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Recession Proof

Fashion Inc.

by Lisa Marsh
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Jul 23 2008 12:00am EDT

Recession-Proof?

It seems high-end diamond jewelry could prove to be one of those recession-proof items.

De Beers SA reported that sales in its De Beers Diamond Jewelers, a joint venture with LVMH Moet Hennessy Louis Vuitton, grew in the high double-digits for the first half of the year. High-end jewelry and bridal diamond jewelry are driving sales, as well as store openings.

Meanwhile, De Beers SA, which doesn't include these sales in its numbers, saw sales up 10 percent for the first half, while earnings were down 9.7 percent. Higher tax rates were to blame for the lackluster profits.

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