MW 'No one wears bling': What does it say about America if people are afraid to wear their jewelry?

By Quentin Fottrell

'I've been to many shows, operas, big parties and fundraisers'

We are living in a two-tired K-shaped or even a three-tiered E-shaped economy where different income groups are experiencing vastly different realities.

Conspicuous consumption is out.

And this MarketWatch reader has noticed. "Is this a crazy question?" she asks. "Everywhere, in every city in the world, there are high-end jewelry stores selling gorgeous pieces, and yet you never seem to see anyone wearing them. I've been to many shows, operas, big parties and fundraisers, and no one wears bling. What do they do with them? Do they wear them at home? What does it say about America if people are afraid to wear their jewelry?"

We are living in a two-tired K-shaped economy where different income groups are experiencing vastly different realities, particularly with rising prices. Inflation surged in late April and May, and higher-income households showed stronger demand for luxury goods. Others pointed to an E-shaped economy split between upper, middle and lower-income groups. Wealthy consumers may be hesitant to wear their most precious stones. Conspicuous consumption has, among some groups, been replaced by quiet luxury and $600 cashmere baseball caps.

Culturally and politically, there is a time for showing off your precious gems and, with the wars in Iran and Ukraine, the Israeli bombing of the Gaza Strip, and concerns about the impact of AI on the jobs market at home, some wealthy Americans might be reading the room, and deciding that this isn't the time to show off their bling 1980s-style. Jobs data for May surprised most economists on the upside, but again this success appears confined to certain pockets - healthcare and AI, among them.

Wealthy Americans might be reading the room, and deciding that this isn't the time to show off their bling 1980s-style.

Moody's chief economist Mark Zandi points to deeper concerns that should worry all income groups. "The economy isn't just soft, it's struggling," he wrote on X last week. "That's the clear message in the flood of economic data released today." He pointed to first-quarter real gross domestic product being revised down to 1.6%, an unexpected decline in core capital goods in April and weaker-than-expected new home sales as higher mortgage rates spooked homebuilders.

"Then there was the decline in real disposable income and another sharp decline in the personal saving rate, which has only been briefly lower in the housing bubble twenty years ago," Zandi added. "Consumers are running out of financial resources to maintain their spending, which stalled out last month. And then, of course, there is the surge in inflation, which is closing in on 4%, double the Federal Reserve's target. And of all of this, with the benefit of massive deficit-financed tax cuts."

To the reader's point: parts of the luxury goods market are softening, and people are more security-conscious about where they wear their watches and rocks, a sign that all is not as it seems in the economy. This is perhaps due to videos circulating online of gangs breaking the windows of jewelry stores, along with footage of items being snatched off people's wrists by masked assailants on motorbikes. A gang smashed the windows of one New Jersey jewelry store in April, stealing $1.7 million worth of goods.

An estimated 33,362 watches were stolen last year, making this country the global front-runner in watch theft.

An estimated 33,362 watches were stolen in the U.S. last year, making this country the global front-runner in watch theft. There were more than 1,200 crimes against jewelry stores in the U.S. last year, resulting in $140 million in lost merchandise annually. U.S. law-enforcement agencies have warned about "snatch-and-grab" thefts in retail areas and parking lots, with organized criminal groups following shoppers who are leaving upscale shopping districts or targeting them as they walk their dogs.

Whether you're swanning around with an iPhone $(AAPL)$, a gold Rolex watch, a diamond ring or a string of pearls, it's important to be vigilant, especially when walking from your car to an event. Even if you wear costume jewelry, you may not necessarily be safe. Masked thieves don't come armed with a jeweler's loupe to assess the carat weight of your diamond earrings. They look for big rocks, shiny objects and fancy baubles, and they will snatch them regardless of their value.

You're not always secure in your own home, either. The Los Angeles Police Department ahe New York Police Department have warned of an increasingly popular jewelry-swapping scam. Thieves call at the homes of elderly people or approach them on the street with fake jewelry, distract them, and remove their real gems. "The jewelry-swap scam is a deception theft that targets primarily older adults," Kevin Kelly, the NYPD's chief of crime-control strategies, warned in a Facebook video (META) last month. "They are targeting anybody that has visible jewelry."

Whether you're swanning around with an iPhone or a gold Rolex, try not to flash them when you're out in public.

Signet Jewelers $(SIG)$, the owner of retailers Kay, Zales and Jared, on Tuesday reported a profit of $31.7 million for the first quarter, down from $33.5 million a year earlier, the Wall Street Journal reported. Last year, Signet chief executive officer J.K. Symancyk told the company's earnings call that growth had been "elusive" in recent years. Industry revenue has declined at a compound annual rate of 3.6% over the past five years and is expected to reach an estimated $60.3 billion in 2026.

"The Jewelry Stores industry is in a clear downshift, even if the broader jewelry market still looks healthy on the surface," IBISWorld, an industry research group, reported. "Retailers are dealing with softer volumes at the counter, as shoppers take longer to decide, postpone nonessential purchases, and increasingly compare prices across different channels. At the same time, they're wrestling with higher metal costs and more price-sensitive customers, which puts pressure on profit."

As for the original question about wearing jewelry in public and making sure you don't get robbed. If you have expensive rocks, make sure they're insured and don't store them in obvious places, such as the bedroom. That's usually the first place burglars look. Cover them up when you're out in public, especially when entering or leaving a high-profile event. And don't post about your possessions or your trips out of town on social media. If you do wear an expensive watch or bracelet, enjoy the moment.

Even if you believe it's time to store cash, this moment is all we have.

Related: ??My mother is giving away my late grandmother's jewelry. Is it OK to accept a piece from her collection - and then sell it?

The Moneyist regrets he cannot respond to letters individually. Check out The Moneyist's private Facebook group, where members help answer life's thorniest money issues. Post your questions, or weigh in on the latest Moneyist columns.

More columns from Quentin Fottrell:

Our wedding guests gave money to St. Jude's Hospital. Can we write off their donations?

My husband took out a $100,000 Parent PLUS loan for his daughter. She dropped out, citing mental-health issues. Should we refinance?

I'm selling my $1 million Maui home. Will my agent charge me less than a 6% commission?

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-Quentin Fottrell

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June 06, 2026 19:15 ET (23:15 GMT)

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