The Modern Jeweler - All Jewelry Information For The Modern Era!

Woolly mammoth ivory jewelry is everywhere.

Luxury retailer Stanley Korshak in Dallas can’t keep it in stock. Michelle Obama has been photographed numerous times wearing it. For CFDA design darling Monique Péan and Ivory Jacks in Bothel, Washington, that create jewelry out of the material, business has been good.

The First Lady wore woolly mammoth jewelry by Monique Péan on a trip to Mexico a few months ago (pictured above and below)-specifically earrings, cuffs and strands. She wore the cuffs again recently to greet President Obama on his 49th birthday. The cuffs go for $4,480 to $7,420 at www.twistonline.com. The earrings can fetch anywhere between $915 and $2,970 at www.barneys.com.

Unlike elephant ivory which is primarily off-white, woolly mammoth ivory is unique in that it has many different colors-tan, brown and sometimes blue. Ivory Jacks jewelry designer Courtney Tripp explained to me this week at the Gift Show in New York that the colors are a result of thousands of years of mineralization. No two tusks are the same color. So no two mammoth jewelry pieces can be exactly the same.

The ban on ivory-implemented since the ’80s to stop poachers from killing the elephants simply for their tusks-does not apply to this fossilized stuff. Trade in dead mammoth ivory is legal and has been for 300 years because it does not threaten any living species. This ivory is found in mammoth tusks that have been preserved in ice and permafrost of Arctic regions in Siberia, North Canada or Alaska. As the ice packs and glaciers have receded, more and more tusks have been found. Tusks have been unearthed in road construction or spotted from a plane in melting river banks.

Most jewelers claim that woolly mammoth jewelry is conflict free, eco friendly and sustainable. The truth is mammoth ivory is rare and costly because mammoths have been extinct for millennia.

The AFP reports Hong Kong customs cleared 21 tons of mammoth ivory and more than 90 percent of it came from Russia’s arctic tundra. Most of it is anywhere from 10,000 to 40,000 years old.

“Mammoth ivory is absolutely a non-renewable resource, and it is absolutely being depleted, in part, by the commercial trade,” Dan Fisher, a University of Michigan mammoth expert, told AFP.

While it’s hard to say how soon the world’s stockpile of fossilized ivory could disappear, Fisher says it probably won’t be any sooner than about 10 years from now.

(Read More…)

Los Angeles–A Los Angeles-area jewelry store owner opened fire during an attempted robbery last night, killing one suspect and wounding another, according to news reports.

The Associated Press (AP) reports that the incident occurred Wednesday evening at Rios Jewelry when a group of four men burst into the shop, in Los Angeles’ Wilmington neighborhood, and attempted to rob it. The store’s owner opened fire, killing one man and injuring another.

The wounded suspect is hospitalized in critical condition. A third suspect was arrested while the fourth man fled and remains at large.

The owner of the business was not injured.

A Los Angeles police detective told the AP that the Wilmington Town Square shopping area was crowded with shoppers during the time of the attempted robbery. (Read More…)

Influenced by the warm hues of the Caribbean and the art deco “power cuffs” starlets wore in the 1940s, Hassan Bounkit jewelry exudes the kind of sparkly, sophisticated glamour magpies like we can’t ignore.

Already embraced (and worn) by Salma Hayek, Oprah Winfrey, Taylor Swift, Blake Lively, Vanessa Williams and Mariel Hemingway, just to name a few fans, Hassan Bounkit is a man-made-in-the-USA jewelry line which incorporates unique, hand-carved elements, making each piece — even if it’s the same design — completely one-of-a-kind. Utilizing organic materials from semi-precious stones and shells to mahogany, Bounkit’s look is fresh, eye-catching and unmistakably lavish.

Hassan Bounkit, a native Moroccan with a warm smile, began in couture fashion in Florence, then moved to New York in 1989, where he worked with Nicole Miller and Arnold Scaasi, among others. He launched his own line of jewelry in 2006 and was met with rave reviews for his striking collection. A recession survivor, he now produces three collections per year, which you can find made-to-order online or at Saks Fifth Avenue and high end boutiques.

His magnificently architectural designs are statement pieces you’ll base your whole wardrobe around — and for one-of-a-kind jewelry, the prices are extraordinary. Check out a few of our favorites from his current treasure trove below:

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The recent history of Jacob & Co. is arguably more interesting than their recent watches. With the brand’s founder Jacob Arabov in jail, the brand’s relevancy in the luxury market has more or less plummeted to irrelevancy. Especially in times like these when style, grace, and value are more important than showiness, excess, and being ostentatious. Just about dead, I assumed no life would be breathed back into the brand which defined bling until Jacob himself was free again.

Suddenly I get news that Jacob & Co. will have a new COO, and that it will be Yvan Arpa – whom I’ve discussed many times. With his hands already full with Black Belt, Artya, and Volna, does the Swiss watch designer, and all around free thinker have the time and insight to lead the once powerful urban wealth brand? Perhaps he will usher in a new era for Jacob & Co., giving its staid image a new direction. Seen here are two new designs that I believe are products of Arpa’s leadership. I admit that they are much more tasteful and held back than previous Jacob & Co. pieces, and display Arpa’s signature penchant for large, interesting watch cases. Both models feature tourbillon complications and totally jewel covered cases. Interestingly enough, the name of the brand is left off the dials, in favor of subtle logos built into the tourbillon carriages. At least one thing is for sure, Jacob & Co. isn’t going downmarket at all. I look forward to meeting with Mr. Arpa to learn the details of his new position at Jacob & Co, and what he has in store for the brand. Jacob & Co. could see it self in headlines once again. (Read More…)

Reminiscent of an Egyptian artifact that you find in a glass case at an art museum exhibit, the Sun Pendant Necklace ($7,341) by Jean-Francois Fichot is breathtakingly beautiful. Drawing his inspiration from ancient Hindu and Buddhist artifacts, the pendant is made from two ancient shells to form concentric circles that are lightly decorated with sterling silver and 18k gold embellishments. The pendant hangs perfectly at chest level maximizing on its wow effect. Even with an exceptionally large size, the pendant still holds a delicateness and timeless sense of style that one cannot deny.

via Sun Pendant Necklace by Jean-Francois Fichot.

Lois Hill is a jewelry designer who travels the world to unearth native and ancient methods of jewelry-making. From granulation (tiny silver dots) dating back to King Tut’s Tomb to metal weaves spotted in museum artifacts, Hill’s natural curiosity and love of travel has taken her all over the globe to learn, create and teach.

“I think of it as ‘working to preserve lost arts,’” says Hill. Her fascination with ancient techniques began with Scandinavian filigree. Born to a Norwegian mother in Illinois, she grew up in a crafty house which strictly believed in principles like “That’s not a walnut. That’s a Christmas tree ornament or a magnet,” Hill recalls with a smile.

Today, the Lois Hill signature scroll is somewhere between a traditional Scandinavian filigree and a custom paisley, fused with a granulation technique from ancient Egypt; a distinctive, elegant design which is both feminine and strong. A perfect example of this juxtaposition is her scroll bracelet at right, which was created for a collaboration with CARE International. The inside of this cuff is inscribed with the words “I am powerful” (see gallery).

Hill thinks of her collection as “globally inspired,” and loves the travel as much as the jewelry. Her quest takes her to two new countries every year, many of them third-world, with a goal of learning three new weaving or jewelry-making techniques wherever she goes. “Jewelry is one of the only ways for women in some countries to express themselves. They find or make a piece and say ‘This is me. I’m going to wear this every day.’ And they do.” Hill finds this inspiring. “I try to make pieces someone would wear every day.” (Read More…)

Snoopy turns 60 years old this year and to celebrate the anniversary the Hong Kong fine jewelry brand TSL has created a 5.5″ diamond statue of the iconic cartoon character that just might get into Guinness as the world’s most expensive. “Diamond Snoopy” features 207 carats of gems, with a total of 9,917 diamonds, 783 black diamonds, and 415 rubies that have all undergone a meticulous selection process (to ensure matching color, clarity, cut, and size) as well as a strict stone setting procedure to ensure optimal symmetry and shine. Diamond Snoopy has been touring around China and has an estimated value of HK 2.8 million (or about $372,000). (Read More…)

Statement necklaces are everywhere this season and I love it! The Clustered Rosette Necklace ($330) by Nicole Romano is one of my favorites because it’s timeless and would work well into the autumn season. It sits right at the collarbone and adds instant wow to your outfit. It’s a chunky piece that exudes strength and sophistication with a hint of femininity given its rosettes.

My dilemma is that I find myself wearing the same – but my absolute favorite – hoop earrings nearly everyday. And wearing hoops with such a striking and lively necklace would be a total overkill. So, I’ve been forced to switch up the routine and try something different – no earrings! Being that I don’t feel completely dressed without them, perhaps little studs would work better. (Read More…)

Jewelry Selling 101: A Review of the Basics

For anyone in the sales industry, the ultimate accomplishment is making a great sale. When it comes to a luxury item like jewelry, the sale can be an even harder goal to achieve. With the right approach, doubters and misers buy products and services everyday. So why not that 3-carat diamond ring? Here is a review of a few fundamental techniques used by the best jewelry sales people:

1.    Know Your Product

Know everything about your merchandise: strengths, weaknesses, and any unique features. Also understand factors that influence its demand in the industry and popularity in fashion. All of these will strengthen your presentation and make the customer more willing to buy. There should be nothing that anyone can tell you about your own product that you don’t already know. You will definitely be asked questions and be given myriad objections, so be prepared to elaborate on all aspects of your merchandise in response.

2.    Know Your Customer

Make every effort to know all you can about your potential clients. Gain an understanding of their purchasing habits and what motivates their choices. Why have they come to you? What are they looking for and for what occasion? Tailor your approach to suit their needs. When you know the buying habits of your prospect, you can use it to develop a relationship that will lead to repeat business. Learn their names and use them in conversation. Don’t forget to be friendly!

3.    Build Value, Create Desire

Jewelry purchases are oftentimes emotional decisions. By building the value of a piece, you will be one step closer to making that sale. Apply the information the customer shared by joining the beneficial features with his/her buying motivation. Draw on their sentimentality to identify the right item for them. Tell them the rewards of owning such a piece. This will add that needed sense of value and will help quell potential objections.

Creating desire involves building your customer’s interest and excitement. Compliment the customer’s taste in order to validate their choice. Allow them to try it on, or suggest modeling it for them. Show your own interest in the piece as you respectfully hand it to them. Subtly play to their reactions. Create scenarios involving the jewelry that will appeal to your customer’s excitement, intrigue, or even vanity. Remember, you’re not just selling jewelry; you are selling a relationship as well.

4.    Trial Close

Attempting a trial close tests your customer’s readiness to buy. Ask questions that imply the customer already owns the piece: “Shall I wrap it up?” “I’ll have your ring ready momentarily. Size 7, right?” Possible objections will arise here. Depending on their reasons for not committing, ask them questions to figure out what will make them more comfortable. Reinforce the positive aspects of the jewelry to remind your customer how much they like the piece. The more they talk, the easier it is to find the main objection. Then attempt another trial close. Stay happy!

5.    The Close

This is when you ask for the sale if necessary. The customer might offer the sale with, “Do you accept credit cards?” If you’re not so lucky, ask a few more questions that receive positive feedback then ask something like, “How would you like to pay for that?” Attempt an add-on close after making the initial sale. You will come across as helpful (so long as you’re not too aggressive) by suggesting matching items. If the add-on sale isn’t made right away, you have already planted the seed for future purchases.Making the sale does not mean you are finished. Remind them when they need to get their jewelry serviced and cleaned. Teach them proper storage and handling.

Follow up with your customer and keep the relationship going. Give them your card and collect their information so you can call on birthdays and other special occasions to remind them of important dates when jewelry would make a great gift. Send “Thank You” cards or written notes for memorable dates that you should keep on file. Keeping these tips in mind will increase your chances of making more sales and will boost your career. (Read More…)

New shop on the block feels the same

Now that “Pawn Stars” and the Harrison family have become the hottest things to hit the strip since strip joints, everybody wants to cash in.

Enter TruTV’s new show, “Hardcore Pawn,” a reality show about a suburban Detroit pawn shop that’s roughly the size of Costco — with almost as much stuff. Like a good pawn shop, TruTV wants to trade in on somebody else’s gold mine. Trouble is they’re dealing with stolen goods. The show is a ripoff of “Pawn Stars,” without the charm but with much of the ugly.

The place, American Jewelry and Loan — run by a family called, I swear, the Golds — is 50,000 square feet filled with 45,000 items. Like “Pawn Stars,” the Golds’ emporium is headed by a patriarch, the misnamed Les Gold. With his gold medallion and rings, he should be named More Gold.

GOLD STARS: Ashley Broad and Seth Gold work at their dad's pawn shop on new TruTV show. Tonight at 10 on TruTV

Unlike Old Man Harrison, Les is not so quirky as he is unappealing. He’s got greasy, slicked back hair, a black leather sports jacket and skin that’s been tanned to the color of a new penny. Since pawning is a family affair, his grown kids, Seth and Ashley, work in the store with him.

Les describes his son as “the future owner of American Jewelry and Loan,” and his daughter as “the bitch of American Jewelry and Loan.” Enough said.

The show has its share of interesting items that come in. The most popular item in the premiere is a stripper pole complete with shag carpet platform — bring in the disinfectant and bed bug spray! — but the people who try it out aren’t really the kind you want to have over for a beer.

There’s also an obscenity-spewing lady with a bad braid job who goes berserker because, she says, the Golds lost her earrings. Meantime, she has no paperwork. A big portion of the show is devoted to her yelling, “You no good mother-f- – - – - -,” and Les sagely replying, “f- – -, f- – -, f- – -” back. She threatens that he won’t make it home that night. Like I said, unpleasant.

There’s nothing fun about depressed Detroit or desperate people who have to sell their stuff to feed their kids. We don’t see any of these sad stories, but when you get a look at the parking lot, you know the place is not filled with happy people.

Besides that, a lot of it is clearly set up. For example, a woman comes into the shop with two horses and one donkey to pawn. Talk about a pile of horse manure! That stunt alone was enough to make me feel as used as that stripper pole.

Not a terrible show but, like a used toaster, it’s nothing new. (Read More…)

Last week, Michael Achenbaum in ripped jeans and an open shirt led a group of journalists around his newest hotel,

Gansevoort Park Avenue NYC at the corner of Park Ave and 29th Street. “This is downtown vibe meets uptown chic,” he says while standing in the hotel’s three-story atrium lobby. Unlike anything you have seen, it is dominated by three huge aubergine chandeliers, herringbone granite floors, white patent and houndstooth upholstered chairs plus a fireplace. “Four years of my life went into this,” says Achenbaum, obviously pleased with the “young and hip” vibe he hopes will recreate the success of his first New York hotel, Gansevoort Meatpacking NYC, on the corner of Ninth Avenue and 13th Street. What guaranteed that hotel’s splashy success is a rooftop pool, Plunge Bar and lounge popular with the drinks-after-work crowd.

The G Park Avenue has an even more impressive pool, 16 X 49 feet, heated in winter so you can swim, drink, listen to music, and eat under starry skies throughout the year. This is a hotel made for crowds who want to linger and soak in the atmosphere, not just at the pool. They can hang out and enjoy three different levels of roof-top bars where the sound equipment from Infinite Audio Systems is more state-of-the-art than you will probably find in any other hotel in the city.

Glam photos by Deborah Anderson are in the hallways, rooms, bars, lounges, and even on table tops. One knockout image of two great looking women swimmers under water, lips entwined, adorns the Main Bar. Like all of Anderson’s photos throughout the hotel, they are quirky, intriguing, and what could be called “soft-sexy.” In the works and due to open in the fall are Asellina, the hotel’s Italian restaurant, an Exhale spa where guests will receive preferential pricing, and a Cutler salon for both men and women. Keep an eye on this midtown corridor between Madison Square and Gramercy Park. It already has a number of new trendy hotels–the Eventi, the Carlton, Roger, and Ace—all worth a look, but only the new G has complimentary use of a chauffeur-driven Porsche. Rates start at $395; www.gansevoortpark.com; 212-317-2900.

(Read More…)

First the shoppers, then the retailers, and now the counterfeiters. It’s official: the recession really is affecting everybody. The economic downturn hasn’t exactly hurt the multi-billion dollar knock-off industry but what it has done is change the way counterfeiters do business. The usual victims, high-end retailers like Louis Vuitton, Gucci, and Coach, are being replaced by less expensive luxury brands like Samantha Thavasa, Anya Hindmarch, and Kooba. Smaller labels are appealing to counterfeiters for many reasons: they’re easier to sell online, can often be priced higher, and because the designers run smaller operations they’re less likely to trigger a lawsuit. One of the most common new tricks is to offer brand name bags at fairly small discounts, i.e. $190 for a $250 bag, on small but well-designed websites. The result is unwitting consumers who think they’ve found a good bargain on a genuine article and buy, often being none the wiser until it’s too late.

Unfortunately there’s not a lot that can be done as there will always be crooks out there looking to make a buck (and the internet is notoriously difficult to patrol) so your best bet is to always buy from reputable retailers you trust and to remember: if that bargain looks too good to be true it probably is.

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For men Franck Muller has been focusing on sport and complications, and for women, the focus is all about colorful jewelry watches. Some might even call them fashion pieces – which is a bit of a departure from the avant garde classicism I am used to in Franck Muller designs.

Here are some new Infinity and the new Infinity Reka collection pieces (check the gallery below for more of them). The women’s watches are all diamond covered in 18k white gold cases. There are two basic shapes. The tonneau-shaped case that Franck Muller calls “Cintree Curvex” and a new square design for for Infinity Reka. There is also the oval cased version available. The dials come in a variety of styles and colors, with either Arabic or Roman numerals. Dials are mostly high-quality mother-of-pearl from Japan, or just done in more diamonds with lacquer (or maybe enamel) numerals. Case sizes range from about 25 – 50mm wide. As you can see, Franck Muller is really offering an Infinity watch for every woman (just not every budget). (Read More…)

WOOD DALE, IL–(Marketwire – August 12, 2010) – lia sophia wants budget-conscious shoppers to know that they don’t need a new wardrobe to step out in style when days and nights begin to turn cool. A few well-chosen fashion jewelry accessories can turn last year’s outfits into this year’s top looks — and help define personal style, too!

Bonni Davis, Vice President of Sales for lia sophia, says that fall and winter jewelry trends will feature something for everyone — from unexpected metal finishes to classic pearls and festive crystals. At fun and informative in-home demonstrations, lia sophia Advisors help women select styles for themselves and for gift-giving from a wide range of affordable and fashion-forward choices. (Read More…)

FAIRFIELD, N.J., Aug 12, 2010 (BUSINESS WIRE) — Bergio International, Inc. /quotes/comstock/11k!brgo (BRGO 0.02, +0.00, +10.60%) , Bergio International announced today that they are pleased with the positive second quarter results reported in the 10-Q Financial Statement, second quarter ending June 30, 2010.

The company reported a second quarter sales increase by 40% for total net sales of $437,893. In the first six months, sales jumped from $454,307 to $548,995. Gross margins improved by 28% in this quarter and 43% for the first six months. Also, in this quarter, the company shows income from operations of $37,762 compared to a loss of $93,191 same period last year. The company contributes the positive news to our expansion of our customer base outside the United States and the successful results experienced through the JCK Show in Las Vegas earlier in the year.

The 10-Q Financial Statement, ending June 30, 2010, indicates the company improved its current assets by 18%, decreased its current liability by 55% and improved its total working capital by $1,514,078 which was contributed by converting debt into equity. The company took a one time share-based expense charge for the second quarter of 2010 for $535,160 which was the result of the termination of our securities purchase agreement with Tangiers. The company also took a one time-share based expense charge in the first quarter for $ 242,900 for a total combined share-based expense charge in the first two quarters of 2010 for $778,060.

Berge Abajian, CEO of Bergio International, Inc., said, “I am pleased with the positive growth of the company. This was a direct contribution of all the measures that we took in the beginning of the year. I invite all of our shareholders to read our financial statements very closely, specifically the section titled, `Net Loss’ found in the Management Discussion and Analysis which explains the turn-around of the company.” (Read More…)

I’d heard about Q-Pot, a Japanese line of dessert-inspired jewelry that has just opened its first U.S. location, at Ala Moana Center. But I was dubious. Dessert-inspired jewelry? Sounds awfully cutesy.

Having been to the store, I have to say it’s worth checking out. Sure, it’s set up as a faux sweets parlor, complete with products like a cell phone case that looks like a chocolate bar. Rings pose as Valentine’s Day chocolates, necklaces realistically represent jellied candies and earrings bear an uncanny resemblance to a wedge of cheese.

But the store has some edgier options, too. Check out the giant molar ring, in gold or silver. The tiny “fork” earrings, with their tines sticking into dangling pearls. Or the “Golden Burger” line,” where you can custom-build a small hamburger replica to wear as a necklace, buying separate elements like a pickle slice, bun and cheese. (Read More…)

Even in television, where good ideas are routinely imitated, the debut of “Hardcore Pawn” on TruTV next week is enough to make you marvel.

Just like one of the year’s breakout hits, History’s “Pawn Stars,” it’s a reality series about a family run pawn shop. Both are effectively comedies, drawing on the everyday absurdities of the workplace. Both play on the similarity of “pawn” to “porn” for their titles.

And both are in the same time slot: Monday nights at 10 p.m. Eastern.

Coincidence?

Well, yes, according to Marc Juris, executive vice president and general manager of TruTV.

“Quite honestly, we did absolutely nothing different than we would have done whether or not the other show was on the air,” Juris said. “We look for shows that really hit our sweet spot and when they’re right for our audience is when we put them on the air.”

“Hardcore Pawn” was in development for more than a year and two test episodes were aired in December, he said. “Pawn Stars,” in its third season this year, has seen its viewership jump by 38 percent over the second season. The July 5 episode was seen by 6.3 million viewers, the biggest audience ever for the cable network, the Nielsen Co. said.

The TruTV series stars the patriarch of Detroit’s sprawling American Jewelry and Loan, the nearly too-good-to-be-true named Les Gold, along with his son Seth and daughter Ashley.

As suggested by the title, “Hardcore Pawn” is rougher around the edges than the History series. A customer bringing in a cannon to the “pawn stars” would trigger an examination of its history. TruTV has a customer with a homemade cannon that Gold just wants to see blow up in his parking lot.

The first “Hardcore Pawn” also features a profanity-spewing woman who threatens Gold when he doesn’t hand over jewelry, and the store’s purchase of a stripper’s pole. Yes, several potential buyers try it out.

The show earned the same time slot as “Pawn Stars” because it’s a nice fit with “Operation Repo,” a series about auto repossession that airs at 9 p.m. on Mondays, Juris said. (Read More…)

A year and a half after tumbling into bankruptcy protection, Fortunoff is trying to engineer a jewelry comeback.

The retailer, which once sold jewelry, crystal and china at its stores, liquidated its assets in 2009 during a return trip to Chapter 11. But the company’s former owners (NRDC Equity Partners owned the company when it filed for bankruptcy) – the Fortunoff and Mayrock families – weren’t ready to let go of their enterprise just yet. The group last year formed Fortunoff Brands LLC and snatched up all of the intellectual property of the company – and is now ready to re-launch its fine jewelry business.

According to a news release on the company’s website, Fortunoff will launch an e-commerce site dedicated to its new jewelry line, possibly this fall, with several brick-and-mortar stores following next year. It said it expects the new stores to be in the same markets as Fortunoff’s previous outlets, which were scattered throughout New York, New Jersey, Connecticut and Pennsylvania.

The new venture was born from a deal struck between Fortunoff Brands and Four Leaf Designs LLC, a partnership between Esther and David Fortunoff and the principals of jewelry wholesaler Clover II. Clover II operates the Robert Lee Morris brand, which has “retail, wholesale and television shopping businesses,” according to the statement from Fortunoff.

The jewelry line isn’t Fortunoff’s first post-bankruptcy venture back into the world of retail. Fortunoff Brands LLC also re-launched its Fortunoff Backyard Store in February under a licensing agreement with Furniture Concepts. The partnership has a total of seven stores open in New York and New Jersey, according to its website. (Read More…)

Bare arms and bangle bracelets are a summer classic. Julia Roberts is on her “Eat Pray Love” media tour this month and she wore an armful of golden bangles to her appearance at the Regis and Kelly show this morning, Monday August 9th. Roberts was wearing a stack of bangles by Melinda Maria: a pair of the popular Gwyneth Bangles ($185 each); a couple of Mini Pave Pod Bangles ($115 each); an Infinity Pod Bangle ($252) and a Teeny Pod Bangle ($88).

Roberts is just one of the many celebrities decked out in Melinda Maria designs. The pieces are done in semiprecious stones and gold-plated metals. Other stars that wear her pieces include Jennifer Lopez, Hayden Panetierre, Jessica Alba, Eva Longoria and Vanessa Hudgens.

(Read More…)

With gold prices continuing to trade at all time highs (just look at the historical gold market data at www.kitco.com), it is easy to think one could get into the gold trading business.  For those of you who are thinking about selling gold jewelry, it is crucial that you understand fully how to determine the price for gold jewelry. Not only this can help you to tell a good deal from a bad one, it also helps to analyze your competitors and understand the market better before you make any investment.

Gold price
The most important part of wholesale gold jewelry trading is to understand the breakdown of the cost of a piece of gold jewelry. Let‘s say the current good price is $1,000 per ounce. To calculate the cost of gold for a piece of 14 karat gold jewelry that weighs 3 gram without any stones, we first divide the price per ounce by 31.5, to get the price per gram, which is $15.87. This is the price of pure gold. To convert this to 14K gold, knowing that there are 24 karats in pure gold, we divide $31.75 by 24 and multiply the result by 14. The price per gram for 14k gold is roughly $18.52. Therefore, the total cost of the gold for a 3 gram ring would be $55.56.

Labor Cost
Another major part of the cost for a piece of gold jewelry is the cost for labor, especially for pieces set with precious stones. Gold jewelry generally requires some filing and polishing after it is cast out of the mold. The labor cost can sometime be as high as $4 per gram (usually $7-$9 for gold chains), depending on the origin of the jewelry and the style. In addition, the cost of setting any stones on a gold jewelry can be over $2-$3 per stone. Certain advanced setting such as channel set and invisible set cost even more because of the high level of craftsmanship required.

Markup of Competitors
A good way to analyze if a certain style of gold jewelry is profitable and beneficial for a business is to understand your competitors’ prices. Since you already know how to calculate roughly the cost of a piece of jewelry, and therefore the price that you can get it, buy looking at the markups of your competitors, you may get an idea of how severe the competition is. For instance, if the competitors are marking up the jewelry three times of the cost, the competitiveness of that style is not really that high. On the other, if everyone has the same pricing and the markup is 50% above the cost, the style might have already saturated the market.

Volume trading
Another angle of looking at the pricing issue is that when the competitors are marking up at a low margin, the item is probably accepted by a lot of consumers. The justification behind it is that when the profit per piece is low, and people are trading them actively, there probably is a high demand for it. On short, the higher the profit margin, the low the volume of sales and the low the profit margin, the higher could be the volume of sales. Another point that is worth noting is that the volume theory also applies to jewelry vendors. If you buy in large quantity, pricing should go down automatically. Therefore, running a successfully business involves getting the balance between all the factors within the resources and infrastructure you have such as employees and capital.

Closeout Jewelry
Since jewelry business is highly time-sensitive, styles that were once popular several months ago may not sell at all couple months later. Therefore, when buying gold jewelry wholesale, you should estimate the monthly sales and stock according to the sale volume. For example, you may want to stock a certain style for two months worth of stock and restock it when it runs out in order to minimize the closeout items in the inventory, which is sometimes referred to as inventory shrinkage.

By understanding the market and your competitors before buy wholesale gold jewelry, you can reduce the mistakes during your entrepreneurial endeavor, thus increase the chance of succeeding tremendously.