New Ways To Trade In Your Gold Jewelry For Cash

The price of gold has been skyrocketing to record highs. So much so that people are finding ways of 'cashing in' on their own jewelry in a big way.

Ever wonder what to do with that single gold earring you lost the match to five years ago? Or the broken chain you never got fixed and just haven't worn since?

Robert Madruga has decided to sell his old 14kt gold necklace and four rings to Sharif Jewelers in Sacramento.

"Just gold jewelry I knew that I had that I've just been kind of hanging onto for too long and thought it was time to make some money on it," says Robert.

And timing is key here. The value of gold has been steadily going up for five years and is now valued near $900 an ounce. And, Madruga isn't the only one cashing in.

"I think people are taking little bit more notice to it," says Erica.

Erica Clark, who works at Sharif Jewelers, says everyday several people come in asking about selling or trading in their gold pieces. With a single earring, you have three options:

"You're first option would be to bring it in, and we can custom make an identical match for you, you would be paying for the labor and the materials need to make the additional pair," says Erica.

The second option is to trade in the jewelry for something else in the store.

"And your third option would be to sell it outright," Erica explains.

And that's exactly what Madruga wanted.

"I'm cashing out. I'm getting $800 for this right here," Robert says.
Source: cbs13

Italian Gold Jewelry Demand Down 30% in Q108

The first quarter of 2008 saw a 30 percent drop in the amount of gold jewelry purchases in the Italian jewelry sector, a result of declining consumer demand, Ivana Ciabatti, the head of Italian precious metals trader, Italpreziosi, told Reuters.

Ciabatti attributed the drop in demand to economic and financial uncertainty and to the fact that gold is “not a primary necessity.” “The situation in Italy in the first quarter [was] very dramatic,” she noted, although she expressed hope that the situation would improve in the second quarter if the price of gold became more stable.

In times of past economic unease, Italians have preferred to invest in gold bullion rather than jewelry, Ciabatti explained, although old jewelry is often sold off by poorer people to raise quick cash. “People don’t trust other investments, and gold has returned to be a safe haven investment (in the recent past),” she said.

Those familiar with the Italian market argue that it is the manufacturers who are hurt first and hardest by steadily rising precious, due to buyers putting off orders as they wait to see if prices will stabilize.

A manager of Italian gold and steel jewelry manufacturer Ka-ti commented, “The sector is in crisis. With gold prices as they are now, people are not buying.”

The price of gold has been rising rapidly since the beginning of the year, although it has fallen approximately 7 percent in the past week to less than $900 per ounce, a result of a strengthening of the dollar against the euro. Gold passed a record $1,000 per ounce in mid-March.
Source: idexonline

Excavation turns up oldest gold jewelry in the Americas

Researchers have discovered the oldest piece of gold jewelry ever found in the Americas, an academic journal reported Tuesday.

A gold and turquoise necklace, made 4,000 years ago, was found in a burial site near Lake Titicaca.

A team found the gold necklace near Lake Titicaca in Peru, according to the journal Proceedings of the National Academy of Sciences. It's 4,000 years old -- 600 years older than any other gold jewelry discovered in the Western Hemisphere.

The anthropologist who discovered the gold, Mark Aldenderfer, told CNN on Tuesday night that he sensed the importance of his find after noticing a glint while excavating a site with human remains.

"It appeared to be gold. That's when I knew we had something special," he said. "This was a complete shock."

He found the necklace about seven years ago, he said, but researchers kept quiet for fear that looters would raid the site. They also wanted to allow time for chemical analysis before announcing their discovery on Tuesday.

Video footage from Peru shows a necklace of nine gold tubes separated by 10 stones.

The find is important, Aldenderfer said, because it signals the early emergence of a desire for status among people who lived as relative equals without a formal leadership system.

The Andean people of that time, Aldenderfer said, had recently settled down after many generations as hunter-gatherers. Formal kings would not emerge for hundreds of years.

The person who wore the gold necklace may have sought to distinguish himself with a status symbol, Aldenderfer said.

The artifact is in the custody of the National Institute of Peru and may be displayed in a museum, he said.
Source: cnn

Many People Selling Gold Jewelry

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More people are selling their gold as its value continues to rise. That's creating what local pawn shop owners are calling a gold rush.

Bing Miller owns City Jewelry and Loan, a local pawn shop. He says over the past four months he's noticed an increase in customers looking to sell their gold. As the value of the dollar decreases, gold prices are higher than ever sitting at around  $1,000 an ounce and consumers are taking advantage.

But some are trying to sell fake or damaged gold and they don't always know it. Miller says some customers buy from a seller on the street thinking they're getting a good bargain. "You know if a good deal is too good to be true, it probably is cause there are most people, 99% people can't tell if a piece of jewelry's gold or not, so just be careful if you're buying gold from strangers," said Miller

But while people are rushing to sell their gold.Stores can't seem to get rid of it and Miller says he knows why.

"People can't pay the price of it. When they come in wanting something reasonable, it's hard to find anything reasonable in gold, but you know, anything in a... Gold ring under a hundred dollars now is very, very rare. Like I said, cause the meltdown values on most rings are now 50, 75, to a hundred dollars any ring," says Miller.

Even with gold prices rising and less being bought people are still buying jewelry. So what could be taking the place of gold? Shop owners say this cloud has a *silver* lining.

"...you can buy silver jewelry so much cheaper, so people are starting to wear silver jewelry more than they are gold jewelry," said Miller.
Source: kauz

China gold jewelry demand surges 23%, over U.S.

China's demand for gold jumped 23 percent in 2007 as rising personal incomes helped it to race ahead of the U.S. to become the world's second-biggest market, the World Gold Council said.

Gold use in jewelry in China mainland rose to 302.2 metric tons last year, from 244.7 tons in 2006, Roland Wang, general manager of Greater China at the council, told reporters Tuesday in Shanghai. That compares with 558.2 tons in India, the biggest consumer, and 262.9 tons in the U.S.

Increased jewelry purchases by consumers in China and India, the world's fastest-growing major economies, may help to support the price of gold, which reached a record high of US$936.92 an ounce on Feb. 1. Bullion has risen for seven straight years.

The Shanghai Gold Exchange settled the contract details with HSBC Holdings Plc and Standard Chartered Plc, exchange Chairman Shen Xiangrong said at Tuesday's conference.

The People's Bank of China approved five foreign banks that have incorporated in China to become members of the exchange to act as market makers, Shen said in June last year.sk
Source: chinapost

Parties provide golden opportunity to unload old jewelry

Move over, Tupperware. The suburban house party is turning to gold.

As gold hits record prices above $900 an ounce, hordes of Detroit residents, mostly women, are flocking to private house parties to sell their broken gold chains, mismatched earrings, class rings and other gold jewelry they no longer wear.

"It is found money," said house-party proprietor Gail Kenny of Grosse Pointe Shores, Mich. "It's a bad economy ... People are looking for a way to get cash."

Two months ago, Kenny, a veteran jewelry manufacturer's representative, launched Michael David, a company that buys gold from guests of private house parties. To date, Michael David has sponsored four parties and booked more.

Kenny's partygoers come from "every walk of life," including stockbrokers, corporate executives, salespeople and opticians. Other proprietors have joined in this seemingly trendy, low-profile business model and have held parties in Detroit suburbs.

The business concept came to Kenny while she was trying to unload a gold Tag Heuer watch she never wore on eBay.

As the price of gold soared, she decided to scrap the watch instead. Kenny invited friends to bring their gold to her house, where she weighed it on a troy-ounce scale and sent a package directly to a precious-metal refiner she knew in New York. To her amazement, the watch drew $3,000.

"I knew this was an opportunity," Kenny said.

Here's how it works: A private house-party proprietor like Kenny books a party with a hostess, who invites people to her home for the party.

At a party, the proprietor inspects the gold and weighs it. If the gold is 10, 14 or 18 karat, the guest gets cash on the spot.

The proprietor resells the gold to a jewelry store, precious-metal dealer or refinery. Kenny says she has averaged $2,000 per party, and her hostesses have earned up to $500 each.

Registered nurse Liz Cheek pocketed $550 from hosting a recent party at her home in Keego Harbor, Mich., and selling old chains and class rings. She said her guests each left with at least $240 from gold sales.

"If it has no sentimental value and you are not wearing it, this is the time to turn it in," she said.

The amount a seller gets depends on the quality of the gold: 24-karat gold is almost 100 percent pure and commands the highest price, though it is rarely marketed in the U.S. The next, 18-karat gold, is about 75 percent pure; 14-karat, 58.50 percent pure; and 10-karat, 41.7 percent pure.

For the past month, businesses have been paying between $9 and $10 a gram for 14-karat gold - the most common purity level in the United States, according to John Abbott of Abbott Corp., a rare-coin and precious-metal dealer in Birmingham, Mich.

Gold has more than tripled in price in the past seven years. It hasn't been this strong since 1980, when it peaked at $850 an ounce before descending for 20 years. Futures trading this month on the New York Mercantile Exchange indicate that prices for gold will continue to rise through December 2009.
Source: azcentral

Gold Jewelry Demand to Fall 20%

Gold demand for Jewelry fabrication may fall by as much as 20 percent in the first half of 2008 primarily due to the record prices the precious metal is demanding from investors, according to a report released Thursday.

"Price damage in first half 2008 is forecast to slash demand by around a fifth to almost 1,000 tons," said Philip Klapwijk, executive chairman of London-based precious metal consultancy GFMS Ltd.

Klapwijk delivered a summary of Gold Survey 2007 – Update 2 report, during a seminar in Toronto organized by the firm.

In 2007, jewelry fabrication demand for gold grew 5 percent, "despite the gold rally, as gains in the more stable first half outweighed second half losses when yet higher prices and volatility took their toll," Klapwijk said.

U.S. consumption of gold jewelry fell heavily. China and Turkey saw strong growth for the period.

"High prices and volatility were the two chief reasons that the consultancy expects fabrication to slump by almost a fifth in the first half this year," Klapwijk said. "Less marked gains for local prices due to dollar weakness and continued robust GDP growth in many emerging economies were expected to partially mitigate the impact of the expected gold rally. Such factors explain why GFMS see the ‘jewelry floor’ (the level deemed fair and sustainable at which physical buyers return) as having moved up to the low $800s, a result which the consultancy feels to be 'remarkable.' "

He added, "However, doubt was cast on the solidity of prices moving forward, given the huge volumes investors would have to pick up to keep the market in balance as jewelry demand slips well under mine production."

Gold rose 31 percent last year, its seventh consecutive annual gain, as the dollar declined against 14 of the 16 most- actively traded currencies. A weaker dollar increased demand for precious metals as an alternative to U.S. stocks and bonds.

Overall, the report expects gold prices to drop to an average about $840 for the first half of the year, with the price of the precious metal increasing to new record levels during the second half of the year. Gold climbed to a record $914.30 recently and has averaged about $875 so far this year.

“Investor appetite for gold at the moment seems undimmed and this should push gold higher over the year," Klapwijk said. "Predicting the top is never easy but we always thought the $900 barrier could easily fall quite soon and then we have to start viewing $1,000 as a clear possibility for later this year."

The report also noted that China became the world's largest gold producer last year. China produced 276 metric tons of gold last year, according to the report. A 12 percent increase from 2006 and just over one-tenth of the world's supply.

The ranking pushes South Africa into second place for the first time since 1905, GFMS said.

Overall mine production in 2007 fell by just over 1 percent, partly because of delays to development and expansion projects, according to the report. Losses centered on South Africa, Peru, and the United States, while gains were reported in Indonesia (in addition to China). Output in the first half of 2008 is forecast to grow by just over 2 percent.
Source: jckonline

Handmade gold jewellery to feature in Colorado

This month will see a selection of handmade gold jewellery go on display at the Vail Valley art galleries in Colorado.

The designs by Dhylan Sherri will take centre stage at the galleries located in the mountainous landscapes of Colorado, reports Vail Daily.

Her 24 carat gold jewellery is made on the island of Maui and almost all her pieces are blended with gemstones, beads and pearls as well as incorporating ancient symbols and styles.

Ms Sherri illustrates herself that the first jewellers were craftsmen and metalsmiths with each piece made by hand and shaped out of metal and stones.

She continues to explain that in more modern ages the jeweller's craft became more specialised and casting started to replace hand fabrication.

However, Ms Sherri adds: "I make all of my jewellery myself, in 24 carat gold with natural stones… I hand-fabricate my work with the exceptional cast bead or found object."

It was revealed this week that a well-known Dubai-based bazaar is to offer a wide range of gold items at next year's Dubai Shopping Festival.
Source: gold

Chinese gold jewelry demand jumps

Chinese demand for gold jewelry may increase by about 20 percent this year as rising personal incomes help the nation race ahead of the United States as the second-biggest market in the world, GFMS, a researcher, said.

Gold use in jewelry in China jumped 24 percent from a year earlier to 221 metric tons in the first nine months, a GFMS analyst, Veronica Han, said from Beijing on Monday, citing data compiled for the World Gold Council. That compares with 515 tons in India, the biggest consumer, and 165 tons in the United States.

Increased jewelry purchases by consumers in China and India may help to support the price of gold, which reached a 27-year high of $845.84 an ounce on Nov. 7 and is headed for its seventh annual gain.

"More economic development in China and a relatively higher savings ratio than that of India should in the long-term drive gold demand in China," Stephan Schlatter, the executive director for metals markets in Asia at UBS, said.

A stock market and property boom helped to raise disposable incomes among urban households in China by 13.2 percent in the first nine months of this year when adjusted for inflation. Retail sales rose by 18.1 percent in October from a year earlier, the fastest in eight years, the statistics bureau said Nov. 14.

"China is poised to become the world's second largest jewelry market for gold this year, overtaking the United States and coming in No. 2 behind India," Philip Klapwijk, the executive chairman of GFMS, said by phone from Parati, Brazil. "I would expect it to grow further" in 2008, he added.

"We expect gold use in China this year to greatly exceed last year's level, with rising standards of living and some policy changes to encourage gold holdings by the public," Hou Huimin, a vice president of the China Gold Association, said in early November. Hou did not give details.

Even "with less aggressive growth in the fourth quarter," Chinese sales of gold are expected to increase by about 20 percent in 2007, GFMS's Han said. The GFMS estimate of gold use in jewelry excludes supply from scrap.

China has increased minimum wages, expanded welfare payments and reduced interest-income tax to fatten the wallets of its 1.3 billion consumers, who have a growing taste for luxury items like cars and jewelry.

"Upgrading of the retail environment and greater product varieties" helped gold demand, Klapwijk said. "The Year of the Pig also helped." This year's lunar New Year, the Year of the Golden Pig, is deemed auspicious for gold purchases.

"Almost everything has gone right for gold jewelry demand to pick up," said Klapwijk. "You had a perfect environment."

Chinese buyers have not been deterred by a 24 percent gain in gold prices this year as a slumping dollar and surging oil prices fueled demand for an alternative investment and hedge against inflation. Bullion for immediate delivery traded at $791.04 an ounce in Singapore on Tuesday.

Higher prices have lifted shares of producers like Barrick Gold, Newmont Mining and Newcrest Mining.

"Our long-term view is positive on Chinese demand," Klapwijk said. Still, growth of gold use in jewelry in the fourth quarter may slow, and the pace may also slacken next year if monetary policies aimed at curbing inflation reduce the rate of economic expansion, he said.

Chinese economic growth may cool to 10.8 percent in 2008 from an estimated 11.4 percent this year as investment and export growth slows, economists from the State Information Center said.

China may continue to face inflationary pressure next year, and the central bank should raise key interest rates, according to a report published Monday, which forecast inflation at 4.5 percent for 2008 from 4.7 percent this year.
Source: iht

Never Enough Gold Jewelry

Ambrose Evans-Pritchard at The Telegraph.co.uk reports that the U.S. Academy of Sciences calculates that "some 26 percent of all the copper and 19 percent of all the zinc that ever existed in the earth's crust has already been lost to mankind, mostly wasted in milling or smelting or buried in landfills."

Gregory Wilkins, of Barrick Gold, says that the same thing is happening in gold, as "Global mine supply is going to decrease at a much faster rate than people generally believe. Many of the new mines that people are anticipating will never come into production."

Kevin McArthur, chief executive of Goldcorp, is quoting Mr. McArthur as agreeing, and that "global output was on a relentless slide."

The point of the whole thing is that "The era of 'peak gold' has arrived", which is truly momentous, because it means that the "easy to get at" gold has been gotten to, and the rest of the gold left in the earth is harder to get to, and thus the rate at which gold is being discovered, has collapsed when compared with the old days, which is just like the collapse in new discoveries of oil, which is where you get the phrase "peak oil", and they both have crucially to do with how a rising demand growth curve and a falling of supply growth intersect at that place called Lonely Street. Oops! Sorry! That's Elvis Presley!

I mean, falling supply and rising demand intersect at that precise point that is scientifically referred to as "Expensive like you wouldn't freaking believe!" And since everything from fuel to fertilizers to plastics to medicines to everything you can name under the sun is made from oil, then you are going to see inflation in prices like you will not freaking believe, which means that the currency will buy less per unit like you will not freaking believe, which means that people are going to be hungry and broke and miserable and rioting like you will not freaking believe.

And here is where I reveal why I am so insanely bullish on the future of gold, and how I am actually salivating at the prospect of having so much money that I can spend my time gallivanting about in a carefree manner, playing golf, and hiring lawyers to, as my old high school said in its school song, "fight until we have victory, and all our enemies have gone away", which I always thought was kind of a stupid creed, since my enemies could be massing just over that hill in preparation to attack us, and our best course of action is to immediately track them down and kill them all in a frenzied orgy of blood, and then dance like ghouls on their dismembered bodies, swaying to the hypnotic sounds of captivating rhythms on the bass line, but they called me mad! Mad! Hahahaha! I'll show them madness!

But this is not about stupid sanity hearings or about psychiatrists recoiling in horror at what I "see" in their stupid ink blots, or how traitorous neighbors and family members are lying their heads off in their testimony, but about why I am so bullish on gold. Easy. Mr. Evans-Pritchard reports that inflation is hitting gold mining, too, and "Costs are rising at $60 an ounce annually. They will average $460 by next year. From tires to diesel fuel and the geologists' salaries, mine inflation is running at 15 percent."

Inflation of 15 percent! Yow! At that rate, dividing 15% into 72 as per the "Rule of 72", this means that costs will double in about five years! That means that it will cost $920 an ounce to mine gold in five years, which means that gold is selling right now for $140 below the cost of mining gold in five years!

And while supply may be falling, Junior Mogambo Ranger (JMR) Ed S. sent me a posting from the Gold Anti Trust Action Committee that Reuters reported that "Global gold demand in the third quarter rose 19 percent year-on-year to 947.2 tonnes on the back of robust inflows into bullion investment funds and improved jewelry consumption, industry-sponsored World Gold Council (WGC) said on Thursday."

Even more significant, Milling-Stanley said, "The increase in investment demand has replaced jewelry buying as the major source of growth for the third quarter." It was then that I wished if I knew of any time in my whole freaking life when some woman ever said to me, "Don't buy me any more jewelry! Buy gold bullion as an investment, instead!" And I laughed.

The details, in case you are interested, are that they all wanted more jewelry, and that their wishes were answered, in that "Total gold supply for the third quarter was 1,045 tonnes, up 16 percent year-on-year due to significantly increased official-sector sales."

And in a related news item, the St. Louis Post-Dispatch reported that some outfit called Missouri Coin "sold seven times as much gold and silver as it did a few months earlier." Wow! A 700% increase!

And this is seemingly borne out by Junior Mogambo Ranger (JMR) Chad K., who writes, "I went to purchase some silver today. There is now a 4-8 week waiting period and prices cannot be locked in." She says that "I am glad I started listening to you weirdo gold bugs a few years ago and purchased when the dealers actually had some."

Me, too, Chad! Me, too!
Source: dailyreckoning

Gold Jewelry Production +23% in 1H07

Gold jewelry production grew 23 percent in the first half of 2007 as price volatility dropped during the period, precious metals consultancy GFMS reported in the first update of its Gold Survey 2007.

“The consultancy feels a key driver of jewelry’s increase was greater price stability, particularly in the second quarter when price volatility fell to 12 percent from 31 percent one year prior,” GFMS explained.

The survey noted that jewelry demand in India led the surge, rising by nearly 80 percent in the first six months. “Not all was merely a price response as off-take was further aided by robust economic growth,” the consultancy said of the rise in demand in India.

Elsewhere, strong growth in gold jewelry manufacture was realized in the Middle East having increased 17 percent, while East Asia, and particularly China, were also mentioned as high growth areas.

Conversely, western countries experienced declines in jewelry fabrication as Europe battled to contend with overseas competition and a stronger euro which hurt output.

The United States posted a double-digit fall in first half jewelry consumption, “which was important for many countries as it fed through to a 13 percent slide in jewelry imports,” GFMS reported.

Looking ahead, GFMS predicted that global gold jewelry production would continue to grow through the second half of 2007 and could rise by 6 percent year-on-year in the period.

Philip Klapwijk, GFMS’ executive chairman, cautioned however that “the timing and extent of any rally could alter that forecast for jewelry.”
Source: diamonds

Gold Jewelry Demand Reaches $14.5 Billion

Dollar demand for gold in the jewelry, retail investment, and industrial sectors all reached new heights in the second quarter of 2007, according to the World Gold Council. Global demand for gold jewelry showed the strongest surge, reaching a record $14.5 billion, 37 percent higher than the second quarter, 2006, with particular strength in China, India, the Middle East, and Turkey.

A return to more normal levels of gold price volatility, growing acceptance by consumers of a price that averaged 6 percent above the same period a year ago, and strong economic performances in the key consuming regions all helped gold to set records in the second quarter, according to Gold Demand Trends, released today by the World Gold Council (WGC).

In tonnage terms, India, the world’s largest gold market, achieved all-time records in both jewelry and retail investment, WGC said. Turkey achieved second-quarter records for both categories while Russia recorded its highest ever level of jewelry demand.

The figures, compiled for WGC by GFMS Ltd, showed that identifiable gold demand made a further substantial recovery in the second quarter of 2007 from the impact of the volatile prices experienced in 2006, rising 19 percent in tonnage terms compared with the second quarter of 2006 to 922 tonnes, and reaching $19.8 billion, a 27 percent increase, in value terms year-over-year.

“We are pleased to report a very strong second quarter with demand for gold reaching unprecedented levels in a number of markets," said James Burton, WGC chief executive officer. "A reduction in price volatility in 2007 has resulted in increased consumer confidence and, coupled with greater industry marketing activity, led to record levels of gold jewelry purchases globally in dollar terms. I am pleased to note that the dollar value of gold demand has more than doubled in just four years."

He added, “The figures from India this quarter are particularly pleasing and we will continue to encourage India‘s ongoing love affair with gold.”

At 317 tons, India’s total demand for gold in the second quarter was equivalent to half the global mine output for the quarter. More stable gold prices, a booming economy, and the increasingly successful Akshaya Thritiya festival in April all contributed to a strong second quarter despite prices being in the mid-$600s per ounce, WGC said.

Strong economic growth, reduced price volatility, and the auspicious Year of the Golden Pig saw China’s gold demand increase 32 percvent in tonnage terms from year-earlier levels to 76 tons, WGC said.

In the Middle East, strong economies and stable prices influenced demand for gold which rose 20 percent in tonnage terms to 97.5 tonnes compared with the same quarter in 2006, according to WGC. Turkey enjoyed second-quarter records for both jewelry, at 52.2 tons, and net retail consumption, at 20.5 tons, an increase of 14 percent and 5 percent respectively on the previous year.

In Russia, where jewelry demand has grown steadily over recent years, consumption in the second quarter increased by 27 percent to 20.3 tons year-over-year.

Globally, net retail investment in the second quarter rose by 51 percent in tonnage terms to 132.9 tons, and 60 percent in dollar terms to $2.9 billion, year-over-year. Total identifiable investment fell just 4.8% in tonnage terms to 130.4 tonnes and was 1 percent higher in dollar terms at $2.8 billion year-over-year.
Source: jckonline

India, Thailand to pay import duties on gold jewelry

Washington, D.C.—President Bush has issued a proclamation terminating a trade policy that allowed India and Thailand to import gold jewelry without paying import duties.

Under the new policy, India and Thailand will pay a 5.5 percent import duty on gold jewelry.

The Generalized System of Preferences (GSP) program, established in 1974, provides duty-free status to nearly 5,000 products exported to the United States from 131 beneficiary countries.

Under the duty-free program, India shipped approximately $2.2 billion and Thailand shipped approximately $700 million in fine, finished jewelry to the United States, constituting 33.2 percent and 10.5 percent, respectively, of U.S. jewelry imports, according to the Office of the United States Trade Representative.

The new GSP program includes two "competitive need limitations" on the eligibility of a product for duty-free status: the annual trade of a product from a country exceeds a monetary threshold ($125 million in 2006), or the annual trade of a product from a country exceeds 50 percent of U.S. imports of that product.
Source: nationaljewelernetwork