Indo-US Conference Notes Bleak U.S. Market

Market conditions in the United States are weak but Americans’ love for jewelry will nonetheless continue to boost demand, a keynote speaker at the Indo-U.S. Business Relationship Development Conference said on Monday.

“Americans love jewelry and the U.S. remains the world’s largest jewelry market,” Whitney Sielaff, editorial director of National Jeweler magazine said. “Demand will continue to grow,” he added, noting that distribution would evolve significantly over the next decade.

Nonetheless Sielaff noted that a rise in U.S. unemployment to 6.1 percent in 2008 from 4.7 percent the year before combined with severe inflation in energy and food costs strained the U.S. market.

According to a recent study by National Jeweler the number of U.S. consumers planning to purchase jewelry this holiday season fell to 51 percent from 58 percent last year, while 40 percent said they wouldn’t buy jewelry as it wasn’t a necessity. 

The second three-day Indo-US conference started on Monday in Mumbai. 

“Despite the difficult economy, we are pleased with the quality of this year’s conference sponsors and retailers,” said Sanjay Kothari, chairman of the Indian Gem & Jewellery Export Promotion Council (GJEPC), noting that the conference is one its key initiatives to foster ties with U.S. market.

Among this year’s U.S. attendees were: Sterling’s Kay and Jared Division, Fred Meyer Jewelers, Reeds of North Carolina, Herteen & Stocker, and Wickersham Jewelers representing RJO. Indian attendees included Elegant Collection, Fine Jewellery, Goldiam International, Jewelex, KP Sanghavi, Minestone, Mohit, Shrenuj, SNC Jewels, Sunjewels Eleganza and Supergems.