US Luxury Jewelers Are Staying a Cut Above 

The Centurion Jewelry Show in Phoenix, Arizona, is one of the bellwethers of the high-end market. Luxury US brands and retailers attend to buy, sell and network at the invitation-only fair. Its early February timing is perfect for post-holiday stock replacement. Products on display range from the mid-priced to the ultra-expensive.

In all the glumness visible in the natural-diamond industry, trading at this year’s show offered optimistic trends. US luxury retailers are holding their own, attracting wealthier consumers with their emphasis on brands and personal service, exhibitors said. Synthetics, which penetrated the high end, are losing popularity among retailers.

America’s economic challenges of the past three years have affected the rich less than the poor. Inflation has potential benefits for those who hold assets, while high interest rates work in favor of those with savings.

A 2023 study by economist Edward Wolff for the National Bureau of Economic Research (NBER) found that the middle classes and the ultra-wealthy benefited from inflation, while lower earners suffered.

When it comes to consumption, the split between income groups is clearer still. Growth in retail spending by those making $100,000 or more per year…