Factoid: More Costs More

Funny thing happened the other day. A certain someone came in the shop with a pendant purchased in my shop that she received as a gift from another certain someone. She said there was a problem with the chain - it was too short. My thoughts were the pendant was lying right where it should be, but she insisted she wanted it six inches longer. Most of you know the old saying - the customer is always right - well…sometimes (I added the sometimes!). I said no problem. I’ll take that chain back and replace it with the same exact chain link six inches longer. Now in my defense, this was a heavy chain and six more inches longer costs a bit more than a chain that is six inches shorter. When I told her there would be an additional charge, she went ballistic on me! Excuse me, more gold means more money, we are not talking plastic, rubber or cheap metal here… this is 14kt. gold and an additional six inches of gold is not free (especially when gold is $2,000.00 + an ounce). I had to pay for the chain being longer and so do you, or that certain someone that bought you “the wrong chain” has to pay. There we were at a Mexican standoff; she can keep the original chain or pay a bit more for the longer one. She called the certain someone and he defused the whole situation by paying the difference. Whew!

Just an hour ago, a gentleman came in to pick up his freezer bag full of eleven dead watches. The price for watch batteries is plainly posted on the counter when he left them - I even gave him a break on the price when I completed the eleven watches. He said I overcharged him, they were supposed to be $3 each according to my newspaper advertisement. First off, I told him I don’t advertise I do watch batteries for $3 and never have in 29 years, he was adamant I did. Then he called me John, and he tells me he comes in all the time and I do it for $3. Then I said my name, by the way is not John, and this is only the second time I have seen your face, the first time when you left your watches. You have most definitely mistaken us for another jewelry store. “No, I’m sure it was here, you fixed my Rolex.” Okay, strike three, he’s out. I don’t repair Rolexes. I’m fighting a battle I can’t win here, he’s either disorientated or off his med’s so I charged him what he wanted to pay and chalked it up to Covid Brain Syndrome, and laughed all the way back to my bench… another day in paradise or…did I just get played???? 

For crying out loud, some people have no clue about the current here and now; for most of us it’s common knowledge. When you want a fully loaded new automobile with all the bells and whistles, they aren’t free. A waterfront five-bedroom, three-bath home on Marco is no longer 300K. If you want to fly first class, it may behoove the naïve, the last time I checked it was not the same cost as flying economy. I hope some of them reading this get my point. More is more!

It was a common thing years ago, when a customer lost a gold earring back, I would gladly give them one for free. Today, that same single good quality earring back in 14kt. gold costs more than a half a tank of gas or an average trip for a family of three to McDonalds! Today I have gold or silver plated ones I will gladly comp to my customers - can’t give the gold ones away. Sorry, gold is expensive 

Hey, I understand it makes no sense that they are so expensive. In some cases the earring backs weigh more than the earrings themselves. Just don’t buy the gold ones, the gold-plated ones serve the same purpose and are a fraction of the price.

I look at it this way, if potatoes were $75 a pound, I simply would not buy potatoes and find an alternative vegetable to cook with. The same goes for chain clasps and catches, anything with the words solid gold preceding the article's description. In other words, this thing made out of GOLD is going to cost you. This includes an increase in the price to make your gold rings larger - the process involves adding gold to enlarge them. It’s not my fault your rings are too tight… I told you to lay off the bread! Don’t expect me to. I live for bread.

I was fortunate enough to purchase my current holiday stock of gold jewelry this past summer and early fall before the current gold increase. Buying replacement stock in January 2024 to replace what is sold this coming December should be interesting. If gold continues its uphill climb, it will certainly affect the price of gold jewelry in the future months. 

I know, it's crazy business because when gold was considerably less money per ounce a few years before B.C. (Before Covid) like $1,600, I barely sold any heavy gold chains or bracelets. After the pandemic in 2022 and 2023, gold was mostly around $1,800, still not cheap. I sold more heavy gold items in those two years than I did in the ten years prior! The demand was both women and men equally.

On a good note, sterling silver is still reasonably priced and has not peaked like gold has. 

Speaking of sterling silver, I recently acquired a wonderful exclusive line, “PURE DINK”Pickleball Jewelry for enthusiasts to wear and show the world your passion for the sport. The pieces are also available in 14kt gold, a great holiday gift for you or the pickleball players in your life. 

It comes down to a wait-and-see situation; we have two wars raging in the world, political uncertainty, a roller coaster stock market and don’t talk to me about the economy! All these things are mitigating factors as to why the gold market is where it is right now. An educated gold consumer is a smart consumer; get to know the difference between fine and not so fine jewelry before you spend your hard-earned dollars. I’m happy to answer questions contact me at harborgoldsmith@comcast.net.

Happy Holidays and a Happy Jewelry Shopping Season!

Richard Alan is a designer /goldsmith and owner of The Harbor Goldsmith, Marco’s Island jeweler since 1994. He welcomes your questions and comments about All That Glitters.