The price of gold has reached an all-time high, surpassing $3,000 per ounce for the first time in history. This sharp increase is largely driven by concerns over global market instability and the potential for trade wars.
For consumers, the surge in gold prices presents a unique opportunity to sell old jewelry for unprecedented returns.
Waldo Jewelers, a business specializing in engagement and wedding rings, is experiencing a significant boost. Unlike many competitors who merely distribute rings, Waldo Jewelers manufactures their pieces in-house. CEO and head goldsmith Michael Marentes-Gonzales attributes their success to their advanced production methods.
“When I started in the jewelry industry 30 years ago, gold was priced at $260 per ounce,” Marentes-Gonzales said. “I was amazed when it crossed $2,000, then $2,500. Now, seeing it go beyond $3,000 is unbelievable.”
The family-owned business benefits from its unique approach. Using CAD technology, 3D printing, and skilled technicians from the Texas Institute of Jewelry Technology in Paris, Texas, Waldo Jewelers maintains full control over their production process. Their only external transaction is refining precious metals, a process they can secure at competitive rates due to their status as a manufacturer.
Marentes-Gonzales says the rising gold prices have led many customers, especially older women, to bring in their old jewelry for appraisal and sale.
“I love seeing the joy on their faces when they realize the value of their pieces,” he said. “I always make sure they’re sitting down before I tell them the price. When I offer $540 for a ring, they’re ecstatic. They hug me, I hug them back—it’s a win-win situation.”
As gold prices continue to rise, experts suggest more people may start looking to their own jewelry boxes as a source of unexpected income.
Related topics:
- Richmond RCMP Warns Public About Fake Jewelry Scams
- NYC Jeweler Acquires Diana Vreeland’s Iconic Suzanne Belperron Cuff
- L.A.’s Kinn Studio and Janessa Leoné Unveil Fine Jewelry Collaboration
