Surging Gold Prices Force Indie Fine Jewelers to Rethink How They Create and Do Business
With gold prices hitting new highs and poised to climb further in 2026, independent fine jewelers are getting even more creative in the way they design and do business. Market watchers are stunned by the prices, which have risen more than 40 percent this year and are on track to rise a further 6 percent through the middle of 2026, according to Goldman Sachs.
In response, jewelers are coming up with solutions. They're pressing platinum and silver into action, reducing the weight of their solid gold pieces, and changing production methods to control gold usage. They're also taking stock of their values and staying true to their aesthetics and client desires.
Heavy Metal Makes a Comeback
Stephen Webster, a jeweler with decades of experience, says he's never seen gold prices spike like they have over the past year. As a result, he's trying to shift clients from white gold to platinum, using the latter metal, which is around one-third the price of gold, for his new bridal designs. Webster believes platinum needs to be reintroduced to a generation, highlighting its qualities like purity, lack of plating, and heavier weight, making it ideal for bridal pieces and large bracelets.
Annoushka Ducas, another British jeweler, has recently begun working with silver again. She cofounded the silver brand Links of London and launched her eponymous jewelry brand in 2009. Ducas' Knuckle chain collection is made in sterling silver, crafted by hand in Tuscan workshops. She believes silver is right for this moment, offering understated elegance and allowing bold, sculptural designs to reach a wider audience without compromise.
Pen Mané cofounders Vincent Guy-Raffin and Calvin Wang, who use 14-karat gold for their fine jewelry, are also concerned about spiraling gold prices. They're using silver in their high jewelry offering for aesthetic and business reasons, allowing them to present pieces in the spirit of high jewelry to a broader audience. Silver enables them to experiment with oxidation and create more comfortable, sculptural pieces.
Time to Lighten Up
Designers are exploring ways to stretch gold or use less of the metal. Webster suggests 18-karat gold electroforming, a process that uses a 3D model saturated in a gold solution, allowing jewelers to control the amount of metal used, resulting in lightweight pieces at a fraction of the cost. Solange Azagury-Partridge has tweaked her Solid collection, offering lighter versions of her 'Goldhenge' rings with less gold, making a significant difference in cost.
Amélie Huynh, founder of Parisian jewelry label Statement, is working on lightening the metal weight of her gold collections and considering switching to 14-karat gold. She believes creativity and using other materials are essential for remaining competitive. Sheherazade Goldsmith, founder of Loquet London, is making fewer pieces and focusing on craftsmanship and fine jewelry demands, adapting to the gold price crisis.
Bigger Brands Are Challenged, Too
Larger brands are also finding solutions. Vivienne Westwood unveiled a collection made from 9-karat gold and lab-grown diamonds, featuring signature motifs at a relatively modest price. Pandora, a jewelry giant, remains committed to precious metals and affordable jewelry, believing they can offset rising costs while maintaining affordability.
SMO Gold, an organization promoting traceable, transparent, and responsibly sourced metals, is supporting a new generation of gold jewelry designers. They've partnered with Jewellery Cast, a mentoring platform, to help young designers pursue their creative ambitions without the high cost of working with gold.
