Turning a Bust into a Boost

(diamonds.net) - With inflation at or near a two-digit figure in the US and Europe, disruptions in the global supply chain, and an energy crisis recently exacerbated by the closure of a major Russian gas pipeline, the bells of recession are tolling more loudly. The US gross domestic product (GDP) for the second quarter was down 0.6% compared to the first, while Signet Jewelers — the country’s largest retail jeweler — saw revenue decline 1.9% in the three months that ended July 30. Last year and the beginning of this one brought jewelers bumper sales, as many consumers who were unable to travel swapped the sun of exotic destinations for the sparkle of a jewel. But as the economy changes gears, are jewelers getting ready? And have the recent pandemic-induced economic shocks and 2008 global financial meltdown provided lessons on how to weather yet another storm?