Gold Jewelry Sales Are Up.
Free Market News Network, FL
Posted by Barry at 06:18 PM in Precious Metals
National Jeweler reports that despite rapidly rising gold prices, U.S. gold jewelry sales grew in terms of both dollar and unit sales for 2005, according to new statistics from a survey commissioned by the World Gold Council (WGC).
Dollar sales grew 4.4 percent for the year to a record $17.7 billion, the strongest growth for the category since 1999, according to the study, conducted for WGC by GfK Audits & Surveys. In the fourth quarter of 2005, gold jewelry sales rose 5 percent in dollar sales.
For 2005, gold unit sales grew 4.4 percent over 2004, while the average price per unit remained constant at $76.01.
Gold bracelets appeared the strongest category, with unit sales increasing 6.6 percent and dollar sales up 6.5 percent. Gold neckwear posted a 4.1 percent increase in dollar sales, the strongest growth since 1995. Gold earrings continued their 10-year growth streak, with a 5.5 percent boost in dollar sales.
Accounting for 9 percent of market share, non-store retailers showed the highest percentage increase in gold jewelry sales, with a 7.1 percent increase in sales volume (totaling $1.7 billion) and a 6.7 percent rise in unit sales.
With 49 percent of market share, traditional jewelry stores saw a 3.9 percent increase in gold jewelry sales (totaling $8.63 billion) and a unit sales increase of 3.2 percent.
Mass merchants grew their gold business 5.1 percent for the year in dollar terms to $4.07 billion and 4.9 percent in terms of unit sales. For department stores, dollar sales volume rose by 3.7 percent to $3.36 billion and unit volume increased by 3.1 percent.
