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U.S. Jewelry Sales Rise Amid Higher Prices

Jan 31, 2017 3:20 AM   By Rapaport News
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U.S. jewelry sales increased last year while prices also climbed, government data showed.

Sales grew 4.8 percent to $71.44 billion in 2016, data from the Bureau of Economic Analysis showed. Watch sales jumped 5.3 percent to $9.45 billion, while combined sales of jewelry and timepieces advanced 4.8 percent to $80.88 billion.

Sales at specialist jewelry stores advanced 3 percent to $25.26 billion in the first 11 months of 2016, according to separate figures from the U.S. Census Bureau, which lag by a month. November sales jumped 14 percent to $2.83 billion.

The increases came as the average U.S. consumer price index for jewelry grew 6.2 percent in 2016, according to data from the Bureau of Labor Statistics. Watch prices rose 5.2 percent, while prices of jewelry and timepieces combined gained 5.7 percent. These hikes were despite lower diamond prices, with the RapNet Diamond Index (RAPI™) for 1-carat polished diamonds declining 5 percent last year.

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Tags: Bureau of Economic Analysis, Bureau of Labor Statistics, consumer price index, data, jewelry prices, Jewelry sales, jewelry stores, prices, Rapaport News, U.S. Census Bureau, u.s. jewelry sales, Watch prices, Watch sales
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