Gold Jewelry Sales Down In Some Countries
The recession has affected gold sales in some countries and one of the countries that is seeing a dip in jewelry sales is Japan. They have reported their gold jewelry sales were down by 11.3 percent during the month of April. Art work and precious metals also dipped by 20.5 percent in sales in Japan recently.
The Japanese government has initiated handing out cash benefits to increase consumer spending. The Department of Japan Stores Association said the cash handouts should be felt by Department stores in the month of May in their major cities. Jewelry stores are being hit somewhat hard. Sales of items such as 14k gold chain, 14k Gold Ring, rose gold chain and yellow gold chain are all down, unfortunately for them (and the economy).
According to reports gold futures have been doing a brisk business in Japan and the Tokyo Commodity Exchange Inc. The mini gold contract that was commenced in 2007 had a record high last month that exceeded the standard gold contract. There are approximately 20 percent of the investors that are investing in the Tokyo Commodity Exchange Inc. mini contract with approximately 10 percent of these investors actively trading in the market.
