The shaky state of the jewelry industry as Ben Moss gets set to close
Posted August 12, 2016 9:48 am.
Last Updated August 12, 2016 10:25 am.
This article is more than 5 years old.
VANCOUVER (NEWS 1130) – How much money do you spend on jewelry? Less than you used to? We’re taking a closer look at the state of the industry as one of Canada’s largest retailers prepares to close its doors.
Overall, diamond sales are very slowly growing in the US, says Anthony DeMarco who is a writer for the jewelry and watch industry. But he adds independent retailers have been dropping off substantially both this year and last.
DeMarco says struggling local economies and children not carrying on family businesses might be part of the reason why. “People are spending less on jewelry. I think overall, after the 2008 and 2009 crash, I think people are not consuming just to consume.”
He adds this year alone 577 retailers in North America have closed, and he’s expecting more of that. However, DeMarco points out sterling and luxury jewelers are doing well.
Liquidation sales at Ben Moss Jewellers across Canada have begun after more than a century in business.