'Couples Hit By Gold Spike' - Smiling couple bemoan price increase of $400, paying $2200 for groom's white gold ring. Jewellers cite price of gold.
I'm going to rename the article. 'Couples Hit By Stupidity.'
Yes. The price of gold has gone up. Incredibly.
Yes. Your ring uses gold.
No. It does not justify the price. Not even close.
Here's the 'back of the napkin' analysis.
If the 18ct white gold ring is 10 grams, 7.5 grams of it is pure gold. Today, that's $270USD of gold ($1000USD/ounce). Back in November it would have cost $216USD ($800/ounce).
A $54USD change, does not, a $400AUD price increase make.
Price rise gouging aside, that's about a $1900AUD premium they paid on a 'simple wedding band'. That's about 80 hours worth of work for the average Aussie. If it was down to craftmanship, exotic design or any esoteric reason I might bite, but from experience of the industry... It's a brand premium. It's the Tiffany's phenomenon.
Don't get me wrong, I love to buy nice things and I'd say a wedding is a pretty darn good time to buy nice things. But no matter what sales people might say, the luxury and brand price premium on jewellery will never represent your love for anyone.
While the ring itself might represent your love, the cash, dearly departed, has more similarities to ceremoniously standing around a toilet, putting bundles of crisp fifty dollar notes in and hitting flush. It might just buy your jeweller his next Ferrari too.
I'm no stranger to expensive tastes. I've paid more for a single fish (as in swimming around in a fish tank), a watch and other assorted dross... But always at fair market value.
It seems people don't want to be rich anymore. They just want to look rich.
Flickr credit: Paul Watson