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Rise in gold prices compel jewelry making overseas
06 Apr '06
1 min read
The June spot gold prices reached $596 an ounce this week, putting enormous pressure on Australian jewellery makers.
John Howie, of Australian Jewellers Association said that increase in prices of gold will force manufacturers to increase price of jewellery and get their designs made overseas at a lower cost.
Many Australian manufacturers design here and manufacture overseas, he said.
High gold prices and advances in exploration technology are behind the boost in gold prices in Victoria.
Ballarat Goldfields has received international investment of $50 million to increase its production.
Stawell gold mine, taken over by Leviathan Resources, is now expanding, said Exploration Manager, John Dugdale.
About five to six grams of gold to the tonne is the ratio that is maintained which comes to about a matchbox full of gold for every 50 tonne big truck coming out of the mine.
The quantity of gold is not much but at $800 an ounce is certainly worth it.
John Howie, of Australian Jewellers Association said that increase in prices of gold will force manufacturers to increase price of jewellery and get their designs made overseas at a lower cost.
Many Australian manufacturers design here and manufacture overseas, he said.
High gold prices and advances in exploration technology are behind the boost in gold prices in Victoria.
Ballarat Goldfields has received international investment of $50 million to increase its production.
Stawell gold mine, taken over by Leviathan Resources, is now expanding, said Exploration Manager, John Dugdale.
About five to six grams of gold to the tonne is the ratio that is maintained which comes to about a matchbox full of gold for every 50 tonne big truck coming out of the mine.
The quantity of gold is not much but at $800 an ounce is certainly worth it.
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