How a local jeweler is navigating historic surge of gold and silver prices

CHRIS FARRELL: The price of gold and silver has been surging. This year has seen gold prices rising nearly 30%, and driven by increased demand for secure investments amidst the ongoing economic uncertainty surrounding President Trump's tariff policies and global political tensions. And last month, silver hit its highest price in more than 13 years.

Cheryl Lais has run Heirloom Jewelry out of her Hopkins Antique Mall since 2002. She sells one-of-a-kind vintage jewelry pieces, and she joins me today to talk about how rising gold and silver prices have impacted her business. So welcome.

CHERYL LAIS: Chris, welcome. Thank you for having me on the show today.

CHRIS FARRELL: All right, so tell us a little bit about Heirloom Jewelry. Give us a description of what you sell.

CHERYL LAIS: I sell one-of-a-kind vintage and antique gold, sterling, platinum jewelry. And it's for one special person for one special piece of jewelry.

CHRIS FARRELL: And give us also a little bit of description-- so your shop is at the Hopkins Antique Mall.

CHERYL LAIS: Yes, it is. It is. The Hopkins Antique Mall, and other antique malls, tend to run in a similar manner as, say, Southdale or Mall of America. It's one large building with individual business owners contained inside. I am one of them.

CHRIS FARRELL: OK, so looking at your place, you got these cases of rings, you got necklaces, you got bracelets, earrings. How do you find these places? How do you find them?

CHERYL LAIS: Pardon?

CHRIS FARRELL: How do you find these pieces? That's expertise. That's the talent here, right?

CHERYL LAIS: That's a trade secret, but I do-- yes. Yes. I do utilize pickers. And I'm sure we're all familiar with "American Pickers" on television.

I have a wonderful and generous group of pickers that I work with throughout the US and Europe. I travel and search for those hidden treasures as much as I can. But I rely a lot on them and others. And I do have local people coming in and selling me their precious family jewels just because they know they'll go on and continue to be loved and appreciated by one of my wonderful customers that I have.

CHRIS FARRELL: OK, so is there anything unique about working with gold and silver pieces?

CHERYL LAIS: Yes. They are unique. And they are not readily available. I don't have a company that I call and say, well, I want six more of these and two more of those. And do you have this in platinum instead of yellow gold?

It's a little bit more of a hunt and peck. There are some times that I am able to purchase many, many pieces of vintage and antique jewelry. And then it may go weeks, or hopefully not months, where there's just nothing available.

[CHRIS LAUGHING]

I know-- much to the chagrin of many of my customers.

CHRIS FARRELL: So, as I understand it, you've been in the business, what, since 2002?

CHERYL LAIS: That is correct.

CHRIS FARRELL: So tell us about some of the big changes you've observed when it comes to the value of gold and silver.

CHERYL LAIS: Well, the big changes that I've seen is there has been such a fluctuation of prices. When I first started my business in 2002, I mean, the prices for gold, and especially, here's the real untold story, the prices of sterling were very low in comparison to today's prices, obviously, as you alluded before I came on the air.

And even though there may be a larger quantity, possibly, for me to purchase, just because there are more and more people selling their precious metal and gemstones, the price has gone up. So I'd have to carefully balance that. And that's been the tricky part of it.

CHRIS FARRELL: OK, so tell us about how do you price, say, a gold earring or a gold ring? Because the price overall has been going up, but there are big dips during that upward trend.

CHERYL LAIS: Correct. And that's when I truly try not to invest too much of my money into the pieces, the vintage pieces when they do reach some of those heights. I try and purchase when the price of gold or sterling is lower. But, as you heard before, I don't always have control over that aspect of my business.

So I try and purchase as best as I can. And, at that point, a lot of times I might not purchase pieces that are in as pristine condition as I would like. And that's when I have my goldsmiths step in and resurrect them, so to speak, and make them as gorgeous and beautiful as they used to be.

CHRIS FARRELL: So wearing your small business owner hat, what are the advantages and disadvantages of operating a business like yours versus a Zales or one of the big box jewelry stores?

CHERYL LAIS: That's a great question, Chris. I am more flexible. I can be more nimble because I have fairly personal and close relationships, honestly, with most of my customers that are repeat customers, which I've been very fortunate over the years to continue to cultivate.

And I have a pretty good idea, within a parameter, of what they like, want, and a price point. And so I can be more nimble in my decisions. I don't have to purchase items that may or may not sell given the history of what they have liked.

So I can react more quickly. And I'm also able to assist them in a more personal basis, because I know what they have been purchasing over the past two, or three, or four, or five years, or more to fill out their jewelry wardrobe or what they want to update.

So I have that connection with them. And they also trust me and know me. And I think that's because I've been there with them and for them over the years. And I have taken care of them. And they have witnessed that and seen it. So I can react quickly. And I can do things on a more personal level.

CHRIS FARRELL: And so are you starting to see some price resistance from customers?

CHERYL LAIS: You would certain-- [AUDIO OUT]

I have not experienced, as some of my colleagues who I know quite well that are on the coasts in the United States, they seem to experience that fluctuation in business. Their highs are high, and their lows are low.

And in the Midwest, we tend to be a little more conservative in how and what we spend our money on. And my curves aren't quite as high. They're a little more flat. And also, I have noticed, quite frankly, that some of my customers that might have bought, perhaps, a higher end pair of shoes, or a purse, or a bag, or something like that, they're tending to prefer to purchase finer pieces of jewelry as almost a method of security and knowing that the price, even though they might pay more of a premium just because of the price of the metal has gone up, they know that this is always going to be worth a certain amount of money, where, perhaps, a very nice pair of shoes or a bag are going to be worn out, or discarded, or not have that same security or appreciation.

So that's what I have noticed. I haven't seen a decline in business, actually-- oddly enough, an increase. And I think it's due to those values and thoughts that we have here, especially in the Midwest. And that's the feedback I've been getting from my customers.

CHRIS FARRELL: Well, thank you very much for your time. I really appreciate it.

CHERYL LAIS: You're welcome, Chris. Thank you very much for having me.

CHRIS FARRELL: That was Cheryl Lais, the owner of Heirloom Jewelry, located in the Hopkins Antique Mall.