The surprising reason Americans aren't buying jewelry

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Analyst: I'm careful with Tiffany

You've probably seen the commercial: A beautiful smiling woman proclaims "He went to Jared!" and hoists her hand, which is adorned with a new dazzling diamond engagement ring.

But now "he" isn't going to Jared anymore.

According to Bloomberg, same-store sales at the nation's 270 Jared jewelry stores dropped nearly 8 percent last quarter. Jared's 24 Texas locations accounted for half of the sales slump, which analysts say is a result of the U.S. oil glut.

But Mark Light, CEO of Jared's parent company Signet — which also includes sister brands Kay Jewelers and Zales — says Donald Trump and Hillary Clinton are also to blame. Light tells Bloomberg that fewer Americans are purchasing jewelry because of the turmoil of the presidential election.

Light describes it as "a consumer mindset issue" that is impacting the entire wedding industry. He tells Bloomberg:

"(Consumers) just want to get some stability and understand what's going on as a whole in the world, and what's going on in the presidential election."

Tiffany & Co. also reported an 8 percent slump in existing store sales during the second quarter of 2016, according to The Wall Street Journal. Mark Aaron, Tiffany's vice president of investor relations, also claims the contentious presidential election is largely to blame for fewer Americans buying jewelry. He tells the Journal:

"We believe that macro market and political uncertainties are likely playing a role in restrained consumer behavior."

See which department stores are struggling in 2016:

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TORONTO, ONTARIO, CANADA - 2016/03/08: Sears store entrance, is an American chain of department stores. Known for selling high quality clothing article from shoes to shirts. (Photo by Roberto Machado Noa/LightRocket via Getty Images)
Macy's Inc. signage is displayed at a department store in New York, U.S., on Monday, Feb. 22, 2016. Macy's Inc., the largest U.S. department-store company, is scheduled to report fourth-quarter 2015 earnings before the opening of U.S. financial markets on February 23. Photographer: Michael Nagle/Bloomberg via Getty Images
J.C. Penney Co. signage is displayed outside of a store at the Gateway Shopping Center in the Brooklyn borough of New York, U.S., on Saturday, Aug. 8, 2015. J.C. Penney Co. is scheduled to release earnings figures on Aug. 14. Photographer: Michael Nagle/Bloomberg via Getty Images
UNITED STATES - JUNE 09: Customers enter the Dillards department store at Parkdale Mall, in Beaumont, Texas, Wednesday morning, June 9, 2004. A judge declared a mistrial in a lawsuit brought against Dillard's Inc. by 17 black shoppers in Texas who claimed that security guards at the department store chain harassed them because of their race. (Photo by Scott Eslinger/Bloomberg via Getty Images)
MIAMI, FL - APRIL 19: A Nordstrom sign is seen outside a store on April 19, 2016 in Miami, Florida. Nordstrom on Monday said in a cost-cutting measure they are expecting to lay off 350 to 400 people. (Photo by Joe Raedle/Getty Images)
The sign outside the Kmart store is seen in Broomfield, Colorado November 19, 2009. Sears Holdings Corp posted a narrower-than-expected quarterly loss November 19, 2009, helped by the first increase in same-store sales at its Kmart unit in four years. REUTERS/Rick Wilking (UNITED STATES BUSINESS)
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In addition to dealing with the recent dip in same-store sales, Signet is also trying to recover from allegations that its jewelry stores — including its Kay and Signet brands — swapped out customers' diamonds for cheaper, lower-quality gemstones, CNBC reports.

Light says he expects jewelry sales to pick up again once the election is over.

Has uncertainty about the election caused you to hold off on any purchases? Share your comments below or on Facebook.

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