BUSINESS

Diamond Industry Rocked By Recession

04/28/2009 05:12 am 05:12:01 | Updated May 25, 2011

Last fall, recession-wary Americans more concerned about basics than bling began to lose interest in diamonds and other jewelry, and now the sales slump is reverberating around the world.

Retailers are taking a big hit. Tiffany said Monday that its profit dropped more than 75 percent in the fourth quarter. Lynn Jewelers, a downtown Washington presence since 1946, closed its doors last month. Christian Bernard Jewelers, a national chain with several stores in the Washington area, has shut down, as well. They are among 1,000-plus jewelers across the country to go out of business in the past year.

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