Jeweller - May 2024

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MEJURI PATRA DIAMOND BRACELET & HOOP EARRINGS LOUIS VUITTON VIVIENNE DRAGON BROOCH/PENDANT Gold is found in rock ore worldwide; however, the majority is believed to be at the bottom of the ocean. Rocks containing gold have moved to the surface over time, experiencing erosion. The gold in these rocks is washed into creeks and rivers, forming alluvial deposits. It then becomes concentrated in recesses and troughs, as gold is heavier than much of the matter captured by flowing water. These deposits ignited the Gold Rush in Australia in the 1850s. Blessed soil According to a report published by the World Gold Council (WGC) in 2021, more than 205,000 metric tonnes of gold have been mined throughout history. It was estimated that a further 53,000 tonnes remained beneath the earth in previously identified reserves, with Australia hosting around 19 per cent of the global supply. It isn’t easy to calculate the exact amount of unearthed gold – the greater the depth, the more expensive it is to extract – particularly under the sea. Looking closely at today’s climate, the WGC has predicted a stable gold market in 2024. In particular, analysts have outlined three likely scenarios. 38 | May 2024 4 | November 2022 The first was a 65 per cent chance of a soft landing in the global economy for 2024, which could deliver flat growth for gold and upside potential. A hard landing or recession was given a 25-55 per cent chance of occurring, sending gold prices much higher than current record levels. "According to a report published by the World Gold Council (WGC) in 2021, more than 205,000 metric tonnes of gold have been mined throughout history." The final scenario was the status quo, which had a 10 per cent chance of happening in 2024. This likely results in a flat outlook for bullion prices. Gold jewellery demand remained resilient despite these record prices. Consumption was fractionally higher in 2023 compared to the previous year. After a relatively weak year, China was the primary source of increasing demand; however, other intriguing areas of improved demand, such as Turkey, also contributed. Conversely, the price of gold significantly impacted demand in India. In Australia, there was a six per cent decline in jewellery demand in 2023. This resulted from consumer cost of living pressures and the increasing impact of rising prices. Where to begin? Given gold's timeless cultural significance, it should come as no surprise that it’s such a crucial category for jewellery retailers. When discussing gold jewellery, it’s folly to overlook the importance of chains. What makes gold chains so powerful is their endless variety — from thin metallic strands to larger-than-life statement chains, there’s something for every occasion. Retailers can offer delicate gold chains that are ideal for a natural look or big-and-bold chains that command attention. Layered and long chains add versatility, while lariats elongate the next for a sophisticated and seductive look. PANDORA DRAGON CHARM
Discover timeless elegance at Athan Wholesale Jewellers in Melbourne's iconic Manchester Unity Building. Since 1998, we've supplied Australian and New Zealand retailers with the finest Italian gold chains and accessories. With a rich heritage in the industry, our family-run business offers a carefully curated collection of 9- and 18-carat gold pieces in diverse designs. From timeless chains to tennis mounts and bracelets, each item is meticulously crafted in Italy. Experience exceptional quality and service with Athan Wholesale Jewellers, where tradition meets contemporary style. 03 9663 2321 INFO@ATHAN.COM.AU WWW.ATHAN.COM.AU 602/220 COLLINS ST, MELBOURNE VIC 3000 November 2022 | 5
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Page 28 and 29: ADDENDUM TO THE 2024 STATE OF THE I
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Jeweller - May 2024

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