Silver anniversary for jeweller
Tony Penna may be celebrating his business’s silver anniversary, but when Tianna’s Jewellers opened 25 years ago he didn’t have an ounce of silver for sale.
When Penna first opened his store at Seaway Mall he didn’t carry silver because it wasn’t desirable. He said to be considered a fine jewellery store you couldn’t sell the metal, no matter the quality. But in the past five years Penna and other jewellers have begun selling silver in response to consumer demand.
“We really got heavy into silver because of the price of gold,” he said.
Customers wanted the option of silver for the more affordable price. Penna said the last time he checked the price of gold it was selling for about $ 1,800 an ounce. When he first opened the store in 1992 gold was selling for $ 350 an ounce. Nasdaq has gold trading at more than $ 1,200.
For Penna this has been the most significant change for him over the years.
“About 60 per cent of my sales are in silver … It’s impacting everyone.”
When it comes to fashion, Penna said there are a lot more options for people now. There is the option of rose gold as well as different coloured diamonds and precious stones, including brown and black diamonds.
And speaking of the precious stones, Penna said he and his seven employees enjoy being part of customers’ engagements. He said it can be exciting helping someone choose a ring to propose with.
“We had one guy who proposed right in the store … She said yes and she started crying. Everyone was really into it,” he said.
The engagement happened during the summer and has been the only time someone has proposed in the store. Penna said the man bought the ring in advance, brought flowers with him and surprised her while she was looking at rings.
For the 25th anniversary Penna is giving away 25 prizes with a value of more than $ 7,500. People can visit the store, near Shoppers Drug Mart, to fill out a ballot. Entries are welcome until Saturday, Dec. 30. The winners will be posted at the store and on the Seaway Mall website.