Love on a Budget : Valentine’s Day: Despite the tough economic times, people are still giving jewelry.
Despite a cut in pay and hours, Landon Heine paid cash for the diamond engagement ring he intends to slip on his girlfriend’s finger today.
It wasn’t easy. It took six months of saving, going without things such as lunch or oil for the car.
But it paid off Thursday when he picked up the ring at Joseph’s Fine Jewelers in Ventura, with his girlfriend’s three young children in tow.
“The economy is not too good,” said Heine, a Ventura pipe fitter. “This takes willpower and a strong desire to make someone happy.”
Despite the recession, people still seemed to be buying jewelry for their sweethearts on Valentine’s Day. But they are spending less, asking more questions and usually seeking financing, some Ventura County jewelers reported.
And the hottest item for this Valentine’s Day is a bargain. It’s something called “pink ice.” It’s actually pink cubic zirconia, an inexpensive diamond imitation that looks authentic to the untrained eye.
“It’s the fad now,” said Laura Lamberson, a saleswoman at William Pitt Jewelers. “You get an impressive piece of jewelry for a little bit of money.”
But Tom Lyle, a construction worker, wasn’t interested in buying anything artificial. He had just landed a job and wanted to splurge on his girlfriend, Jennifer Rasmussen.
He spotted the opal ring that she had ogled earlier and told Lamberson to wrap it up. He made a $75 down payment toward the $195 purchase price and financed the rest.
“I just got this job after looking real hard,” he said, waiting for credit approval. But his money worries were not completely over. He had already missed several days of work because of the rain, and more rain was in the forecast.
A few doors down at Buenaventura Plaza, Jason Gray was also applying for credit with J. Burton Jewelers. Stationed with the Seabees in Port Hueneme, Gray was buying a pair of diamond earrings for his girlfriend.
Like some other stores, J. Burton was offering customers no-interest financing for one year to bring in more business.
The recession has caused a drop in business for many jewelers. The slump was evident at the end of the year when Zale Corp., the nation’s largest retail jewelry chain, announced that it was closing some of its 400 stores nationwide.
Earlier this month the company, which has a store at The Esplanade in Oxnard now offering discounts up to 60% on its jewelry, filed for protection from creditors under Chapter 11 of the U. S. Bankruptcy Code.
Some jewelers in Ventura County said sales were off, but most insisted that business was healthy.
“Business has been better than last year,” said Steve Weiss, manager at Kirk Jewelers at The Oaks mall in Thousand Oaks. “We’re selling the $24 item as well as the $3,000 item.”
Like other jewelers, he stocked a few ladies rings in pink cubic zirconia for Valentine’s Day, unsure if they would sell.
“People are starting to ask about it,” he said. “They’re not knocking down the doors.”
Nonetheless, the six rings, all set in 14-carat gold, all sold. The prices were $250 to $400. Had they been set with real diamonds, the cost could have been around $15,000, he said.
Customers are buying, but they’re not buying the “big ticket items,” said Joe Daquino of McClave Jewelers in The Oaks mall. “People are looking more for value.”
Since money is tighter, customers are asking more questions about the quality of different pieces, said Richard Koven, whose family owns Hart’s Jewelers in Thousand Oaks.
“We’re still selling the big ticket items,” he said. Even the weather hasn’t hindered sales, he said. “During the rain on Monday, six men came in and bought Valentine’s Day presents.”
