The FINANCIAL — The price of gold is hitting a new record as from January 2008 it has increased by GEL 5. If one gram of gold cost GEL 40 in 2007 at the Georgian Gold Exchange, today one gram of gold costs GEL 45.
Increasing value of the material is causing a price rise of jewellery products. This process is causing discontent among customers. The price rise has been most noticed at the Gold Exchange, rather than at official jewellery stores Zarapxana and Baccarat.
According to Nino Absandze, the Marketing Manager of Zarapxana, 1 ounce of gold cost USD 640 on January 1, 2006, and one gram of gold cost USD 20. Today 1 ounce of gold costs USD 872 and one gram of gold costs USD 28.
The price rise of gold is a global phenomenon and is supposedly being caused by the troubled economy, the weakening US dollar and rising inflation due to high oil prices and fraught geopolitical concerns,” Nino Absandze declared to The FINANCIAL.
According to Tea Gotsadze, PR Manager of Baccarat Jewellery, the prices of jewellery products have not increased, as the existing collection at the store is now old.
“Although soon the store will receive its new collection and then prices will supposedly increase. Baccarat Jewellery imports gold products from European countries Spain and Italy, and the price of gold has not only risen in Georgia, but in the whole of Europe as well,” Tea Gotsadze declared to The FINANCIAL.
“Today in Zarapxana’s stores jewellery products’ prices range from GEL 100 to GEL 10 000. It all depends on the size of the gold and the level of workmanship,” Nino Absandze said.
According to Tea Gotsadze, the products prices at Baccarat Jewellery stores range from GEL 16 to GEL 700.
“In the Baccarat Jewellery stores not only gold products are represented, bijouterie is represented there as well. Bijouterie is imported from USA, France and Denmark. Most of them are exclusive and do not have analogues in Georgia. Bijouterie does have its loyal customers,” Gotsadze added.
According to Nino Absandze, only jewellery products which are made from gold are represented in Zarapxana’s stores.
“Gold is popular and it will remain one of the most expensive metals in the world. The users of gold products and bijouterie are socially different people. Not every man can afford to purchase such luxury, that is why it remains so exclusive and in demand,” Absandze said.
“For the last three years gold prices have twice increased. It is the most safe investment to be made by a person,” Absandze added.
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