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AGOURA HILLS, Calif., Dec. 1, 2011 /PRNewswire/ — The cost of gold wedding bands has more than doubled over the past couple of years, and consumers have responded by switching to lower-cost rings made of titanium, cobalt, tungsten and other alternative materials. But while this trend is a natural response to the economic downturn, shoppers should arm themselves with information about some of the key differences between precious metals and these new alternatives, notes Michael Lebowitz, vice president of consultants Buxbaum Jewelry Advisors.
“In a nod to consumer demand, manufacturers have shown a lot of creativity by offering wedding bands and other jewelry made from a variety of non-traditional metals,” says Lebowitz, who has worked in jewelry retailing, wholesaling and consulting for more than 40 years. “This has given cost-conscious consumers a wider range of options, not in only terms of materials, but also regarding style.”
On the other hand, he cautions, uncertainties associated with some of these metals—such as whether they can be resized, are prone to scratching or breaking, or have been designed in ways that are too fashion-forward—are a real concern. As a result, shoppers should ask hard questions about non-traditional rings, both in face-to-face meetings with trusted jewelers and by using the Internet to do their own research. “Precious metals have enduring value and, as such, are a ‘known commodity,’ ” Lebowitz says. “Does this mean a new cobalt formulation won’t be a good alternative for certain consumers? Not necessarily. It all depends on individual tastes and preferences and the specific properties of the piece in question.”
With gold trading at about $1,700 an ounce, traditional bands that sold for $500 or $600 a couple of years ago typically cost twice as much today, notes Stevan Buxbaum, president of Buxbaum Jewelry Advisors. “The high cost of gold is starting to become a bigger issue for consumers,” he says. “Some shoppers have decided that they don’t want to pay for gold wedding bands. Overall, the popularity of alternative medals is growing, not just for wedding bands, but also for men’s jewelry in general. Titanium, in particular, is quite popular.”
Meanwhile, global demand for precious metals has pushed retail prices on platinum bands by better-name brands to as much as $3,000. “By contrast, alternative-metal rings made of cobalt or tungsten typically retail for between $200 and $500, depending on the heft of the ring and its intricacy,” Buxbaum says.
Some of these alternative rings have properties that appeal to consumers, Lebowitz notes. “The new ceramic rings, for example, are a bit of a spinoff of the ceramic watch craze. They are highly scratch-resistant, very sturdy and have a nice gloss finish. New colors are also becoming available,” he says. “Steel can be finished in different looks and has the weight that some gentlemen like. It is inexpensive and is a consistent white metal that will not fade or change color with time.”
But as manufacturers experiment with new alloys, unforeseen problems are likely to pop up. Indeed, some already have. “They’ve had to adjust certain titanium formulae because these rings were too strong to be cut off of someone’s finger during an emergency,” Lebowitz notes. “Other alternative-metal rings have proven to be too brittle, or impossible to resize. There’s nothing wrong with alternative metals, but as the saying goes, ‘let the buyer beware.’ ”
About Buxbaum Jewelry Advisors/Buxbaum Group
Buxbaum Jewelry Advisors has assembled a team of jewelry professionals that have provided wholesale and retail jewelers with financial solutions for more than 20 years. It offers a wide range of services and can meet the needs of both financially distressed and profitable jewelry retailers and wholesalers. It is an affiliate of Agoura Hills, Calif.-based Buxbaum Group, which has built its reputation for over 30 years as one of the largest liquidators and appraisers of retail and wholesale inventories across North America.
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Stevan Buxbaum
http://www.profnetconnect.com/stevan_buxbaum
SOURCE Buxbaum Jewelry Advisors
