Fewer consumers are expected to choose jewelry items as gifts this year compared to last, a consumer spending researcher said in a National Retail Federation (NRF) holiday conference call with the media Thursday.

Jewelry and precious metals are expected to comprise 22.2 percent of consumer spending in the 2007 holiday season, compared with 26.4 percent in 2006, Phil Rist, vice president of strategy for Columbus, Ohio-based research data provider BIGresearch said. This spending excludes engagement rings, which Rist called the "love market." He added that fine jewelers will continue to be hurt by the amount of "cheap bling," or costume jewelry, now offered at higher-end department stores. For some consumers, this replaces the sale of actual gems and gold, Rist said.

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