More than 147 million shoppers may have hit the stores on Black Friday weekend, but they weren't buying jewelry, according to a new study by the Jewelry Consumer Opinion Council (JCOC).

Of the 2,104 consumers polled by the JCOC during the last week of November, only 16 percent purchased fine jewelry or watches as a gift over the holiday weekend, down from 20 percent in a similar study conducted in 2006.

Nearly 10 percent of those who purchased fine jewelry spent more than $1,000.

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