What is happening to gold and silver jewelry!?!
In the past 10 years gold has gone from around $300 an ounce to $1600 an ounce and silver from about $3 an ounce to $40 an ounce. At the same time, real wages have fallen for most people and credit has become a more precious "commodity".
Of course there are many reasons for those changes and we need not discuss them here. But, we are all affected when it comes to jewelry.
At Foremost a gold pendant selling for $100 five or six years ago was affordable by a large portion of the population. Today, that same piece sells at about twice as much and is beyond what most people want to pay. Silver was affordable by almost everyone and is now beyond the reach of many. Still, we all want to use jewelry to accessorize, so what to do?
Many gold and silver jewelry makers have reduced the number of items they make to only the more expensive pieces, cutting out the products that used to sell to the "average" customer. Others have simply downsized or have gone out of business completely. Still others have evolved by creating jewelry out of different, less expensive materials. Glass, paper, wood , plastic, rubber and leather come to mind. Though these materials and others have been used, in the past, they are rapidly replacing more traditional gold and silver jewelry. Also, in tough economic times, jewelry tends to become larger and jewelry and clothing more colorful. This more easily accomplished with different materials, especially stones, glass and cloth.
Foremost Jewelry & Gifts is now in the process of eliminating approximately 20% of the products it carried in gold and silver. This is due to the reconfiguring of our suppliers products. Once the contraction is complete, Foremost will add additional items not carried in the past. During this period it is important that we keep in touch with our potential customers because of supply disruptions, cancellations and delays. We are here for our customers and appreciate their understanding and patience.
It is said, however, that as one door closes, another opens. I have recently launched The Fashion Garden, a site that offers the average person "Affordable Fashions For Less".
Presently, The Fashion Garden offers new, fashionable jewelry of paper and glass with a lot of colorful stones. To go with this fabulous new look in affordable jewelry, I am displaying cotton skirts, cotton shoulder bags and wool and silk scarves. And, there is much more to come, both in jewelry and other accessories.
Gold and silver has become very expensive to stock, "in house". Even worse, many of those making gold items do not stock or even make a piece until it is ordered. This can delay delivery for weeks. Everything in "The Garden" is in stock and ready to ship the next business day.
For the past 15 years, gold and silver jewelry have been the mainstay of my business. I look forward to staying in that business, but I am excited about the new fashion trends and what they will mean to all of us.
If you have some idea's or insights. Suggestions or comments, please let me know, either on this blog or at "Thoughts. The Fashion Garden".
Thanks! I hope to hear from you, soon.
Don
