Today's news

Platinum and Gold Engagement Rings: Are Prices Going Up?

Certainly a very distinct possibility with both precious metals surging over the past two months.
Gold is at $690/oz and Platinum has really taken off closing today at $1296, an increase of $24.00.

The spot price of gold has risen 8.4 percent this year, while the euro gained 2.9 percent against the dollar. The U.S. currency today touched the lowest against the euro since December 2004. Gold generally moves counter to the dollar.

``The long position in gold is hedging against weakness in the dollar,'' said Nick Ruggiero, a trader at Eagle Futures Inc. in New York. ``Any time there's a sell-off in gold, the buying has come in.''

Gold for immediate delivery rose $3.70, or 0.5 percent, to $690.25 an ounce at 4:03 p.m. New York time bringing this year's gain to 8.7 percent.
``The undercurrent support for gold is weakness in the dollar,'' said Carlos Perez-Santalla, a
gold trader at Hudson River Futures in New York.

The euro has gained 1 percent against the dollar in the past four sessions on speculation that growth in the European economy will outpace the U.S. The euro traded today as high as $1.3616.

Platinum rose to the highest price in almost 11 months on speculation an exchange-traded fund for the metal will help fuel demand.
Zuercher Kantonalbank of Switzerland's will introduce ETFs for silver, platinum and palladium on May 10, the bank said on April 13. ETFs already exist for silver and gold.



JCOC: 16 percent plan to give jewelry for Mother's Day

Paso Robles, Calif.-Among consumers who know what they plan to buy for Mother's Day, 16 percent intend to give jewelry, with earrings, necklaces and fashion rings topping the list of styles, according to the Jewelry Consumer Opinion Council (JCOC).

The March 2007 Omnibus study was conducted between March 29 and April 5, and was completed by 2,806 JCOC panelists.

Overall, 42 percent of consumers said they weren't sure what they would buy for Mother's Day this year, with 21 percent likely to opt for flowers.

Among those who don't plan to purchase fine jewelry for the holiday, about a third said that jewelry and watches aren't in the budget, 21 percent said their mom doesn't want these items and 17 percent said they wouldn't know what to choose among the category.

For those who plan to purchase jewelry or watches, 62 percent reported they'd do so within one to two weeks of Mother's Day.

Respondents listed yellow gold (40 percent) as their first choice in terms of the type of metal they plan to purchase for their fine jewelry or watch gift. Diamond jewelry, at 22 percent, led in terms of type of fine jewelry, and birthstones were also popular.

Half of those surveyed who plan to give jewelry said they would spend between $100 to $300 on the holiday. More than a quarter indicated they'd shop at a national or regional jewelry chain store for the purchase, and 14 percent cited independent retailers.

Among mother's surveyed, 23 percent said they'd like to receive fine jewelry and watches, with 24 percent making fashion rings the top choice, followed by necklaces (20 percent) and earrings (18 percent).

Most said they'd prefer white gold, and watches were desired by nearly half of all mothers surveyed.

For more information on the report, visit the JCOC Web site, JCOC.info.



NRF: Consumers to spend $2.1 billion on jewelry for Mother's Day

Washington, D.C.-Consumers are expected to spend $15.73 billion this Mother's Day on jewelry, flowers, clothing and even trips to the spa, according to the National Retail Federation's (NRF) 2007 Mother's Day Consumer Actions and Intentions survey.

According to the survey, conducted by Big Research, consumers are expected to spend an average of $139.14 on the holiday, compared to $122.16 in 2006.

The study found that the majority of consumers (84.5 percent) plan to celebrate this year, and will spend nearly $1.6 billion on clothes and accessories (37 percent), $2.1 billion on jewelry (32.8 percent), $2.3 billion on flowers (72.4 percent) and $3.1 billion on a special dinner or brunch at mom’s favorite restaurant (61 percent).

"For mom, it's the thought that counts," NRF president and chief executive officer Tracy Mullin said in a statement. "As people find more creative ways to treat the women in their lives to something special, retailers of all types and sizes stand to benefit from Mother's Day."

Other popular gifts for the holiday include greeting cards (86.8 percent), gift certificates (39.3 percent), books or CDs (29.3 percent), housewares or gardening tools (18.5 percent), and consumer electronics or computer-related accessories (11.3 percent). In recent years, pampering mom with a personal-service gift such as a trip to the spa or beauty salon has become a favorite gift choice, with 19.7 percent of consumers planning on spending $1.3 billion on these gifts. Last year, only 14.5 percent of consumers purchased this type of service for mom.

A large majority (37.5 percent) of gifts will be purchased at a specialty store such as a florist, jeweler or electronics store. About a quarter of consumers will shop at a discount store, 29 percent will head to a department store and 2.9 percent will buy from a catalog. As online shopping continues to become a favorite way to shop, 20 percent of consumers will shop for mom online, compared to only 16.9 percent who did so last year.

"Although it's hard to measure our love for mom, consumers continue to spend on special, one-of-a-kind gifts for her," Big Research Vice President of Strategy Phil Rist said. "Luxury gifts such as jewelry and special services such a gift card to a spa allow mom to indulge on something she normally does not spend her own money on."

Men plan to spend the most this Mother's Day, with the average male consumer planning to spend $172.91, compared to women's estimated $107.18. Shoppers ages 25-34 will spend the most this year ($151.42), followed by 35-44 year olds ($147.30), 55-64 year olds ($138.14) and 18-24 year olds ($137.73).

The NRF 2007 Mother's Day Consumer Intentions and Actions Survey polled 7,859 consumers from April 4-11. The consumer poll has a margin of error of plus or minus 1 percent.