Union Diamond - Competitors

Union Diamond Competition

Now Viewing Union Diamond's competition in: Jewelry Retail (primary)

Recent Developments

Jewelry Demand Down to Start 2008 - Sluggish US and global economies seem to be the culprit behind a worldwide slowing of demand for gold jewelry, which was down 21 percent in first quarter 2008 compared to one year ago, according to the World Gold Council. US demand was also slow, off 15 percent. The World Gold Council didn't expect demand to pick up in second quarter 2008.

Retailers Buying Gold Due to High Prices - Gold prices have increased significantly over the past several months. Many jewelers, to combat higher gold costs, have started buying used gold jewelry. Jewelers who buy gold pay customers cash and then resell the jewelry to a processor for a profit. Some jewelers say that the process will help them survive otherwise lean times, while also generating consumer interest in other items.

Richest Emerge as Customer Focus - Economic downturns often mean hard times for retailers, but high-end jewelers can take comfort in new research suggesting that ultra wealthy consumers aren't planning to cut back. Americans who claim $10 million in net worth plan to increase spending near-term, according to research firm Prince & Associates. The 80 percent of the ultra wealthy consumers planning increases may be the customer base of many high-end jewelry retailers looking to weather the hard economic times affecting most consumers.

Competitive Landscape

Jewelry sales depend partly on consumer income. Small jewelers can effectively compete with large chains because price isn't the main factor determining sales. Profitability depends on merchandising and effective marketing. Average industry revenue per worker is about $160,000.

Full Industry Overview For Jewelry Retail

Jewelry Retail Industry Forecast

from Hoover's/D&B subsidiary First Research

US personal consumption expenditures for jewelry and watches are forecast to grow at an annual compounded rate of 6.3 percent between 2007 and 2012.

Spending on Jewelry Growth Strong but Declining

First Research forecasts are based on INFORUM forecasts that are licensed from the Interindustry Economic Research Fund, Inc. (IERF) in College Park, MD. INFORUM's "interindustry-macro" approach to modeling the economy captures the links between industries and the aggregate economy.