WASHINGTON - With the price of gold taking a plunge, bargain hunters aren't likely to score a deal on gold jewelry right away.
Mitch Engle runs Lynn Jewelers in McLean says the price of gold will have to drop for a period of months before the prices are reflected in customized jewelry since large jewelers buy their materials well ahead of time.
The lower prices will have to be around "long enough for the industry can say, 'OK, we now have a stable new, set number and can base our price on that," he says.
Engle says some jewelry prices could drop in weeks. He says buyers will first see the lower prices in simple, classic jewelry.
"Gold wedding bands, gold chains. Basic, simple things that are easy designs, those are the things that will be adjusted relatively quickly," Engle says.