Retail in Asia

In Sectors

Is the Ashley Madison hack sparking a jewellery boom?

It’s been a tough week for Wall Street, but there is a silver lining.

Market analyst Jon Najarian pointed out that Signet Jewelers has seen a spike in the last five days of trade, rising 1.05 percent. Similarly, online bling purveyor Blue Nile, while down 1.05 percent Friday, soared on Wednesday and Thursday last week.

Coincidence? Maybe, not. The jewelers may need to thank Ashley Madison’s hackers, who dumped millions of email addresses and credit card details online this week. Ashley Madison promised anonymity and specialized in enabling infidelity. Two other Avid Life Media hook-up sites, Cougar Life and Established Men, were also hacked. Victims of the hack are in hot water and could be trying to smooth things over with their significant others in the form of something sparkly.

(Source: CNBC)