Understanding the Rising Price of Gold – A Jewellers Perspective

If you’ve visited us recently or started thinking about commissioning a bespoke piece, you may have noticed that the price of gold jewellery has risen over the past few years. As a team that has spent decades working hands on with this remarkable metal, we wanted to take a moment to explain why this is happening and what it means for you as a customer.

Gold has always held a unique position in the world. It is not just a beautiful material to work with, it is also a global financial asset. Over the past 10 to 15 years, and especially in recent years, the price of gold in the UK has steadily increased.

This is largely due to a few key factors:

You can see that particularly since 2020, prices have climbed quite sharply.

As jewellers with in house goldsmiths creating bespoke and bringing back to life much loved pieces for our customers, gold is at the heart of nearly everything we create. When the cost of raw materials rises, it inevitably impacts the final piece, especially for bespoke jewellery, where each design is made from scratch and tailored specifically to you.

For example:

That said, craftsmanship remains at the core of what we do. Our focus is always on ensuring that every piece we create is worth every penny, both in quality and sentiment.

The good news is there are still plenty of ways to create something truly special without letting costs run away. Here are a few options we often discuss with customers:

Many people have old or unworn gold jewellery tucked away.

We can melt it down, reuse the gold and transform it into an entirely new design

Not only is this cost effective, but it also adds sentimental value, turning something old into something meaningful again.

A bespoke piece does not have to be heavy to be beautiful. Clever design choices can reduce gold usage without compromising on appearance for example:

This is where experience really comes into play, knowing how to balance durability, aesthetics, and cost.

In some designs, we can incorporate gemstones to shift focus away from metal weight, mixed metals where appropriate and alternative finishes that enhance visual impact without adding bulk.

Lower carat gold such as 9ct instead of 18ct contains less pure gold, which can help reduce cost while still offering durability and beauty.

Gold has always been valuable, and part of its appeal is that it holds that value over time. While rising prices can be frustrating, they also reflect the enduring worth of the pieces we create together.

From our workshop in the North East, every bespoke piece is carefully considered, not just in design, but in how to make it work best for you. If you are ever unsure about costs or options, we are always happy to talk things through and find a solution that feels right.

After all, jewellery is not just about materials, it is about the story it tells.

Sources:
World Gold Council gold price data
London Bullion Market Association historical gold prices
Bank of England economic data