As our guest blogger today, our head jewelry buyer Ellen will explain the recent Platinum situation.
Recently, I was invited to California by the Platinum Guild International for a Buyers Retreat. Mervis Diamond Importers was chosen as one of the “Top 10 Retailers in America” to attend this event because of our high volume of platinum sales, our commitment to the finest quality of jewelry, and our overall support of the Designers. The retreat consisted of discussions about Platinum topics such as Consumer Perspective, Jewelry Presentation, Inventory, and Pricing.
Most recently, concerns over the soaring price of platinum and other precious metals have been at the forefront of not only the jewelry industry but the public as well. The price of precious metals has gone up exponentially and there are several factors contributing to the increase.
a) The decline of the US dollar b) the overall global economic downturn c) geo-politcal uncertainty in mining countries d) power outages in African mining regions leading to reduced output
All of our designers take these problems into consideration and are making changes to help young couples who are planning an engagement ring purchase. Some are making their best selling platinum pieces in smaller versions, others are using alternative metals such as Palladium.