US Boosted 3Q Jewelry Sales, Says Alrosa

RAPAPORT... Global jewelry sales increased 4% in the third quarter, drivenby growth in North America, according to market research by Alrosa. Sales in North America rose 4% despite concerns over theUS-China trade war, the Russian miner said Wednesday. Revenue in the Asia-Pacific region, including India andsoutheast Asia, rose 3% amid a continued expansion of national retailers acrossmainland China, as well as price adjustments by jewelers to offset the weakerChinese yuan currency and higher customs duty. However, growth slowed comparedwith the 17% rise Alrosa reported for the region in the second quarter. Sales in India decreased due to weakened consumer confidencefollowing recent scandals in the sector, as well as the depreciation of therupee. Proceeds in other countries rose 2%. "The main driver of the global diamond-jewelry market is theUS, which has seen stable growth rates throughout the year," said DmitryKlimenko, head of Alrosa's analytics department. "This boosts market confidenceahead of the Christmas sales season. In Asia, consumer demand shows less steadygrowth because of the weakening of national currencies against the US dollar." Image: A woman trying on jewelry. (Shutterstock)