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Tuesday, 20th December 2005 (5867 views)

US luxury retailers and department stores are lacing their gloves for battle in the final days before Christmas, with gold jewellery expected to fly off the shelves, Bloomberg reports.

J.C. Penney is among those hoping to cash in on yuletide trade through a bitterly aggressive pricing strategy.

On Saturday, the retailer slashed the price of a 10-carat gold, half-carat diamond ring from $336 to just $99.

But Macy's has been quick to respond and is chopping prices by up to 60 per cent on some apparel in a bid to secure festive trade.

The company will keep its department stores open until midnight from tonight (December 20th) while rival Sears, Roebuck & Co is slashing at least 50 per cent off all items, including jewellery.

This can only be good news for the US' jewellery-buying public.

Luxury goods retailers are expected to enjoy a strong end to the year, with the International Council of Shopping Centres predicting a 4.5 per cent year-on-year boom for the season.

 

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