Demand for precious jewellery, particularly D- and E-grade diamond pieces, was revived at the August meeting of buying group the Company of Master Jewellers (CMJ), which attracted a record 500 delegates to the event at Chesford Grange. At previous meetings since the recession hit, CMJ members had been focused on topping up stock and buying into fashion lines such as beads but the mood has significantly shifted.
Sales of the CMJ’s own diamond brand MasterCut rocketed 500% in the eight weeks to September 15, and the group’s 12 key diamond suppliers reported that the August buying meeting was their best in 18 months – exceeding pre-recession meetings.
CMJ chief executive Willie Hamilton said: “There was a great buzz at the meeting and buyers are now realising that they have to shop across the mix. At the beginning of the year people were so cautious but now they realise that precious jewellery has held its value.”
Quality watches from brands including Raymond Weil moved well despite fears from independent retailers that multiples will repeat the heavy festive watch discounting experienced on the high street last year.
Platinum sales were said to be “exceptional” and there was increased interest in palladium jewellery as a result of the hallmark coming into place in July. Gold, however, evoked more caution from buyers due to continuing rising prices which broke the $1,000 per oz barrier in September and could be set to rise again.
Sales of the CMJ’s own diamond brand MasterCut rocketed 500% in the eight weeks to September 15, and the group’s 12 key diamond suppliers reported that the August buying meeting was their best in 18 months – exceeding pre-recession meetings.
CMJ chief executive Willie Hamilton said: “There was a great buzz at the meeting and buyers are now realising that they have to shop across the mix. At the beginning of the year people were so cautious but now they realise that precious jewellery has held its value.”
Quality watches from brands including Raymond Weil moved well despite fears from independent retailers that multiples will repeat the heavy festive watch discounting experienced on the high street last year.
Platinum sales were said to be “exceptional” and there was increased interest in palladium jewellery as a result of the hallmark coming into place in July. Gold, however, evoked more caution from buyers due to continuing rising prices which broke the $1,000 per oz barrier in September and could be set to rise again.
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