Father’s day and graduation season definitely helped increase our sales, but I feel our [gold chain] sales would be less if we kept our prices when gold was trading at above $1,700 per oz.
Los Angeles, CA (PRWEB) July 03, 2012
Since last October, people saw major price increases for the precious metal, gold, which resulted in solid gold jewelry price surges. Many jewelers had a decrease in gold jewelry sales, especially for the popular jewelry items, gold chains and wedding bands. As of the past few weeks and with the US dollar strengthening, the gold price dropped below $1,600 per oz in the financial markets and continues to stay below that price. GoldenMine, a large jewelry e-tailer specializing in gold jewelry, quickly responded by lowering prices for gold chain necklaces, gold chain bracelets, gold hoop earrings, and other popular gold jewelry items, which resulted in increased sales.
“The gold price per oz dropped almost 20% since it hit a major high last August. We’re excited about this news because it makes gold jewelry more affordable for our customers and means the economy is gaining a little bit of stability but still has a lot more to go,” said David Lee, co-founder and CEO of GoldenMine.com. “The economy and gold prices generally act as a thermometer on the health of the global economy. When the price of gold hit above $1,900 so quickly, that’s too hot for comfort. “
Since GoldenMine decreased its prices, it experienced an 18% increase in gold chain and bracelet sales.
“Father’s day and graduation season definitely helped increase our sales, but I feel our [gold chain] sales would be less if we kept our prices when gold was trading at above $1,700 per oz,” said Lee. GoldenMine even had more customers buying the expensive gold chain styles, rolo and curb chains. If the gold price continues to stay this way, Lee said that sales should continue to grow.
Besides gold necklaces, other gold jewelry sales steadily rose, especially gold hoops, gold crucifix and cross pendants, and gold CZ rings, for GoldenMine. Lee said that these smaller gold items are more popular than larger and heavier gold jewelry for its customers with a limited budget. He does not expect the market gold price to be anywhere like it was in the late 1990s but welcomes this gold price drop.
“We love to make our customers happy, and the lower prices can help our customers have a touch of luxury that they long for,” said Lee.
About the Company:
Established since 2001, GoldenMine, Inc. is an online retailer offering a large selection of quality jewelry for men and women from around the world at competitive prices. The company developed strong manufacturer relationships and trained staff in order to bring unbeatable value, high standard of service, convenience, and selection. Based in Los Angeles, CA, GoldenMine can be found online at http://www.goldenmine.com. Phone: 1-888-223-7056, Monday – Friday from 9:00am to 5:00pm PT.