A jeweler sets stones in a ring (Israel Diamond Institute) 

An economic crunch can have the oddest effects. Surely it comes as no surprise that in times when people are watching their wallets, sales of new jewelry fall, but it seems that the drop in new jewelry sales can actually benefit another sector – local jewelers!

A report by the KNDO NBC outlet said that the past few years have seen resurgence in the number of jewelry customers looking to repair pieces rather than splash out on new ones, especially with the price of gold at record levels (gold hit an all-time high in September 2011 and has become more expensive than platinum.)

Vincent Rundhaug, who owns Desert Gems, told KNDO that people were “digging through their jewelry boxes” and finding older pieces to bring in for “resurrection.”

Jewelry repair doesn’t just mean fixing a broken clasp. While jewelry trends don’t change quite as quickly as fashions in clothing, some styles can look dated. Customers are bringing in older pieces to have them re-set.

Not only can diamonds and other precious and semi-precious stones be “rejuvenated” by new settings, the rocks themselves can be overhauled. It isn’t unusual for exceptional diamonds to be re-cut to improve their color or clarity, but even the stones in standard consumer-quality jewelry can be improved.

According to the CEO of Sarin Technologies, an Israeli company that develops, markets, and manufactures equipment for the diamond industry, billions of dollars’ worth of polished diamonds are bought back from consumers wishing to upgrade their jewelry every year. So if you have old diamond jewelry lying around, see if your local jeweler can help put a new face on it!

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