Among the many secondary effects of Russia’s invasion of Ukraine this week, some are predicting a negative impact on the jewellery and wider luxury trade.
According to reports yesterday multiple jewellery brands have seen their stocks fall since news of the invasion broke.
Vogue Business reported that companies Kering, LVMH and Richemont all took a hit on the stock market.
Kering and LVMH saw a dip of 5%, while Richemont was hit hardest of the three with a 7% drop.
The publication quoted LVMH owner Bernard Arnault as saying on Tuesday, before the invasion: “We are at the end, we hope, of an economic crisis. We hope that a new geopolitical crisis will not hit us.”
Meanwhile, a Sussex jeweller has cautioned the public about investing in gold at this time.
With shares dropping, investors may consider going to gold as often happens.
However, the Sussex Express has quoted Horsham jeweller Dominic Sakakini as saying: “I would never recommend you buy gold bullion because the mark-up of the bullion companies is usually around 20%.”
Instead the jeweller, according to the newspaper, prefers the idea of investing in second-hand gold, particularly in the form of jewellery.