Have the drop in Gold price reduced setting prices?

[marylongslot]

The quotes I have been getting on custom setting pieces have steadily increased the last five years due to gold and diamond prices rising.
(At least that is what I was told)

Now that gold has dropped to almost a 4 year low do you think the quotes will drop a few hundred?

 

[chrono]

Unlikely. When it comes to jewellery, it seems to follow the way oil/gasoline is priced. When the price goes up, you will see the price increase at the store almost immediately. When the price goes down, you do not see the price go down at all. Excuses given are that they need to sell off the old stock which was purchased at the higher price first.

Hmmm...I seem to be rather jaded in my posts this week.

 

[TC1987]

It's been said that Internet sales have been holding profit margins down on the diamonds themselves, and jewelers are making up for that on prices of the settings. True or not, I don't know. But I could buy settings for a lot less money back in 2004-2006, for certain.

 

[distracts]

No. Not enough gold is used in settings to explain how much the prices have risen. You're not using an ounce of gold in a ring but a few grams, and a few grams of alloy at that. That setting prices were increasing so much because of gold prices was always a lie.

 

[AprilBaby]

What goes up never comes down.