Gold is at historic highs. What proportion of profit has gold buying and trading contributed this year?

What’s been the main impact on your store from the surge in the gold price this year?

Gold’s surge to historically high levels above $2,700 an ounce this year has grabbed headlines. But for most independent jewelers the impact on their operations has been modest.
According to the 2024 INSTORE Big Survey, almost half (47%) described the impact as minimal. They had simply repriced and carried on. Another 29% said the main impact had been to make it it harder to sell gold jewelry . Fifteen percent said higher prices had actually made it easier to sell gold jewelry.
As buyers and traders of gold, jewelers again said the impact of the run-up in gold prices had been mostly insignificant, with 45% estimating the profits from gold trading at less than 10% of their overall earnings. Twenty-six percent said it was generating between 10-20% of their profits with only a small share of jewelers trading much more actively and profitably than that.
NOTE: The INSTORE 2024 Big Survey was conducted via an anonymous online form from mid-August to late September, attracting more than 700 responses from American jewelry-store owners and managers. The full results will be published in the November edition of INSTORE.