US Jewelry Store Sales Rise Sharply in August

American shoppers are continuing to increase their purchases of jewelry despite a drop in sales in August from July.

Jewelry store sales in the United States jumped 6.9 percent on the year in August to $2.389 billion, writes the Rapaport News service.

The increase is below the 9 percent recorded in July, however jewelry store sales for the first eight months of this year show a 9.2 percent rise on year to $19.652 billion.

The consumer price index (CPI) for jewelry in August rose just 2.5 percent on the year, however, indicating that stiff competition is preventing jewelers from increasing prices despite the strong demand.

Meanwhile, the National Retail Federation (NRF) reported that retail sales in a wide range of sectors rose in September.

“Retailers witnessed a solid sales performance in September, with marked gains in all sectors, excluding clothing,” said NRF President Matthew Shay.

“The American consumer remains ever-cautious and value-driven but continues to spend. Only time will tell if and when the government shutdown and debt ceiling debacle will impact retailers and consumers this fall and winter. The true economic impact of Washington’s inability to enact policies that enhance and sustain economic growth and certainty remains to be seen.”