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Gold Prices Fall and Consumers Consider the Future

Gold Prices Fall

Gold prices fell by over 2% during the last week, from around $1,967.30 per ounce to $1,930.30 per ounce.

  • the decline in price was primarily caused by a stronger dollar and hawkish comments from Federal Reserve officials.


Industry Headlines

Rising demand for sustainable jewellery

  • The global jewellery market is expected to grow at a CAGR of 4.6% from 2023 through 2030, and one of the key drivers of this growth is the increasing demand for sustainable jewellery.

  • Consumers are becoming more aware of the environmental and ethical impacts of jewellery production, and are searching for jewellery that is responsibly produced with sustainable materials.

  • A recent study by the World Wildlife Fund found that 72% of consumers are willing to pay a premium for sustainable jewellery. This is a significant increase from just a few years ago, and it shows that the demand for sustainable jewelry is growing rapidly.

Growing Popularity of Eco-Friendly Jewellery Packaging

  • Continuing with the theme of sustainability, many Jewellery brands are switching to eco-friendly packaging materials, such as recycled paper and plastic.

  • This is in response to the growing demand from consumers for sustainable products, and as a way to improve their environmental credentials.

The Increasing Popularity of Coloured Gemstones

  • Colored gemstones, such as rubies, sapphires, and emeralds, are becoming increasingly popular. This partly due to the growing demand for unique and personalized jewelry, but also because colored gemstones can be a more affordable option than diamonds, making them attractive to a wider range of consumers.

The Lab-Grown Diamond Market Continues to Rise

  • The lab-grown diamond market is expected to reach $14 billion by 2025. This growth is being driven by the increasing demand for affordable diamonds, as well as the growing awareness of the environmental and ethical implications of diamond mining.

  • Lab-grown diamonds are created in a laboratory, rather than mined from the earth. Although they are chemically and physically identical to mined diamonds, they are often sold at a much lower price.

  • We recommend sustainably sourced natural diamonds over lab grown diamonds because no two natural diamonds are the same, meaning your piece will be completely unique, and lab grown diamonds have limited resale value.

Conclusion

Overall, it was a busy week for the jewelry industry. There were a number of important developments that will shape the future industry, and it will be interesting to see how these trends play out in the months and years to come.

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