“I’ll Think About It”

Never before have four little words cost so much. These four words have the potential to cost you a fortune. I am not one for the hard sell; I don’t like it when it’s done to me so I don’t treat my customers this way. When I hear this little profound phrase, I take it as an opportunity to educate. Due to the rapidly increasing price per ounce for gold, delaying an important purchase is going to cost you big time. In the last two years alone, gold has increased from $1,322/ounce to over $5,000 per ounce. That gold purchase or repair you put off has likely doubled or tripled depending on how long you’ve mulled it over. That is real money. Gold costs more because it is worth more. Will it adjust downward? It’s possible. But I doubt we will experience gold below $4,800/ounce ever again.

I’m talking about this today because I have had several customers recently return after a year or two, ready to pull the trigger on a purchase priced out in the past. Unfortunately, those items at that price no longer exist. I know it’s hard to understand. We are in the industry and are constantly shocked at the rate of increase. These are unprecedented times, for sure. I will say, gold is still selling and it’s selling well. Especially yellow gold, because now that it’s so expensive, people REALLY want it! The color of choice is yellow because you can definitely tell it’s gold! White gold is sometimes mistaken for silver and a lot of my ladies don’t like that.

I often hear customers say, “I’ll wait until gold goes down.” This really isn’t a good plan. If you have some time and the internet handy, search for gold prices historically. Sure, you will see a couple dips in the 70s and 80s and a correction after 2008, but the trend is decidedly UP, UP, UP. Personally, I believe $5,000 gold is here to stay.

Twice in the last month, two different customers came in ready to buy the lab tennis necklace they looked at last year. The price had doubled since last year. One couple was shocked to say the least and did not want to pay the premium to get it this year. The other couple bit the bullet and went for it.

Just this week, a woman came in who was gifted a chain and pendant two years ago. She wanted to extend the chain by two inches. The cost to add a little extension was more than what she paid for the entire chain two years ago. This is the current reality we are dealing with daily. It really has forced us to pivot to different options when a gold purchase becomes out of the budget for the average jewelry buyer. A great option has been the Lafonn line in gold-plated over silver. It offers a bold gold look on a budget. Their fashion chains in gold-plated are a fabulous addition to any wardrobe. They offer lots of interesting links and variations on the paperclip chain. They really are a must-see. I loaded up on my display, so you have tons of options to try on. Their cubic zirconia hoops in gold-plated over sterling are an awesome dupe for a $10,000 look.

My customers are savvy. Most of them have had gold in their portfolio for decades and don’t bat an eye at the new prices. They’ve watched their investment grow over the years and are very understanding of the new reality.

I’m not sharing this information to scare anyone. My aim is to educate and inform and offer alternatives. Our store is stocked with many affordable options in addition to high-end statement pieces. My goal is to offer something for everyone. My father always wanted our store to be the opposite of a stuffy, high-end, high-pressure sales tactic retail shop. I aim to continue this tradition of accessible jewelry for all at any price point.

Don’t forget about our free cleaning and jewelry inspection service; it’s a good excuse to pop in and say hi and browse the new offerings. And to all of you who have popped in and complimented my writing, telling me you enjoy my articles more than my dad’s, THANK YOU!