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Rising Gold Prices, Johannesburg Jewellery Heist, and Signet Jewelers Earnings

Gold Prices Rise

Gold prices continued to rise through the week ending June 16, reaching an average price of $1,962.03 per ounce.

Major Industry Headlines

  • Father's Day Jewellery Heist: Following a high-speed chase, Police apprehended two men who stole an unspecified amount of jewellery from a store in the East Rand Mall in Johannesburg. A manhunt has been launched for the remaining six suspects.

  • US Interest Rates Hold Steady: the US Federal Reserve announced on Thursday that interest rates would remain unchanged for the first time in over a year.

  • Signet Jewelers Suffer a Q1 Decline: The company reported sales of $1.7 billion, a decline of 9.3% compared to the same period last year. In North America, sales fell to $1.6 billion, down 8.4%. Meanwhile international sales were recorded at $93 million, down 15.5%.


Although it was a positive week for markets in general, jewellers worldwide are feeling the effects of high inflation and rising interest rates, with consumers seeking to tighten their spending habits.

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