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For Shoppers, Price of Gold Not Worth Its Weight
- Article from:
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The Washington Post
- Article date:
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March 22, 2008
- Author:
- Ylan Q Mui; David Cho - Washington Post Staff Writers
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Copyright informationCopyright 2008 The Washington Post. This material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Not many people have come in to buy gold jewelry at Chas Schwartz
& Son lately. But plenty of customers have arrived with gold baubles
to sell -- class rings, wedding bands, even gold teeth.
Owner Paul Pastor said the shift is just one of the many changes
in his business in recent months as the price of gold has soared to
records. He's stocking cases with cheaper alternative metals and
encouraging shoppers to buy jewelry with more gems and less gold as
rising prices begin to squeeze his margins and send customers into
sticker shock.
"Right now, the metal market is having a devastating effect on
the jewelry business," Pastor said.
The weakening dollar and troubles in the financial markets ...