Specialty Jewelry Sales "back on track" after April's Crash

It's a sign of the remarkable times we're living through that a monthly drop in watch and jewelry sales of "only" 29.9 per cent sounds like good news.

The year-on-year figure for May follows a devastating decline of 51.6 per cent* last month, and as such it hopefully indicates that recovery has begun and the worst of the coronavirus crisis is behind us.  Lockdowns have been eased, stores have been re-opening and consumer confidence is rebuilding.

Last month's drop was historic by any measure, far in excess of both the Great Depression in 1929 (36 per cent) and the Great Recession of 2009 (8.3 per cent).

* The original figure for April sales, based on sampling estimates was actually 55 per cent, but has since been revised down to 51.6 per cent, based on actual dollars through the cash register

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