Jewelry Industry Navigates Volatile Gold and Silver Prices
Published on Mar. 12, 2026
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The fine jewelry industry is grappling with record-setting volatility in gold and silver prices, with the yellow metal trading around $2,850 a year ago, peaking at $5,586 per ounce in late January, and now sitting around $5,100. Silver prices have also seen a 60% increase in January, followed by sharp declines. This upheaval has forced jewelers to rethink their product offerings, with some embracing alternative materials like wood, steel, and even platinum, while others are leaning into bolder, more expensive gold designs. The diamond market is also in flux, with natural stones seeing increased demand from higher-end consumers, while lab-grown diamonds struggle with plummeting wholesale prices.
Why it matters
The rapid and dramatic price fluctuations in gold and silver have created significant challenges for the jewelry industry, forcing companies to constantly adjust their pricing and product strategies. This volatility is not just a jewelry story, but a broader macroeconomic issue that is playing out through the jewelry market. The bifurcation of the market, with higher-end consumers continuing to spend while those with less means struggle, is also a key dynamic impacting the industry.
The details
Jewelers are turning to alternative materials like wood, steel, and platinum to mitigate the effects of the surging precious metal prices. Platinum, once considered the most premium fine jewelry metal, is now a relative bargain at around $2,200 an ounce. Some jewelers, like Lizzie Mandler in Los Angeles, are leaning into bolder, more expensive gold designs to provide value to consumers spending more on jewelry. The diamond market is also reflecting the bifurcation, with natural stones seeing increased demand from higher-end consumers who want to differentiate themselves from the growing popularity of lab-grown diamonds, which have seen wholesale prices plummet by 99% since 2017.
- Gold prices traded around $2,850 a year ago.
- Gold prices peaked at $5,586 per ounce in late January 2026.
- Gold prices fell below $5,000 in early February 2026 and now sit around $5,100.
- Silver prices increased by 60% in January 2026, following a year of sustained gains.
- Silver prices peaked at $122 an ounce in January 2026, then fell in early February and are at $87 today.
The players
Darren Hildrow
Founder and director of NouvelleBox, a virtual and physical jewelry marketplace.
Jim Wyckoff
Senior market analyst for Kitco Metals, where he reports on precious metals and mining.
Charlie Betts
Co-founder and managing director of Single Mine Origin, a company in Birmingham, England, that sells traceable gold.
Lizzie Mandler
A Los Angeles-based jeweler.
Abe Sherman
Chief executive of Buyers Intelligence Group, a jewelry consulting firm in Napa, California.
What they’re saying
“Nobody knows what’s happening from one month to the next. People would usually increase the price of their jewelry once every couple of years. I’ve had multiple brands saying, ‘How do I price my jewelry? Because I’ve had to change my pricing three times in the past six months.’”
— Darren Hildrow, Founder and director of NouvelleBox
“This isn’t just a jewelry story. It’s a macro story playing out through jewelry.”
— Charlie Betts, Co-founder and managing director of Single Mine Origin
“I respect how much money people are spending and I want to give them a product that’s worthy of the spend. It definitely feels like the price of gold makes what we do more serious and makes me not want to produce things I’m not really passionate about.”
— Lizzie Mandler
“Brands and retailers who cater to a higher-end clientele are doing quite well. The attention that gold is receiving has actually created a desire, leading to bolder styles in jewelry.”
— Abe Sherman, Chief executive of Buyers Intelligence Group
“Jewelry occupies a unique position — it is both emotional and tangible. When markets fluctuate, that combination can feel reassuring.”
— Shruti Chhajer Ranka, Creative head of Shruti Sushma (Email)
What’s next
The jewelry industry is expected to continue adapting to the volatile precious metal prices, with more innovative and alternative materials being incorporated into jewelry designs. Consumers’ preferences for natural diamonds versus lab-grown diamonds will also be a key dynamic to watch in the coming years.
The takeaway
The rapid and dramatic fluctuations in gold and silver prices have created significant challenges for the jewelry industry, forcing companies to constantly adjust their pricing and product strategies. This volatility is a broader macroeconomic issue that is playing out through the jewelry market, leading to a bifurcation of the market where higher-end consumers continue to spend while those with less means struggle. The industry’s ability to innovate and adapt will be crucial in navigating this turbulent environment.
