CrimeApr 24, 2024
Jewelry Crime Declines Significantly, But Dollar Losses Remain High A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
SourcingSep 09, 2020
Beyond Gold: Here’s What Is Happening with Metals Prices
National Jeweler looks at how platinum, silver and palladium have fared so far in 2020.
Though the platinum price plunged at the start of the COVID-19 lockdowns, it has since risen steadily. Pictured here is Platinum Born’s “Sunrise Bar” necklace.
New York—The gold price is one thing that has benefited from the coronavirus pandemic.
It passed the $2,000-per-ounce threshold in early August, though it has fluctuated a bit since then, tempered by the recent drop in unemployment claims and a rebounding U.S. dollar, according to Kitco.
Still, several experts believe the gold price will top $2,000 again this year and in the future.
Still, several experts believe the gold price will top $2,000 again this year and in the future.
But what about the other metals used for fine jewelry? How have the pandemic and associated economic struggles affected them?
Platinum
Platinum plunged to a low of about $599 per ounce in March as lockdowns began to take effect but has risen 58 percent since then, outperforming gold’s 32 percent increase in that time, according to the World Platinum Investment Council.
It added that the platinum market has improved greatly in 2020 as strong Chinese platinum imports, bar and coin demand, and its use in catalysts for diesel vehicles improved investor sentiment.
It added that the platinum market has improved greatly in 2020 as strong Chinese platinum imports, bar and coin demand, and its use in catalysts for diesel vehicles improved investor sentiment.
Additionally, with the gold price’s recent back-and-forth, investors have been paying even more attention to the more affordable white metal, Kitco noted, giving it plenty of upside.
Still, the metal is nearly half the price of gold—platinum neared the $1,000-per-ounce price in mid-August, but closed at $898 per ounce on Tuesday, according to the London Fix—and continues to buck the trend in precious metals pricing.
In terms of mining, according to investment website Seeking Alpha, both COVID-19 and the metal’s low price are making production less economical, with output down 20 percent in South Africa, which produces 80 percent of the world’s platinum annually.
Platinum jewelry sales, meanwhile, were severely hampered in the second quarter due to the pandemic, according to the latest Platinum Jewellery Business Review, which did note positive signs of recovery, including in the Chinese market.
Silver
The silver price has been increasing at a steady clip in 2020 due to rising inflation.
Gold and silver market Bullion Vault said it has nearly doubled its average monthly per-ounce price between February and August, growing nearly 32 percent alone in the month of August, its fastest since April 1987.
The London Fix had the silver price listed at $26.83 at market closing Tuesday.
Analysts expect it to continue to rise through 2020, with one expert noting it could reach $50 per ounce by year-end.
Despite outperforming even gold lately, silver is still relatively cheap when compared to gold.
The gold/silver ratio is currently around 72.5, meaning it takes nearly 73 ounces of silver to buy one ounce of gold. The ratio, historically, has rested around 59.
As for the silver jewelry outlook, there seems to be some pent-up demand for pieces made with the metal.
According to a recent survey fielded by MVI Marketing, 64 percent of consumers polled said they still plan to buy jewelry gifts they needed or wanted during quarantine, and 50 percent of those who will buy “just because” said the jewelry purchased would be silver.
Palladium
After years of increasing, palladium prices have come to a standstill during the pandemic as car sales slowed. (Most fabrication demand for the metal comes from its use for automobile catalytic converters.)
Palladium was at $2,310 per ounce Tuesday, and the price is expected to remain under pressure.
But the metal is also coming off a strong year.
Investing News reported a 54 percent increase in the palladium price in 2019. It overtook gold for the first time in 16 years, hitting a record high of near $2,000 per ounce in December.
Investing News reported a 54 percent increase in the palladium price in 2019. It overtook gold for the first time in 16 years, hitting a record high of near $2,000 per ounce in December.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
CollectionsApr 24, 2024
Pippa Small Announces ‘Venus’ CollectionInspired by the Roman goddess of love, the designer looked to the sea for her new collection.
FinancialsApr 24, 2024
Kering’s Jewelry Brands a Bright Spot in Tough Q1The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
Events & AwardsApr 24, 2024
JCK Industry Fund Announces 2024 Grant RecipientsThe selected nine organizations have outlined their plans for the funds.
Weekly QuizApr 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
WatchesApr 24, 2024
These Are Rolex’s New Watches for 2024 The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
ColumnistsApr 23, 2024
The Smart Lab: Advanced Email Marketing Strategies for Mother’s DayEmmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
Brought to you by
How Jewelers of America Represents Your BusinessFor over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
IndependentsApr 23, 2024
Hannoush Jewelers Opens New Store in New York Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
GradingApr 23, 2024
GIA Has a New Book About William RuserRuser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
CollectionsApr 22, 2024
Jacquie Aiche’s New Campaign Stars Adam Levine, Behati PrinslooThe “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
EditorsApr 22, 2024
The 22 Best Quotes from AGS Conclave 2024 Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
SourcingApr 22, 2024
Virtual Diamond Boutique Rebrands as ‘VDB’The overhaul includes a new logo and enhanced digital marketplace.
MajorsApr 22, 2024
Signet Raises Nearly $9M for St. Jude Children’s Research HospitalThe money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
CollectionsApr 19, 2024
Piece of the Week: Retrouvaí’s Treasure NecklaceA new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
CrimeApr 19, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
MajorsApr 19, 2024
Unique Designs Acquires China PearlThe move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
GradingApr 19, 2024
AGS Ideal Report Now Available in Printed FormFrom now through mid-May, GIA will be offering the reports at a 50 percent discount.
SourcingApr 18, 2024
Diamond Trade Remains Cautious Amid Economic UncertaintyDe Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Supplier BulletinApr 18, 2024
Discover History’s Hidden Gems at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry & Watch Show
WatchesApr 18, 2024
Watch E-tailer Collectability Hires Kelly YochThe Patek Philippe expert will serve as personal curator for the brand-focused company.
WatchesApr 18, 2024
TAG Heuer Opens Its Largest Standalone Boutique at SeaThe 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
Policies & IssuesApr 17, 2024
NDC Prevails in U.K. Case Over Lab-Grown Diamond AdvertisingNDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
Events & AwardsApr 17, 2024
And the 2024 Winner of the Shipley Award Is … John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
FinancialsApr 17, 2024
LVMH’s Q1 Jewelry Sales Fall 5%LVMH said the company performed well despite an uncertain geopolitical and economic environment.
MajorsApr 17, 2024
Stuller’s B&D Opens New HeadquartersB&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
CollectionsApr 16, 2024
Akaila Reid Launches ‘Eat Cake’ CollectionIt’s ultra-feminine and filled with gold, pearls, and soft pastels.
