Up, Up and Away!

I recently predicted $5,000 gold by Valentine’s Day. I should have kept my mouth shut, but I do love being right. It hasn’t quite hit, but we’re hovering around $4,890 as I type this up so it is imminent. I won’t get into the hows and whys this is happening, but I will discuss what this means for your local beloved hometown jeweler. This is something I can actually speak about with authority.

I have found it to be the most traumatic to the average jewelry buyer and basic jewelry repair customer. The ladies and I up front spend a much longer amount of time justifying the higher prices because a lot of people don’t follow the metal markets. If someone hasn’t set foot in a jewelry store for many years, they are blindsided. It can be very stressful, but I am a committed entrepreneur and young enough that I can adapt and improvise and overcome. Some of the more mature goldsmiths and purveyors of fine jewelry are considering hanging up their torch and moving on to greener pastures (Like my dad, for example). Gold jewelry in stock that has had more than one birthday and isn’t selling is getting melted and liquidated for cash. Going out of business sales in my industry are more and more common. Many of these older Mom and Pop jewelers have found that their children are not interested in a risky business subject to the whims of a volatile metal and stock market. Owning and running a small retail business is not for the faint of heart!

Honestly, I’m up for the challenge. I know people will always have a need for jewelry repair. Our goldsmiths are highly skilled and well compensated for that skill. We are fortunate to have two expert goldsmiths with decades of experience. When I examine a piece of jewelry for repair, I always offer a cost-efficient approach first. I know people want to save money. Heck, I want to save money, too. What this looks like in practice is choosing a gold fill lobster claw instead of solid gold or repairing one prong instead of replacing an entire head. Workaround alternative options are becoming more commonplace. Certain things can be done to save money and still look like the perfect repair. One thing we won’t do is compromise someone’s jewelry because they suggest we use silver to repair a white gold or platinum piece.

Scrapping your old gold towards a new purchase or repair has been a great option as well. People are getting more for their worn-out and beyond-repair gold jewelry than they paid for it 30 years ago! It’s become more common to tell someone their item is no longer worth the investment in repair. The most common culprit in this scenario is hollow gold rope chains and microscopic thin gold chains, a whisper away from breaking again. We call this “disposable” jewelry. With current gold prices, it’s still not considered cheap, but it’s so lightweight I can’t fix it when it breaks. I have done everything in my power to avoid carrying such products in my store. I have been forced to source gold plated over sterling chain for my store so I can offer an item more affordable when solid gold is out of budget. With proper wear and maintenance, these will last a very long time. Avoiding hot tub and pool chemicals and salt water will preserve the gold plating process.

My main point I am trying to make clear is that we care about affordability more than you know. We are constantly discussing the future and what we can do to fill the needs of our wonderful clientele. We do not take these issues lightly, and we are committed to staying lean and mean and continuing to offer fair pricing. I strive to offer a retail selection to suit any budget. I never want anyone to leave my store feeling like there isn’t anything for them here. That can lead to a negative experience. I believe that everyone deserves a little sparkle in their life. I want everyone to leave my shop a little happier and shinier than when they walked in!

Take advantage of our free cleaning and inspection services. It’s more important than ever to stay proactive when it comes to repairs and maintenance of your fine jewelry. The old saying “A stitch in time saves nine” is true; missing prongs or excessive wear will lead to catastrophic diamond or precious gemstone loss, and that I can guarantee will cost more than replacing a prong or two. The honest-to-goodness reality is that beautiful, solid gold jewelry you purchased years ago can be worth three to four times what you paid. Don’t believe me? Just wait and see what it will cost you to replace your favorite bangle bracelet that you lost due to not adjusting or repairing a malfunctioning clasp. Okay, lecture over. Pop in and say hi! Thank you again, Marco Island! *Gold crept up another $30 while I wrote this article.