A jewelry store owner says sales are not seeing a surge as demand from consumers surges.
But he also says consumers aren’t spending their money on high-end jewelry because of the low price of the items.
The jewelry business has been the main source of revenue for the Jeweler’s Club of New York for more than 30 years.
But the company is seeing more and more customers wanting to spend their money online, he said.
“There’s an increasing amount of money going into the Internet-based businesses,” said Eric Hochberg, who owns The Jeweler, a popular jewelry store in downtown New York.
“They’re not buying it in person anymore because it’s so inexpensive.
It’s so cheap online.”
The trend of online purchases has also led to a spike in the price of high-dollar jewelry, especially in the United States.
The average price of a diamond ring in the U.S. rose by nearly 60 percent between 2005 and 2016, according to the American Gemological Association.
And Hochbund says a lot of jewelry is going online for the same reason people are buying more and less jewelry: the convenience of having the option of shopping online.
Hochbunberg said that’s why the Jewelers Club of NYC is doing a big promotion this summer: they are offering a 20 percent discount on all purchases with coupon codes at checkout.
Hichberg said he’s seeing the same trend among the more affluent jewelry customers.
“The jewelry industry has been doing this for a long time.
And they’re really starting to see a huge opportunity for the consumer,” he said, adding that some consumers have been buying a lot more expensive jewelry, too.”
If you’re going to buy jewelry, you want to get a lot higher quality.
And that’s where I think there’s a big opportunity to make a lot,” Hochbulberg said.
The trend has been growing as more people spend more time on their phones.
The National Retail Federation says the average American uses one smartphone per day.
And some people have even started to opt out of paying for jewelry online altogether.
According to the National Retail Association, nearly 1 in 3 U.N. children now lives in a mobile home.