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Whole world will use less gold jewellery : A variety of factor have combined to keep the price of gold high - and volatile. With more uncertainty looking on the horizon and an energy - hungry world demanding ever more, gold prices are set to climb higher by the end of the year. but this is not good news for the jewellery industry worldwide, already battered by competition from other luxury goods, especially high end consumer electronics. Wholesale gemstone pendents by weight
North Korea's missile test and Japan's declaration of its right to self defence if threatened; the continuing nuclear stand - off between Iran and US-led west and finally the high - and volatile - price of oil, have all created enough worldwide uncertainty to ensure that the price of gold, which analysts had said would drop to around $ 580 a troy ounce in a mid-year correction, has stayed firmly above the $ 600 mark. With the price of \oil all set to increase further as the onset of winter increases demand for heating fuel, the price of gold will by years end, breach the$700 mark (between Rs. 10500 and Rs. 11000 per tola). Wholesale Labradorite Jewellery
While this might be good news for the gold mining industry and bullion traders the world over, it is bad news for the gold jewellery production industry. Consumers every where are going to buy less gold jewellery. The reasoning is simple - giving the extremely high price of gold, its value as an investment overwhelms almost all other consideration. Given that, why incur huge losses in making charges (between 20- and 30 per cent in India and 50 per in India and 50 per cent in the west, where retail mark-ups are much higher) when one can buy either gold coins or bars and have them appreciate in value to the full extent of current market prices?
Dubai, the world's other great gold market, is currently experiencing much the same problem. The market is pretty quiet now and will see a down-turn when gold prices go up. Bullion dealers will do much better business.
One can already see the new market realities in Zaveri Bazaar in Mumbai, the largest gold jewellery market in India, the worlds largest gold consumer. There are between 50 and 60 shops that now sell fashion jewellery that is called 'one-gram gold jewellery'. It is said to contain one gram of gold despite being made primarily of other metals. However, in many instances the only gold is in the polish that covers it. This jewellery features inexpensive coloured gestones - in many cases even just coloured beads of almost any material - but is styled to match current fashion trends. So good is the demand for this jewellery that in Zaveri Bazaar alone, sales of fashion jewellery are estimated to Rs. 1 crore ($220000) every day. given its low overall cost, consumers can afford to also change and buy new jewellery more often. Indian retailers are facilitating this by also offering buy - back schemes which guarantee the consumer 50 per cent of the original purchase price. Wholesale moonstone Jewellery
In India alone, the changing demographics of the working population have impacted the buying of gold jewellery. With working women now comprising around 560 per cent of the customer base, their preferences for jewellery that can be worn on a variety of occasions - and not just formally or for religious or social occasions - have swung the pendulum away from gold towards fashion jewellery.
The move away from gold jewellery has been so pronounced that today, style is everything and intrinsic value counts for nothing. Some of todays hot - selling jewellery is made for bamboo and sea-shells. However, India's social and cultural heritage have ensured that gold jewellery continues to be bought. No Indian bride will wear any jewellery other than gold. On religious occasions like the festival of Diwali, the ceremonial buying at least some jewellery will always feature gold. And this jewellery will still be the traditional 22-karat kind though design will be lighter overall to keep it within consumer budgets.
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