The Price Of Gold Is On The Rise – And Jewellers Are Adapting

‘It’s not something we open with when people come in, because we find either they are already aware, or they know what’s going on with the economy and are not shocked,’ says Keira Wraae-Stewart, owner of Edinburgh jewellery boutique Ætla.

She is talking about the price of gold. While it might not be her opening salvo, it is a huge talking point among jewellers and collectors. The price of gold has had an extraordinary run – doubling in the past three years and reaching an all-time high in January 2026. Ten years ago, a gold ring cost a quarter of what it does today.

Sia Taylor Daisy earrings in sterling silver and 18k yellow gold

For some jewellery shoppers, the preciousness of the metal has spurred them on to invest more. For others, it has put solid gold jewellery out of reach, as Wraae-Stewart has found. ‘We had a couple who last year got us to make them a chunky custom gold engagement ring, but when they came back this year for their wedding rings, they went for silver.’

Independent jewellers find themselves having to rethink design style or materials. Part of the challenge is that the price of gold changes daily, so they don’t quite know what a design will cost to make. This is especially true for bespoke jewellers such as Sophie Cudworth. She is as open as possible with clients about the price uncertainty. She warned one that ‘we weren’t ready to make the necklace because the stones hadn’t been cut, but that it would be prudent to buy the gold now. He agreed, and it went up 30 percent before we finished the piece.’

Bespoke jeweller Sophie Cudworth

Another solution to stay on budget is to lower the karat of gold: 18 karat is more expensive than 9 karat, which uses less pure gold, and Cudworth says many of her clients are happy to trade down.

Marla Aaron, known for her signature gold locks and chunky chains that sell at Liberty and Net-a-Porter, has introduced a custom alloy of 10 karat that sits somewhere between rose and yellow gold. ‘The definition of “fine jewellery” is being rewritten in real time: when volatility hits, rigidity breaks,’ says Aaron, who has also been experimenting with alternative materials such as rubber, aluminium and titanium.

Marla Aaron Micro Babylock earrings in 10k rose gold

Silver is increasingly becoming more acceptable in the luxury jewellery space as the gold price has escalated, with designers embracing mixed metals. Sia Taylor, a goldsmith who previously restricted herself to gold, has started to introduce designs mostly in silver with small gold elements, such as necklaces with her signature ‘dots’ of precious metal.

Another Ætla designer Wraae-Stewart singles out as tackling the problem creatively is Alison Macleod. The jeweller’s signature texture of layered solid gold discs inspired by catkin flowers is a feature of her work, but her latest designs shed weight by embracing negative space: instead of solid discs, the gold traces the shape of them. ‘They’re still bold and chunky, but it’s more approachable for her clients who want to stay with the same karat of gold,’ says Wraae-Stewart.

Offering versatility is another way of softening a higher price point. Italian maison Fope, known for its innovative flexible mesh chains, now offers many transformable designs, intended to maximise wear. ‘In the past developing designs was just about being current with your DNA. Now people want creations that you can wear [in more than one way],’ says Fope creative director Claudia Piaserico. ‘For example, combination earrings that are long or short, or a necklace that becomes a bracelet.’

Fope Bicolour mesh necklace in 18k rose and white gold with diamond pavé

At the other end of the spectrum, the high price of gold can be alluring rather than frightening. ‘Because of the press around gold prices, clients now see it as a badge of honour,’ says London jeweller Bear Brooksbank, who now offers her rings in two variations – solid gold, and another in the same profile but invisibly hollowed out. ‘The chunkier the ring, the more of a statement it is in the current climate. For a lot of our clients, going solid feels like the ultimate luxury.’

Marie Lichtenberg, a Parisian fashion editor-turned-jeweller known for her irreverent approach, this year released a locket called Weight. Each of the hexagonal prism pendants is carved with the weight of the gold used to create it, from 4g to 13g. Lichtenberg says it is ‘an elegant nod to the soaring price of gold that turns value into a bold, unapologetic statement’.

Jade Trau Plié 7-Row Alchemy wrap bracelet in 18k yellow gold and diamonds

We could well see a cooling of that brash sentiment. ‘When prices first started rising, there was a fury of, “oh, they’re just going to keep going up, so buy, buy, buy”,’ says Jade Trau, a New York jeweller who sells at Harrods. ‘Now I think there’s been a pullback.’ Sales of her chunkier gold chains have slowed, and now her bestsellers are gold designs that amp up the perceived value of the jewels with lashings of diamonds. Or her Plié bangles that use a clever Italian technique to create incredibly strong annealed gold (‘like when you make pasta, where you keep making it thinner and thinner by running it through a machine’) that can support hollow forms, and cost two thirds less.

Either way, Trau says, it’s not how much you pay, but the value you place on jewellery. ‘Do you really love the piece? Because when it comes down to price per wear, nobody’s going to look at your gold chain and say, “Oh, you’re still wearing that 20 years later”.’