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Diamond News Broadcast

Jewelry Sales, Inflation Soar in 2011
Nov 16, 2011 6:30 PM   By Rapaport News
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Sotheby's Geneva achieved $70.2 million in its sale of Magnificent Jewels this week, which was 82 percent sold by lot. The top lot was the new ''Sun-Drop'' diamond, a 110.03-carat,  VVS1 fancy yellow stone that sold for $12.36 million. Jewelry sales in the U.S., for the most recent reporting month, were certainly stronger in September, however, there is a caveat to the good news. Consumer price inflation for jewelry has pushed into record territory several months this year due to record gold and near record silver prices. Diamond prices too have been on the increase, although in recent months the prices have stabilized. Compared with what one could consider to be the best most recent year, 2007, September jewelry sales were up only 4 percent, not even accounting for inflation, which has surged 24 percent in the past four years. Also in the broadcast, a summary of retail sales from DGSE Companies, Gitanjali Group, Rajesh Exports and Richemont.
Tags: 2007, 2011, inflation, Jewelry, monthly, prices, Rapaport News, sales
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