For weeks, jewelers like Olivia Kazanjian, owner of Jewelry by Olivia K, have been flooded with customers seeking to sell their gold jewelry to take advantage of the record-breaking prices.
- Prices have surged by 27% since the beginning of the year, driven by factors such as geopolitical tensions, tariff turmoil, and increased demand from central banks.
- The current gold price of $3,357 per ounce is an all-time high.
As the market continues to fluctuate, the Jewelry District in Los Angeles is witnessing a new gold rush, with jewelers facing challenges in keeping up with the demand.
| Business | Services |
|---|---|
| Jewelry by Olivia K | Assesses and buys gold jewelry, melt and processes precious metals for customers. |
| Elemetal | Merges gold sources, such as scrap jewelry, impaired bullion, and refined gold, to produce marketable products. |
“We get a lot of people coming in here with jewelry that they think is worth a lot, but it’s actually not,” said Kazanjian. “Some items are hard to value, and we have to do tests to determine the purity of the gold.”
- Despite the challenges, many jewelers are seeing a significant increase in demand for their services.
- The influx of customers is a boon for independent jewelers who have been grappling with steep wholesale prices for new items.
In fact, Kazanjian has seen a “revolving door” of clients eager to sell their gold jewelry, but she’s urging caution. “Sometimes it’s very clear when you get jewelry in that’s like, ‘Nope. This is not to be melted, you’ve got to hold onto this,’” said Kazanjian. “Antique pieces are not worth it — you’ll never, ever see that craftsmanship again.”
In the Jewelry District, the security measures have been stepped up, with millions of dollars in gold and jewels stolen from a downtown jeweler’s two safes.
- The FBI is working with the Los Angeles police to investigate the heist at Love Jewels.
- The thieves cut through a room next to the gold merchant and made off with about $10 million worth of merchandise.
Despite the current mania, experts warn that not all jewelry owners will get rich off of it. “You can sell anything that has gold in it,” said Jeff Clark, a market analyst. “Some morgues will let you do it.”
- The demand for gold jewelry is expected to continue, driven by its perceived value as a safe-haven asset during times of economic uncertainty.
- The Jewelry District is likely to remain a hub for gold buyers and sellers, as jewelers seek to capitalize on the current surge in demand.
“It happens with every gold spike,” said Clark. “If you’ve got a lot of old gold jewelry, it’s basically free money.”
As the gold prices continue to soar, collectors are taking advantage of the opportunity to sell their gold jewelry and make a profit.
