The price of gold is rising again: What does this mean for the jewellery industry?

The price of gold is well on its way to cracking the 4,000 dollar mark for a troy ounce. The jewellery industry is also reacting in many ways to this market development and the resulting challenges. A summary of the current situation.

Gold price on record hunt with acceleration

It hasn't been that long since my last report on the gold price. I wrote the last summary on the topic on 4 September - and the month is not quite over yet. Now we are already on the verge of a new record - the gold price is moving at a speed that perhaps some experts would not have expected in this form: The jump from USD 3,500 per troy ounce to USD 4,000 should be achieved in the first half of 2026, according to my wording at the time. It is now 30 September and the price currently stands at USD 3,807.60 per troy ounce. Phew, you have to take a breather.

For further reading: Click here for the gold price article from 4 September.

Gold price and the jewellery industry: 5 takeaway lessons

A dear colleague from the Netherlands, Esther Ligthart, has summarised the developments so well that I have no choice but to prepare her information for INSIGHT LUXURY accordingly. Here are her six key points on the subject.

1. A rapid change in the precious metals market

Gold production is almost as low as it was during the coronavirus pandemic, but the value of gold jewellery has skyrocketed. Demand for recycled gold in the second half of 2025 is also higher than it has been since the pandemic. Demand for platinum jewellery has risen sharply and is being fuelled primarily by China.

2. Storytelling in jewellery counts

Despite the rise in prices, demand for gold jewellery is strong - especially if it matches the values of the customer: These include the promise of quality, the identity of the brand and the emotional significance for the wearer. Design and storytelling therefore play just as important a role as the pure material value.

3. The concept of recycling is being redefined

At least in Germany and Austria, recycled gold is commonplace. It is estimated that around 80 to 90 per cent of the gold in circulation has already had a past life. However, in view of the rise in the price of gold, recycled gold is also taking on a new significance internationally. Organisations such as CIBJO, the Responsible Jewelry Council (RJC) and the London Boullon Market are in the process of standardising the terminology in this area. This is about more than just the meaning of the word "recycled", but also about trust and credibility - definitions that are too loose harbour a risk of greenwashing.

4. Responsible procurement is not an option, but a duty

Even if laws and sustainability initiatives in the EU such as the Corporate Sustainability Reporting Directive (CSRD) and the Supply Chain Act are being driven forward slowly, regulations on sustainability claims are already binding. Anyone who advertises that they work sustainably and with recycled materials must be able to prove these claims.

5. Equal rights and inclusion are industry drivers

The majority of jewellery is worn by women, but there are still more men at management level. New mentoring programmes such as the Watch & Jewellery Initiative 2030 and the commitment of the International Precious Metal Institute show that a change is taking place that will increase resilience and trust in the industry.

Sources: Esther B.J. Lighthart/LinkedIn