Michael Hill CEO

So a couple of things in there.

We are a discretionary category by all means.

It is a choice more than a necessity in a lot of ways.

You look at what's happening in the macro world of luxury right now, a lot of that's just being driven by the Middle East.

And so a lot of those numbers that you're quoting are largely due to just the market in Dubai, mainly kind of drying up and of course, discretionary spending.

And airports around the world, I imagine being a little lighter.

Exactly right.

So if you kind of look through some of those like really pointed kind of components of the numbers, luxury is still a very excellent and strong category when you get it right.

You bring that back to us in Sir Michael's DNA and the foundation that he laid for us.

He believed that everybody deserved to have nice jewelry, to have access to an incredible shopping experience, right?

He took stuff out of the good room and made it accessible to everybody.

Making modern luxury accessible is exactly what we're focused on.

And if we can get that right, we win.

You're not wrong.

Silver's right along there with gold, unfortunately.

But what I would say is this is a business that over time has always managed through that.

This is not the first year that gold's been up.

It's crazy up, though.

I mean, it's double in the space.

It was at 4,800 last I checked, but it was 5,500 a couple weeks ago.