How to grow your jewellery business alongside the rising cost of precious metals
The price of silver and gold have risen approximately 50% since this time last year. Many jewellers are concerned about this so I wanted to allay fears and talk about why I think this can be a great thing for handmade jewellers. Watch the replay of my live webinar below.
People don’t buy jewellery based on the price. It is not an essential purchase, it is about desirability and connection with the piece they are buying and with the jeweller themselves.
So what are the benefits of the increase in price of precious metals for jewellers?
The inherent value of what you make has gone up.
Gold and silver are a great investment for your customers as well as a wearable form of art
Your current stock has increased in value
You can and should sell these at the current market rate which increases your profit - yay!
Your business will have higher profit margins
As the value of raw materials goes up so does your potential for higher profit margins.
More people are looking to re-sell or repurpose their gold jewellery
Increased demand for these services which you can offer a bespoke service for
People are buying as much silver and gold jewellery as before
Stats say that demand is not going down. Handmade jewellery buyers are not a very price sensitive bunch.
The price increase helps differentiate handmade/artisan jewellers from the high street
Cheap knock-offs will no longer be able to compete with artisan jewellers using real silver and gold
The hallmark will become even more valuable
For UK jewellers in particular, the hallmark is a stamp of genuine silver or gold, showing your customers they are investing in quality materials
My tips for using this price increase to thrive in your business
Consider mixing metals more in your designs - adding gold accents
Share about the different carats of gold, let your customers know about its value
Look at ways to design smaller pieces
Ensure you are collecting all your waste material and bench sweeps
Offer 15 minute consultations with customers to discuss what they want
Offer commissions in different metals and quote different prices
Focus on connection with your customers
Focus on design-led or made to order. It’s about the story
If you are looking to grow your jewellery business check out our 1 year Jewellery Business Academy.
Who is the Jewellery Business Academy For?
The Jewellery Business Academy is open to jewellers at every stage, from beginners launching their first collections to established makers seeking to refine, grow, and scale. With flexible payment options spread over 12 months, it’s designed to be accessible, supportive, and transformative.
Enrolment is open now. Have a look and see if it is for you: