Jewelry; The old status symbol

Implications: Jewelry sales will continue to be soft in the U.S, for the foreseeable future. As such, many foreign manufacturers are looking toward Eastern Europe, the Middle East and Far East as growth opportunities.  

Analysis: Ipods, Iphones, big flat screen televisions, these are the new status symbols for the dwindling middle class in the U.S. AS America continues to "cocoon", as gas prices continue to rise, people are staying home, spending less in dining out and therefore have no where to wear jewelry. They also are spending any discretionary income on practical items such as those mentioned.
Manufacturers are spending their dollars exploring opportunities in the Middle East, Far East, and Eastern Europe where a  fast growing middle class still views fine jewelry as a status symbol and in many cases, as an investment. 
There will always be a jewelry business in the U.S. Bridal will always remain a factor. However, for the short term the industry will continue to struggle and the "cleansing" of this industry will continue.