Hatton Garden jewellers and changes in the jewellery industry
13/06/2016Hatton Garden jewellers and changes in the jewellery industry
World renowned for its rich and specialised history, Hatton Garden jewellers have long been known for their exceptional fine jewellery and outstanding customer service. Whether you have visited this wonderful street for wedding rings, an engagement ring or were simply treating yourself to something sparkly, there is no getting away from the fact that the jewellery industry is constantly changing.
Platinum and gold are by far the most popular of metals to work with in the fine jewellery industry. The price of gold is influenced by supply and demand, economic stability and the strength of exchange rates, and so it is of no surprise to see huge shifts in its value over the past forty years. Having seen a significant fall in price in 2013, a steady growth has been witnessed since late 2015. Platinum on the other hand has its own pressures that dictate its price. Interestingly, South Africa is a major player in the production of platinum, boasting the largest output of this precious metal in the world. The platinum market however is susceptible to volatility due to a host of different factors such as mining supply and economic slumps. Fuelled also by technological advancements, platinum is considered a key material. Platinum has also seen a rather considerable fall in price since 2011, however as of 2016, gradual growth has been experienced. It is therefore easy to see how these metals have impacted Hatton Garden jewellers in their production and pricing of jewellery.
Diamonds are used in a number of different industries, and unsurprisingly only a small percentage of stones are incorporated into jewellery (around 30% are considered to be gem-quality). A highly graded one carat diamond when compared to a poorly graded one carat stone can differ by thousands of pounds. This is very much a market where quality and price go hand in hand. Traditionally, prices of diamonds have increased but like any market there are fluctuations. Once again, the prices of stones are determined by supply and demand as well as exchange rate fluctuations (as diamonds are traded in dollars). The price of diamonds can impact Hatton Garden jewellers both with their sourcing and incorporation of valuable diamonds. When prices are low, the financially strong jewellers will often take the opportunity to build stocks thus enabling them to have a competitive advantage when prices increase. Therefore the more established Hatton Garden jewellery shops are often able to pass on these savings to their clientele.
Although change remains constant in this industry, Rennie & Co prides itself as a jeweller that holds traditional values. Different from other Hatton Garden jewellers through our excellent customer service and superb jewellery quality, it is of our opinion that selecting fine jewellery requires patience and consideration. As such, our trained jewellery experts will allow you to relax in the comfort of our beautiful showroom without the pressure of pushy or persuasive sales techniques and away from the melee that can be Hatton Garden. If you have a question, feel free to contact our friendly team at diamonds@rennieco.com or call 020 7405 4585.
