Headlines

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

Gold is at its highest price levels in years.

Published

5 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

This Third-Generation Jeweler Was Ready for Retirement. He Called Wilkerson

Retirement is never easy, especially when it means the end to a business that was founded in 1884. But for Laura and Sam Sipe, it was time to put their own needs first. They decided to close J.C. Sipe Jewelers, one of Indianapolis’ most trusted names in fine jewelry, and call Wilkerson. “Laura and I decided the conditions were right,” says Sam. Wilkerson handled every detail in their going-out-of-business sale, from marketing to manning the sales floor. “The main goal was to sell our existing inventory that’s all paid for and turn that into cash for our retirement,” says Sam. “It’s been very, very productive.” Would they recommend Wilkerson to other jewelers who want to enjoy their golden years? Absolutely! “Call Wilkerson,” says Laura. “They can help you achieve your goals so you’ll be able to move into retirement comfortably.”