Industry specialist Edahn Golan looks at economic indicators to find the roots of $550mil in lost jewelry sales ($816mil lost for specialty jewelers). The cause of declining sales is certainly not to be found in rising prices, as the prices of jewelry, diamonds and gold have all fallen since 2011. His conclusion: "The decline in sales is not necessarily an issue of high prices or a bad price reputation; after all, diamonds and diamond jewelry are luxury items, not a necessity. The half-a- billion dollars in lost sales is a figure significant enough not to be dismissed as a phase. Instead, it warrants a closer examination. In the past, a decline in demand in diamond jewelry preceded wider economic declines. Closer to home, it may simply be a fading awareness of this category among consumers."