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What impact does the financial crisis have on the jewelry industry?
The Influence of Financial Crisis on the Development of Jewelry Industry

Nowadays, the global financial crisis has really brought a lot of influence to the jewelry market. According to incomplete statistics, this year's jewelry sales are far less prosperous than last year, and the sales in the same period are less than half of last year's. Many jewelers also have a headache about this matter, but in order to minimize this dilemma, jewelers have implemented self-help. In this way, a large-scale promotion activity began.

According to Jin Dian, a local jewelry industry leader, the biggest problem faced by the jewelry industry in our city is that the sales volume has shrunk dramatically and there is almost no profit space. People from the Jewelry Association also revealed that at present, some jewelers in our city, whether large or small, are in a very bleak situation. Some jewelry stores don't even have business for a day, but they have to pay the rental fee, employee salary, property management fee and other expenses.

According to Jin Dian, Lao Fengxiang and other jewelry store people, the current jewelry buyers are mainly married young people, mainly buying rings, platinum necklaces, bracelets, etc. In addition, they focus on buying gold bars to increase value and preserve value. Other jewels are even scarcer.

A person from the Jewelry Association said that according to the current situation, it is estimated that less than half of the hundreds of jewelers in our city will survive next year. The person in charge of Chongqing Jin Dian said that under the influence of the financial crisis, the price of gold fluctuated greatly, from the highest 1 1,000 US dollars an ounce a few days ago to 800 US dollars an ounce now, leaving jewelers at a loss. A person from the Jewelry Association said that the jewelry industry has a high demand for styles, and jewelers have to introduce some new styles as much as possible. However, the current price trend is difficult to determine, and the launch of new styles is worried that the price is too high to sell; If new styles are not introduced, customers and markets may be gradually lost. The head of UBS Jewelry lamented that jewelers are holding a wait-and-see attitude at present, hoping that the price of gold will be stable at a level that is convenient for purchase and shipment.

Just when jewelers are facing many difficulties, a campaign to lay off employees and reduce the operating area of storefronts has been launched in the jewelry industry. For the current situation, this is a better idea to save yourself under the influence of the financial crisis.

I hope it helps you.