Jewelry Blog

It’s truly sad when you read stories like the following, but, unfortunately it’s a cruel fact of life. I’ll link the story first…

Couple May lose Ring

Having been in the same position as the jeweler in the past, I do understand the situation. Holding jewelry “hostage” so that you can pay your bills, feed your family. Very sad, but reality. No, it is certainly not the couple’s fault nor (I hope) should they have to “pay” for the financial problems/indiscretions of others involved but unfortunately they are involved.

I’ve been in that position before as a jeweler and business owner. The position of contracted client not paying their bills/invoices and as a last resort you’re left to hold what you have “hostage” in an effort to try and recoup part of what you’ve already invested. Sad, but true.

Whitehall has NEVER been timely about paying their contracted jewelers. I reiterate NEVER… at least for 20 years. They paid on their time “schedule”. Anyone from the company, anyone that’s left, even those prior, that wants to even try and refute my assertion, I have 20+ years of records that will demonstrate and prove you didn’t. My apologies for going off on a rant but this is a really sore subject for me.

What I hope will happen in regards to the story I linked above (legalities not included) is that jeweler at least try and reach out to the couple. Give them the opportunity to retrieve their memories from you. And, I will say the same to each and every other contracted jeweler in the same position. Take the opportunity (notwithstanding legal issues) to reach out and try to not only provide for your family, but to try and restore the symbolism and memories of those people who entrust the very things that signify that every day.

Dave 

08-12-08 Gold Hits 8 Month Low

Reuters is reporting that the recent plunge in the price of gold is likely due to the strength in the US dollar which is still near a 6 month high causing investors to “jump ship”.

Note that wording… “investors jump ship”. This is what has annoyed me for so long. Investors speculation driving the price through the roof rather than the demand for the metal itself. Exchange traded funds adding to this mania harming more than are helped.  Add to that oil hitting its lowest level since May and as suggested, I agree that sentiment has turned negative.

I say negative investor sentiment in both gold and oil is a very good thing for all the folks who actually use it. 

The hope that Whitehall Jewelers would be purchased by Gitanjali Gems LTD and continue core operations has come to an end with Gitanjali. I expect an official announcement to be made today with the high bidder at the recent auction, Gordon Brothers, assuming control of the bankrupt jeweler and liquidating the company.