What today’s gold market means for fine jewellery
From the bench of a London atelier, you feel the price of gold long before the headlines catch up. Over the past few years, gold has surged to record highs, driven by global economic inflation and increased investment demand. UK jewellers have watched 24 carat gold rise dramatically, with prices climbing from around £2,096 per ounce in January 2025 to over £3,212 by mid October, an increase of more than 50 per cent year to date.
Recent years have seen a convergence of global pressures that consistently push investors toward safe haven assets such as gold. Heightened geopolitical tensions, including conflicts in Europe and the Middle East, have been a major driver, with the World Bank noting that gold surged to record highs in 2025 amid escalating global uncertainty. Geopolitical shocks, trade tensions, and fears of recession have only increased safe haven buying, reinforcing gold’s upward trajectory. When the price of a metal you work with every day starts climbing at this pace, you have to think more carefully about how to use gold more intentionally, without compromising on design.
How today’s gold prices are influencing bespoke design
This shift influences how we approach each piece and encourages us to think more carefully about the engineering behind them. At the design stage, the conversation becomes more technical, paying closer attention to weight, thickness and structural integrity while keeping the design true to its intended aesthetics.
Many jewellers are adapting by creating lighter structures, hollow forms and mixed metal designs to keep commissions accessible. We’re also seeing a renewed interest in recycling heirloom gold. With raw material prices so high, remodelling is becoming an attractive, sustainable option. But bespoke work has an advantage: every gram is intentional. Unlike mass produced jewellery, a custom piece is engineered from start to finish with precision. From conception to creation, we can shape the metal intelligently, without wasting a single gram.
At Incador, we’re adapting thoughtfully to this changing landscape. Rising gold prices have encouraged us to craft more of our everyday jewellery in 9 carat gold, which offers good durability and a more accessible price point without compromising on quality. But when it comes to engagement rings, we remain committed to 18 carat gold only.
The wider UK jewellery landscape
Across the industry, rising gold prices have pushed some brands toward vermeil or gold plated alternatives. Others are leaning more heavily into sterling silver, which has become a strategic choice for many UK jewellery businesses. You can read more about the differences between gold plated and solid gold jewellery here. Retailers are also grappling with how to price stock. Some adjust prices only when gold moves by 10 per cent or more, while those with tighter margins may react at 5 per cent. For bespoke jewellers, the challenge is managing expectations and explaining why a quote from a couple of months ago may no longer reflect today’s metal market.
What it means for bespoke jewellery going forward
While higher gold prices can feel daunting at first glance, they also mean that the piece you commission today carries even greater inherent value. As gold becomes more precious, provenance and craftsmanship, as well as worth, become more valued. Fine jewellery is being appreciated not only as adornment but also as a tangible asset that holds lasting value, a sentiment echoed across the UK jewellery sector.
A well made piece of gold jewellery becomes an asset that grows with time, both sentimentally and materially. So while the market may shift, the value of fine gold jewellery endures.
