Record Gold Prices Have Consumers Undeterred. Here’s Why.

All eyes are focused on gold prices breaking records, but one thing this precious metal hasn’t done yet is stop customers from seeking it out. Gold has been associated with luxury and prestige for centuries, and today the consumers’ love for gold jewelry continues to endure.

Today’s customer understands the intrinsic value of gold in ways that haven’t been seen since the 1980s. Recent reports that warehouse retailer Costco may be moving up to $200 million a month in gold, (not including sales of finished gold jewelry) point to the buzz from consumers about the metal’s value. Retailers may be concerned about their approach to the new reality of gold prices. Royal Chain, the industry’s authority in gold for over 46 years, has tips on how to be smart with your gold buying in today’s climate.

1. Stick to buying what you need. Don’t stockpile, but make sure to replenish your best sellers. Don’t miss out on sales opportunities by being reluctant to invest in those high-turning pieces. Work with a company that has quick turnaround.  Royal Chain makes this easier for retailers by offering 24-hour replenishment and no minimum quantities.

2. While you should stick to what sells, find select opportunities to introduce something fresh. Smartly investing in new arrivals can excite customers and keep them coming back, so take a moment to look for new items that they haven’t seen before. Royal Chain’s new spring assortment includes brand-new looks perfect for every price point and every demographic.

3. Above all, don’t hit the panic button. Gold has historically been through this before. By working with an experienced partner you’ll have peace of mind that they have your back.

Royal Chain is at the forefront of technological advancements in the manufacturing process, giving retailers a diverse range of gold product options at a wide variety of budgets. As we get closer to Las Vegas Jewelry Week, here are the trends to watch: