What do rising gold prices mean for customers who buy jewelry and other products made from gold?
Quite simply, it means prices are likely to continue to rise. Tuesday’s rise might not cause an increase in prices overnight, but as prices continue to move higher, that added cost is passed along to shoppers who buy things like gold rings and necklaces. Q: Has the recent rise in gold prices affected business already? A: Absolutely. Ernest Perry, whose business Perry’s at SouthPark in Charlotte, N.C., specializes in antique and estate jewelry, said retail sales fell 8 percent during his fiscal year ending Aug. 31. Perry said he was surprised business wasn’t even lower in the past year because of the rising prices. As prices have gone up for gold jewelry, Perry said customers are opting for jewelry made with silver or other metals instead. Kitco’s Nadler said India, the world’s largest market for gold, has seen its imports fall by two-thirds so far in 2009. The steep decline in imports in India is “precisely because of price sensitivity,” Nadler said. Of course, given the state of the e
Related Questions
- My customers frequently use third-party credit cards, such as MasterCard and Visa, to buy jewelry at my store. Does this mean I need a Red Flags Program?
- Does Braunschweiger Jewelers buy old jewelry or old gold? How do you figure out the prices for the gold buying offer?
- What do rising gold prices mean for customers who buy jewelry and other products made from gold?
