Is it good to idea to open a business during this economic downfall time?

I think a jewelry business is probably one of the worst businesses to start right now. People are cutting back on unnecessary spending, and luxuries like jewelry are the first to go.

Instead, I would focus on recession-proof businesses, or those that cater to budget shoppers. Dollar stores and low-cost restaurants like McDonalds are doing killer business now. I'm not saying to do one of those, but you need to go where the shoppers are or you will most likely struggle. Think "budget-conscious" or "necessities".

If you have your heart set on the jewelry business, I would suggest you do it online first as a test. That way you can keep your costs relatively low and ultimately risk less.