November 2014 was a tough period for brick and mortar specialty jewelers in the US. During the first month of the Holiday Season, sales declined 7.1% year-over-year, based on preliminary figures from the US Bureau of Labor Statistics.
November sales totaled $2.73 billion as compared to $2.94 billion reported in November 2013. The decline in sales during the month followed a decline in sales in October, when activity fell 3.7% year-over-year.
Year-to-date sales by specialty jewelers totaled $27.47 billion, a 2.2% increase over the comparable period in 2013.
The results are not good news for the global diamond industry that is battling declining polished diamond prices during the second half of 2014, firm rough diamond prices and difficult sales.