top of page

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%.

Conclusion

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.

8 views0 comments

Commenti


bottom of page