A photograph taken on April 30, 2024 shows gold bracelets displayed in a shop window on Green Street , east London. — AFP picLONDON, May 4 — Surrounded by glass-fronted display cabinets filled with shimmering gold bracelets and necklaces at London’s Pakeeza Jewellers store, manager Zahid Khan laments the impact of record-high prices of the precious metal.
Yet the recent spike in gold prices — driven by haven demand amid geopolitical tensions, and the prospect of US interest rate cuts which weighs on the dollar — has impacted the jewellery market.“When you see rapid jumps in gold and things like that, yes, there’s a shock to the system,” said Vikram Santilal, owner of Jeram Jewellers.A few years ago, customers could buy 200 grams of gold for £2,000 — but now they buy only 100 grams and it will cost between £6,000 and £8,000.
This pricing system is essential to the global trade of jewellery, particularly in the world’s two biggest markets: China and India. Total gold demand dropped five per cent in the first quarter year-on-year as it became too expensive for some, according to data from the World Gold Council. Demand for jewellery declined two per cent.
That is in marked contrast to classic luxury brands like Boucheron, Cartier and Van Cleef, where prestige has much more of an influence.Green Street’s clientele mostly comprise people whose families come from Afghanistan, Bangladesh, India and Pakistan, as well as nations in the Middle East.
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