Local jeweler says the next gold rush is in the jewelry box
KANSAS CITY, Mo. (KCTV) - The price of gold has broken a record with its valuation per ounce at above $3,000 for the first time in history.
The reason behind the steep rise has been a perceived unstable international market with possible trade wars in the process or on the horizon.
The benefit to the consumer has been the ability to clean out a jewelry drawer for higher earnings than ever before.
Waldo Jewelers specializes in engagement and wedding rings. What sets them apart from their competition is they are a prime manufacturer. Michael Marentes-Gonzales is the CEO and head goldsmith at Waldo Jewelers.
“It has been interesting to see it go up. When I started in the Jewelry industry, 30 years ago, gold was $260,” Marentes-Gonzales said. “I was dumbfounded when it broke $2,000, I was dumbfounded when it broke 2,500.”
The mom-and-pop business benefits from this environment, because some of their competitors simply distribute rings where Waldo Jewelers utilizes CAD technology, 3D printing and recruits goldsmiths technicians and bench jewelers from the Texas Institute of Jewelry Technology in Paris, Texas to work on rings they make in house.
Basically, the only thing they don’t do is refine precious metals, and because they are a manufacturer they can get a good deal on that transaction.
“I love the little ladies that are cleaning out the jewelry box,” Marentes-Gonzales said. “I make sure they’re sitting down, because I’m like ma’am, I can give you $540 for this ring, and they’re absolutely ecstatic, they’re giving me a hug, I’m hugging them back. It’s a win-win.”
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