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NEW YORK (TheStreet) -- Gold prices have had a rough 2013, but that hasn't hurt jewelry prices, Jim Dunigan, managing executive of investments at PNC's (PNC) - Get PNC Financial Services Group, Inc. Report financial services group, told TheStreet's Joe Deaux. 

According to Dunigan, gold rings are retail items that are purchased and stored in inventory before making their way to the consumer. As a result, prices of gold rings have yet to come down because they are considered "old inventory," despite gold prices falling nearly 30% in 2013. 

Dunigan called this the "lag effect," and suspects gold jewelry prices may fall in 2014.

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The yellow metal has been volatile over the last several years, but Dunigan sees jewelry prices declining next year should the physical metal prices stay relatively flat next year. 

-- Written by Bret Kenwell in Petoskey, Mich.

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Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.