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How are your gold sales holding up?

By Joseph Dobrian
September 10, 2009
Jewelers say gold sales are mostly down, but one Oklahoma jeweler noted that classic gold pieces like hoop earrings are still doing well. "Croco" hoops by Hellmuth, Hellmuth.de

Jewelers from around the country give a status check on their gold sales, with some saying that gold buy-back fever is cooling.

Northeast

"All the advertising for jewelers buying gold has dampened that business, and people seem to have sold whatever they had. They're bringing in more contemporary pieces to sell now," says Richard Ferrera, Ferrera Jewelers, East Hanover, N.J.

"Buying gold is all we do these days. Some of what the customers are bringing in is like new, and if it's nice, I'll re-sell it," says Mike Maisano, Amherst Gold and Gem, Williamsville, N.Y.

Southeast

"Gold sales are down, but non-gold items, like pearls, are doing well. People have gotten creative with non-gold items because of the market," says Brenda Hickman, Galperin Jewelry Co., Charleston, W.Va.

"Gold sales have slowed down in the past few years because of price," says Mark Hung, West Point Jewelry and Gift Shop, West Point, Miss.

"We buy gold occasionally--probably not as much as we should. Gold sales are down quite a bit generally," says Benny Enix, Enix Jewelry, New Tazewell, Tenn.

Midwest

"We buy gold, but we tell the customer upfront that there are coin dealers in nearby towns that might offer more for scrap than we do; we even give directions," says Marianne Brammell, Carroll's Jewelers, Marion, Ohio.

"We're not selling much, and a gold buyer comes to our local hotel three or four times a year, which cuts into the amount of gold we can buy," says Roger Hicks, Hicks Jewelers, Clare, Mich.

South Central

"Even during the collapse, gold sales were strong because people were afraid the price would go even higher, but now we're in the trough. It's grim," says Gary Linde, Del Oro Goldsmith, Alamogordo, N.M.

"Our gold jewelry sales are a little ahead of last year. If customers are cautious about buying diamonds, they can still afford a $200 set of hoops. We bought a lot of gold before it went up, so we haven't had to raise our prices," says Dana Matheny, Star Jewelers, Broken Arrow, Okla.

West

"Chain sales are down 15 to 20 percent, but wedding bands are up over last year. There's been an uptick in simple marriages. Sellers have become more knowledgeable, shopping their jewelry around to three or four stores to get the best price," says Fred Salewsky, Salewsky's Jewelers, Centralia, Wash.

"Gold sales are pretty tight; you have a good one and wait four or five days for the next one," says Victor Fierros, Jewelry by Victor, Goodyear, Ariz.

"We offer some plain gold hoops, but that's the extent of our plain gold sales. We don't buy gold from our customers, and we've only occasionally asked about it," says Joni Hamilton, 23rd Street Jewelers, Manhattan Beach, Calif.
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