RAPAPORT... U.S. sales of fine jewelry and fine watches increased by 3.5 percent in July, according to the latest data from the U.S. Department of Commerce.
Specialty jewelers, stores with a majority of their revenue from jewelry and watch sales, showed a 2.9 percent sales increase in the month. Jewelry sales through larger, big-box merchants such as Wal-Mart and Costco rose an estimated 3.9 percent in July.
The Commerce department revised monthly sales data for May and June, which had shown either sales declines or very small gains for the total industry. Data for both specialty jewelers and the total U.S. jewelry industry were revised and while specialty jewelers’ June sales gains now reflect a more modest increase.
Historically, July sales are less than 8 percent of the industry’s annual sales, with few promotional and sales events.
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