Credits: Maria Kotsoni @mariakotsonijewellery

The headlines tell the story: trade wars and military tensions, rising prices and waning consumer confidence. In today’s climate of social, political, and economic upheaval—felt across nearly every part of the world—it is little surprise that gold has once again emerged as a haven asset. Investors unsettled by the immediate future of financial markets, concerned about currency devaluation, or seeking an unimpeachable store of wealth are turning to gold. Large institutional investors, including central banks, have significantly increased their gold holdings—particularly in response to concerns over US government debt—reshaping the market for jewellery professionals who rely on gold as the bedrock of their creations. As demand for the precious metal has grown, so too has its price.

Credits: Annamaria Camilli @annamariacammilli, Avgvst @avgvst.berlin

Over the past year, gold has broken record after record, surpassing $3,000 per ounce for the first time, then climbing to $3,500 per ounce barely a month later. Forecasts indicate no sign of short-term decline: Goldman Sachs Research projects the price could exceed $3,700 per ounce by the end of 2025. However, this may mark the peak. Citi predicts a drop to between $2,500 and $2,700 by late 2026. Meanwhile, demand for gold in the jewellery sector—which represents around 43% of global gold consumption—has dipped, largely due to the strength of the investment market. In China, gold jewellery consumption dropped by 27% in the first quarter of 2025, with some consumers shifting to platinum, which is approximately one-third the price of gold. In India, which accounts for 20–25% of gold jewellery demand, consumption fell by 25%. Nonetheless, according to McKinsey, jewellery has largely avoided the downturn that has affected the wider luxury sector and remains on track for annual growth of 4–6%. The metal’s intrinsic value and historical significance have helped shield it from a more severe slump, and gold jewellery demand is expected to recover as prices eventually stabilise.

Credits: Aion Time @aiontimemilano , Just Cavalli @justcavalli_official, LAVINIA FUKSAS @laviniafuksas_studio

Still, numerous strategies are emerging to navigate the escalating cost of the metal, which remains the most used in fine jewellery at around 54%. Designers and manufacturers must consider both financial and creative implications as they assess whether to adapt their business models and product ranges to reflect the current trajectory of gold prices. For brands catering to more price-sensitive aspirational clients, techniques such as openwork designs—which create a sense of volume while using less metal—offer one solution. Others are experimenting with mixed metal combinations or shifting towards alternative materials altogether.

Credits: Castro Smith @castrosmith, Avgvst @avgvst.berlin 

Incorporating coloured gemstones, wood, and other non-metal elements can reduce reliance on gold while maintaining aesthetic appeal. Some brands have opted to increase their prices rather than compromise on gold content or design integrity. Then there are the high-spending clients for whom budget is no constraint. For these consumers, wearing substantial gold jewellery is a visible expression of stability and prestige. In their eyes, purchasing gold at record prices may even enhance its desirability. And for those who already own a collection of gold jewellery, today’s high valuations only increase the worth of what lies in their jewellery box—underscoring that gold is not only a style statement but also a form of enduring security.

Credits: GUZEMA Fine Jewelry @guzema_jewelry