NORTH DAKOTA (KXNET) — Inflation has made a huge impact on every branch of our economy, but how has the jewelry industry been holding up?
According to the U.S. Bureau of Labor Statistics, since 1986, inflation has caused jewelry to go up nearly 2% per year.
Even with the prices of jewelry rising, in 2021, Riddles Jewelry in Minot had a tremendous year, with record-setting sales.
Riddles Jewelry Manager, Lon Hardy says even though he has seen fewer people walking through the doors, it’s hard to judge if inflation is causing fewer customers.
“Those larger purchases, I think have helped to offset it. We came off a very good year last year and so I expected this year that we would be down in business and we were,” said Riddles Jewelry Manager, Lon Hardy.
As far as the future, jewelers say it is hard for them to predict trends for the future.