The world is all connected.
Major events happening thousands of miles away, that seem completely unrelated to something like jewelry, can suddenly impact your engagement or wedding.
At the moment, we’re carefully monitoring the ongoing Russian invasion of Ukraine. The human toll is horrific, and almost unimaginable in 2022.
As part of the response to this conflict, the U.S. government banned the import of Russian diamonds.
Even before this conflict, the price of diamonds was spiking in late 2021 and early 2022. Now, with about a third of the world’s supply of diamonds coming off of the market, supply is tightening as demand remains high. That means prices may continue to increase.
The price of gold is also impacted by the invasion. As investors worry about the performance of the stock market, many rotate investments into safer alternatives like gold. That drives the price of metal upward, impacting the price you pay for a wedding band, engagement ring, or any other piece of jewelry.
This month, gold peaked well over $2,000 per ounce. It has since stabilized, but it remains very high relative to past years. A similar spike occurred as COVID-19 emerged, and investors also flocked to “safe haven” investments.
While this may make it sound like a bad time to purchase jewelry, it actually presents an opportunity.
First off, this is a terrific time to sell any jewelry you no longer wear. At the end of this month, we’re hosting a Spring Jewelry Buying Event. Check your jewelry box, and make an appointment so we can make you an offer.
If you are in the market for a new piece, like an engagement ring or wedding band, this is a reminder that purchasing jewelry is an investment; something that will hold its value over time.
It also should inspire you to find deals and value by shopping in store. We do not re-price the beautiful jewelry that we have in our showcase every day. It’s given one fair price based on an average cost of gold. And we make sure we purchase when the metal markets dip, not when they peak.
So, if you select a piece of jewelry out of our showcase, you’re likely paying less than you would pay to special order the same item at the current, high price of gold.
Remember, you can always track the price of gold on our website.