With factories shut down and sales of new metal hampered, retailers took the time to sell aged inventory to boost business, according to PGI.
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Though down month-to-month, U.S. retail sales were up 28 percent compared with last year.
Statistics and sales over the last several years have proven that men’s jewelry is now a fast-growing area of the market.
It is expected to account for 59 percent of the $1.4 billion uptick in the total this year, according to a recent survey.
The survey showed Americans are becoming more optimistic about their financial futures and view precious jewelry as an important category.
Millennials were once feared in the diamond industry, but now this younger generation has become today’s largest diamond buying demographic.