Seriously now, of course the financial crisis is global and ubiquitous. Banks and the automotive industry are being supported heavily, economic stimulus packages involving mindboggling amounts of money are being passed and still companies lay off workers by the thousands every week.
But in all earnest: jewellers, goldsmiths, gem dealers and all other members of the trade suspect that the jewellery industry could, at the end of the day, be amongst the profiteers of the current crisis.
There are indications nourishing that hope. Christmas business started very late indeed in 2008 – if this trend continues, it might come after the holidays in the near future ;-) – but eventually sales were considered rather good by most.
Fortunately business continued to flourish in the first quarter of 2009. Sales figures don't go sky-high but they do compare well to the first quarter of 2008. Even in February, usually a rather contemplative month for the trade, due to winter depression and school holidays, demand did not stall.
Orders for gemstone engravings (coats-of-arms, monograms etc.) were actually up quite significantly compared to last year.
A quick survey amongst wholesalers draws a pacifying picture: by and large spirits run high and the trade is cautiously bullish. Order books are full and sales are satisfactory.
We think, this will last or get even better for some time to come. Investment counsellors warn of high inflation and urge their clients to liquidate savings accounts and get into tangible assets like real estate and, you guessed it, jewellery and gems.
This does not only affect large fortunes, which is illustrated nicely by what one of our customers recently told us. A man walked into the jeweller's shop, waved 400 Euros and declared that he had decided to surprise his wife with a nice ring rather than taking the money to the bank…
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