Authorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.
Gold Passes $2K Per Ounce as Jewelry Demand Plummets
And the price is likely to keep rising this year.

London—The story of gold jewelry demand and price in the first half of the year is inextricably linked to the COVID-19 pandemic.
As nations across the world enacted lockdown restrictions, primarily during the second quarter, to slow the spread of the coronavirus, demand for both gold and gold jewelry plummeted, the World Gold Council said in its most recent Gold Demand Trends report.
Even as the pandemic severely hampered consumer demand, it also provided an opportunity for investment, with central banks and governments fueling record flows into gold-backed ETFs, lifting the gold price to record highs in several currencies.
As of Friday, the precious metal was trading at $2,034.80 per ounce, according to Kitco.com, a major increase since the start of the year.
In January, the gold price averaged $1,560.67, Kitco charts show.
The gold price continued to rise until mid-March, when it fell to a low of $1,474.25 as governments worldwide began enacting stay-at-home orders.
Then it began its rise again, increasing every month until it passed the $2,000-per-ounce price point in August, reaching its highest point in eight years.
And it doesn’t seem likely it will level out anytime soon, according to some experts.
A few sources have predicted the price of gold could increase to as much as $3,000 per ounce within the next 18 months or even by year’s end.
As the gold price continues its climb, jewelry demand has gone the other way.
According to the World Gold Council, gold jewelry demand was nearly cut in half during the first half of the year, falling 46 percent year-over-year to 572 tons, which it said is the lowest since it started keeping track.
It’s also around half of the 10-year average of 1,106 tons.
In Q2, demand reached a quarterly low of 251 tons, a 53 percent decline year-over-year, as consumers across the world felt the effects of lockdown and the resulting economic slowdown.
In the U.S., demand lost some of the momentum it had gained in recent years, falling 34 percent year-over-year in the second quarter to 19.1 tons, the lowest quarter in WGC’s series.
H1 demand was also down, declining 21 percent to an eight-year low of 41.9 tons.
WGC said store closures due to COVID-19 were the “clear reason” for the decline, made even more severe because the lockdown encompassed two holidays—Easter and Mother’s Day.
Demand “collapsed” in April
While the U.S. experienced a drop-off, China and India were the biggest contributors to the global demand decline in the first half of the year, WGC said. Their size when compared to the rest of the world means weakness there has “an overwhelming impact” on global demand.
Q2 jewelry demand in China fell 33 percent year-over-year to 90.9 tons, resulting in a 52 percent decline year-over-year in the first half of the year to 152.2 tons, its lowest H1 since 2007.
As the earliest market to emerge from lockdown, China was the only one to see a quarter-over-quarter recovery from “extreme Q1 weakness,” WGC said, and a “sizable” rebound in jewelry demand from the first quarter to the second.
Even with the upswing, first-half demand in the country remained “muted,” with retailers attributing the weakness to high gold prices, falling disposable incomes, and a greater preference for lighter-weight gold jewelry products.
Q2 gold jewelry demand in India plunged due to the country’s lockdown, the loss of a festival buying occasion and the higher gold price, declining 74 percent year-over-year to 44 tons, the lowest quarterly total in WGC’s series “by some margin,” it said.
This meant H1 demand was down 60 percent to an all-time low of 117.8 tons.
The country’s lockdown lasted from late March until mid-May, running through the important gold- buying festival of Akshaya Tritiya, with sales “trivial” when compared with the previous year as stores remained closed.
As restrictions eased in the middle of the second quarter, activity picked back up in some regions.
June saw further improvement but a lack of weddings and auspicious holidays in the month, as well as recurring lockdowns and the high gold price, hampered any meaningful recovery.
Gold jewelry demand in Europe also fell to an all-time low.
The second quarter was down 42 percent year-over-year to just 8.2 tons, taking the first-half total down 29 percent to 19 tons.
The Latest

Lotus Gemology founder Richard W. Hughes has translated Heinrich Fischer’s 1880 book “Nephrit und Jadeit” from its original German.

The ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.

Bench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.

The Conference Board’s index fell as consumers continued to worry about the impact of tariffs, the labor market, and the price of eggs.


However, two medieval jewels surpassed estimates at Noonans Mayfair’s recent jewelry auction in London.

The Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.

Natural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.

The Congress is scheduled to take place May 19-22 in Brasilia, Brazil.

The family-owned retailer is the new owner of Morrison Smith Jewelers in Charlotte, North Carolina.

The “150 Art Deco” collection features a Miss America timepiece and a pocket watch from the brand’s Archive Series.

The Impact Initiative is part of the nonprofit association’s new three-year strategic plan.

The ruby and the sapphire, which Christie’s calls a “once-in-a-generation masterpiece,” are part of the upcoming Hong Kong jewelry auction.

The two pairs of earrings, snatched from a Tiffany & Co. store in Orlando, Florida, are valued at a combined $769,500.

The time to start experimenting with video content is now, writes columnist Emmanuel Raheb.

From striking high jewelry to miniature fine jewelry, the new chapter continues to highlight gemstones featuring its signature 57-facet cut.

The auction house's partnership with online watch servicing platform WatchCheck makes repairs convenient and accessible, it said.

The company also noted record sales in the United States and a strong performance in its jewelry category.

The event, set for June 13-15, will feature educational presentations and guided visits to the state’s sapphire mines.

After the black enamel band became a best-seller for the brand, it has now launched an enamel ring personalization program.

The Austin, Texas, jeweler’s new 11,000-square-foot store is set to open this summer.

The rapper and singer-songwriter will perform at Tao Beach on June 8.

“Conversations with Chris Ploof” covers tips for men buying wedding bands, behind-the-scenes footage of Ploof in his studio, and more.

As lab-grown diamond brands pop up across India, academics are researching how to grow demand outside of the jewelry industry.

The moves are part of the retailer’s new turnaround plan, “Grow Brand Love,” which also includes emphasizing brand loyalty over store banners.

The “Rush Hour” campaign stars Zoë Kravitz in bold, wearable pieces designed to make a statement in the workplace.

Breitling is reviving Gallet, which was founded in 1826 and is known for making watches used in the early days of long-distance travel.