The tiffany jewelry industry could sure use the boost. Big names like Tiffany –the company’s earnings dropped 62% in the first quarter of 2009 to $24.3 million from $64.4 million in the same quarter last year–jewelers are feeling the effects of the downturn like every other industry, and maybe more in some cases. Global sales of luxury jewelry and watches are expected to decrease by 12% during the second half of 2009, according to global consulting firm Bain & Company.

Charlie Munger once asked, “Name the one product who’s price can be raised and still experience increased sales.” The answer: luxury goods. There’s no substitute for the feeling that she gets when she’s opening a blue box from Tiffany’s. Folks will pay up for that priceless moment.

The majority of retailing businesses have very little in the way of competitive advantages and several disadvantages. First, there is inventory obsolescence. If you are in the fashion business, your products have a shelf life of a few months before they are marked down. This is a problem in any economic environment, but a disaster during a recession.

Brides and grooms might still be spending beyond the engagement ring, but they are taking a less traditional approach to day-of wedding jewelry. While diamonds and pearls remain popular, there are plenty of alternatives just as appropriate and which can be worn after the big day.

“Jewelry is the one thing that outlasts the cake, champagne and music,” says Denise O’Donoghue, beauty and jewelry director of Brides magazine. “Brides continue to spend money on jewelry for their wedding day

This season, jewels are more than simply diamonds and pearls–and can be mixed with office and weekend wear

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