December 10, 2001
Diamond Jewelry Sales Surge
Jewelers on 47th St. in New York City's diamond district, as well as in other parts of the country, are enjoying healthy sales this holiday season, reported The New York Times Dec. 9 .
The newspaper cited the increase in engagements as well as the emotional impetus of remembering a loved one after the Sept. 11 attacks. "A lot of people are spurred by the feeling that you never know when something's going to happen," said one merchant. One buyer spent $8,000 for an engagement ring he had been promising his wife for 10 years. When they were engaged, they didn't have the money for the ring.
NYT noted there were bargains this year, especially in districts like 47th St., but cautioned readers to be careful. "Low prices are not always a guarantee of a good deal. Among the so-called bargains may be many overpriced and misrepresented gems," the newspaper said, after consulting with experts.
The article encouraged readers to become familiar with the 4 Cs, consider seeking an independent appraisal and ask about certificates. In a section on the conflict diamond problem, NYT cited the recently completed recommendations by the Kimberley Process to create a certificate-of-origin system. It also mentioned the legislation passed by the U.S. House of Representatives giving the president the authority to bring sanctions against nations refusing to adopt a diamond tracking system. The newspaper recommended concerned consumers continue to tell jewelers they want the problem stopped.