Jewelry hasn’t lost its shine for gift-givers this holiday season, but business owners are expecting a bit more price sensitivity from customers after a surge in gold prices this year.
The holiday season remains a key period for the jewelry industry, with gift items accounting for a significant share of yearly revenues. But jewellers have had to raise prices as the cost of gold sharply increased—soaring roughly 55 percent year-to-date to top the US$4,000 per ounce mark.
“Anybody and everybody I believe is raising prices and if they’re not, they should be. Because what you have in stock, you cannot replace for the same price if you’re going to reorder it today,” said Colin Nash, president of the Canadian Jewelry Group and owner of Nash Jewellers….