RAPAPORT... U.S. specialty jewelry store sales rose 2 percent in May while jewelry prices also rose, government data showed.
Sales hit $2.79 billion during the month, which includes Mother’s Day and is among the busiest selling periods of the year after Christmas. The increase is in line with the uptrend seen in 2016 as sales at specialty jewelers climbed 2.1 percent to $11.62 billion during the first five months, according to the U.S. Census Bureau. Separately, data from the Bureau of Economic Analysis indicated jewelry sales across all outlets rose 4.9 percent between January and May.
Meanwhile, jewelry prices, as measured by the consumer price index (CPI), advanced 7 percent in June from a year earlier, the Bureau of Labor Statistics reported. The CPI for jewelry retreated 0.4 percent month to month in June, after increasing 3.3 percent in May.
The setback came despite the recent surge in gold prices, which appreciated 9 percent in June. Diamond prices fell, with the RapNet Diamond Index (RAPI™) for 1-carat diamonds down 0.5 percent during the month, according to the Rapaport Monthly Report.
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