Is It High Time?

Business has never been better. In fact, it’s insane! Even my financial adviser for over 25 years can’t believe the increases in every aspect of my business considering the economy climate, gold at an all-time high at over $2,000 per ounce the result of a stock market frenzy, add in $5 gas prices and $45 rump steaks and what’s now going on in Ukraine…it just shouldn’t be this busy! And you know me…never one to complain…I just can’t figure it out. Along with the real estate boom it could be another bubble about to burst, and burst it will, sooner or later… just not now please!

New stock, old stock, old hand-crafted pieces and newly finished barely off my bench are out the door before I get the price sticker on it. And it is not just me, it’s 90% of all jewelry businesses I have contact with. The diamond industry is selling large diamonds or “Ice” (As some people call them) though it would melt if not sold. Heavy gold items such as men’s chains and bracelets that I could not sell when gold was hundreds of dollars less per ounce are now purchased and worn out the door in record numbers.

Is it high time? That is when something can no longer wait, is it now the moment, the here and now…it means right now?

So, it’s now or never? I have folks who have been customers for decades who I never expected would buy a high-ticket piece even if I sold the piece at cost! Before “High Time” they would just look at certain pieces time and time again and say someday. Someday has obviously arrived.

What on earth has been the deciding factor? At first, I thought it was the result of being cooped up due to Covid-19-20-21-22 and its many variants A-Z. There are so many factors, first no one could not travel, including yours truly, no European buying trips or enjoying my other beloved island Mallorca, Spain. 

Many of us feared going out to eat and forget about attending a movie or anything that involved large crowds! So, to me seeing folks spending a little here and there on a nice piece of jewelry made some sense. It not only brings joy to the one receiving the gift but also the one who presents it!

Demand for luxury items are at an all-time high. I get several calls a week asking if I sell Rolexes (I don’t). Apparently authorized dealers in nearby Naples who do have them have very little if any inventory to sell. New large boat purchases have a yearlong waiting period. The catch phrase I hear everywhere for mostly everything is “it’s on back order”! Most places will gladly take full payment in advance, and tell you, “Oh! By the way it’s back ordered!”

I’m more than well stocked with beautiful items. I try to encourage folks to buy what I have in my cases and discourage people wanting to flip pages in a catalog on items I don’t normally stock, because the reality is…most likely what they pick out will not be in stock, it’s back ordered (indefinite date) or totally discontinued. It is a total waste of time and energy for even when the piece is finally available the customer, who by then has now forgotten, lost interest or went back up north or west to be scattered in the wind. 

That reminded me of a sign a shop owner in my home town had posted… “If we don’t have it, you don’t need it!”

It’s a crazy world out there in case you haven’t noticed. Reminds me of an incident to prove my point a couple of years ago. It was a busy morning and all my sales persons were busy with customers, including myself, when a gentleman burst into the shop saying he was on his way to the hospital - he believed his wife just suffered having a heart attack in the car. I stopped what I was doing and asked if he wanted me to call for an ambulance? He said that would not be necessary, he was on the way to the hospital and could he please get a repair envelope and leave his wife’s broken gold anklet to be repaired? This is for the same woman out front experiencing a heart attack? He scribbled his name, took the receipt, and flew out the door, leaving everyone in stunned silence! What just happened? Was that a dramatic ploy to get to the head of the line? I never got to ask him about his wife’s condition when he picked up the repair a week later.

While writing this I had two separate customers ask to see my selection of silicone rubber wedding bands. Needless to say, I don’t carry matching rubber wedding bands. At first, I laughed at the first couple, I apologized for being rude, little good that did. Then after the second request only an hour later I got to thinking, if gold skyrockets up to $5,000 an ounce like a certain investment forecaster predicts, junk metal, wood, plastic and rubber wedding bands could become a reality! I wonder how much silicone rubber is an ounce. I may be hanging a new sign in the future…WE BUY SILICONE IMPLANTS FOR CASH! 

Richard Alan is a designer/goldsmith and owner of The Harbor Goldsmith, Marco’s go-to jeweler since 1994. His shop is celebrating over 25 years serving Marco Islanders and visitors alike. He welcomes your questions and comments about All That Glitters. www.harborgoldsmith.com.