Headlines

High Gold Prices Bring Jewelry Sellers ‘Out of the Trenches’

Gold is at its highest price levels in years.

Published

4 years ago

July 1, 2019

INSTORE Staff

Recyclers and refiners of gold are seeing a surge in people looking to sell old jewelry, Bloomberg reports.

That’s the result of the recent uptick in gold prices, which had for several years stayed below $1,350 an ounce.

Gene Furman, CEO of refiner Empire Gold, told Bloomberg: “People are coming out of the trenches. Cartier, Rolexes, Tiffanys, Van Cleefs: We see an uptick in the luxury market because people need to raise money.”

Gold prices recently crossed $1,400 an ounce to hit their highest levels since 2013. On Monday afternoon, gold was trading at around $1,386 an ounce.

Analysts with Goldman Sachs Group Inc. have said prices count reach $1,600 an ounce.

Tobina Kahn, president of House of Kahn Estate Jewelers, told Bloomberg: “The tides are turning big time. As a gemologist, I’m a buyer, if I can see that gold is continuing to go up, I’m more confident about paying more for it than having it go down.”

Read more at Bloomberg

When There’s No Succession Plan, Call Wilkerson

Bob Wesley, owner of Robert C. Wesley Jewelers in Scottsdale, Ariz., was a third-generation jeweler. When it was time to enjoy life on the other side of the counter, he weighed his options. His lease was nearing renewal time and with no succession plan, he decided it was time to call Wilkerson. There was plenty of inventory to sell and at first, says Wesley, he thought he might try to manage a sale himself. But he’s glad he didn’t. “There’s no way I could have done this as well as Wilkerson,” he says. Wilkerson took responsibility for the entire event, with every detail — from advertising to accounting — done, dusted and managed by the Wilkerson team. “It’s the complete package,” he says of the Wilkerson method of helping jewelers to easily go on to the next phase of their lives. “There’s no way any retailer can duplicate what they’ve done.”