IDEX Research finds that in 2012 for the first time, sales in America of jewelry and fine watches exceeded $70 billion. It is not clear from this story at National Jeweler whether resales were counted or not.
Our guess is not. But pawnbrokers should be happy anyway.
First, it gives more Americans more stuff to pawn if they feel like it. Second, it provides the wherewithal for pawn shops’ important business in recycled (second-hand, vintage, collectible, historical, retro) jewelry.
Bigger pie, bigger slices.
The percentage increase in the fine jewelry business was not as great as in 2011, but that year the prices of gold and other precious metals zoomed. In 2012, metals’ prices were up, but not as much, so the gain came from more sales.
That is, more Americans felt able to afford fine jewelry and watches last year. As our source for this story at Little Green Footballs notes, that should be taken as a vote of confidence in the overall economy.