the insurance policy underwritten by certain underwriters at Lloyd’s. Lloyd’s is the world’s specialist insurance and reinsurance market.
No excess, No set up costs and replacement by your original jeweler.
These are a few features of the insurance policy underwritten by certain underwriters at Lloyd’s. Lloyd’s is the world’s specialist insurance and reinsurance market.
