The Managing Director of Polo Luxurious, John Obayuwana, has acknowledged the influence of hovering gold and silver costs on the luxurious retail sector, describing the development as a world {economic} shift that’s reshaping product pricing and client technique.
Obayuwana stated the surge in valuable steel costs has pressured luxurious manufacturers to rethink how they ship worth to prospects.
“You see, we’re in a world market,” Obayuwana stated. “And the worth of gold, the worth of silver—all of those that you’ve got named—it’s a world phenomenon. So it impacts every thing,” he informed Nairametrics.
Spot gold just lately crossed the $4,000-per-ounce threshold for the primary time in historical past, marking a greater than 50% improve in 2025 alone. The rally has delivered returns that now outpace equities this century, with bullion buying and selling under $2,000 simply two years in the past.
Silver has additionally surged, reaching $51.235 per ounce, its highest degree in over 4 a long time—amid rising investor considerations over inflation, fiscal instability, and waning confidence in conventional {financial} programs.
The steel has climbed practically 70% year-to-date, outpacing gold’s efficiency.
Obayuwana likened the state of affairs to grease value volatility, noting that such macroeconomic shifts inevitably affect prices throughout industries.
“It’s like when the worth of oil goes up, it impacts every thing,” he stated.
Regardless of the upward strain on enter prices, he stated focus ought to be on preserving buyer satisfaction by means of strategic worth additions slightly than direct value hikes.
“We’re right here, looking for methods to cushion the influence as a lot as attainable for our prospects,” Obayuwana defined. “We don’t say the costs, however we attempt to discover different value-added that we will cross on to our prospects to influence among the harsh results of those costs.”
Obayuwana expressed confidence within the resilience of the luxurious market, emphasizing that the model’s core clientele stays dedicated to high quality and exclusivity.
“However don’t overlook, although,” he added with a smile, “the wealthy will all the time get richer. They don’t seem to be crying.”
Benjamin Comar, CEO of Piaget, echoed optimism about Nigeria’s potential as a strategic luxurious market.
“Nigeria has a lot to present. I imply, the oil, in addition to the tech, and the Nollywood. It’s a number one nation in Africa,” Comar stated.
He added that Nigerians are discerning shoppers who admire premium experiences: “Nigerians get pleasure from good issues. And I believe that Piaget is an organization for individuals who get pleasure from life. So I believe there’s a giant marketplace for us to be right here.”
