Over the past few years, the cost of precious metals has increased significantly - particularly gold and silver. As a jewellery brand committed to transparency, quality, and ethical craftsmanship, we want to explain why gold and silver prices are rising, how this affects jewellery production, and what it may mean for Witt & Pearl pricing moving into 2026.

Why Have Gold Prices Increased So Much?

Gold prices have reached record highs in recent years, increasing by more than 50% since 2020.

Here’s a simple breakdown:

• 2020: Gold averaged around USD $1,500–$1,700 per ounce

• 2023: Prices rose to approximately USD $1,900–$2,000 per ounce

• 2024–2025: Gold climbed to USD $2,300–$2,400+ per ounce

This sharp rise affects every part of the jewellery industry - from solid gold pieces to gold vermeil jewellery, where the thickness and quality of the gold plating is directly tied to market pricing.

How Rising Gold Prices Affect Gold Vermeil Jewellery

Gold vermeil jewellery requires a thick layer of gold over sterling silver, meaning higher gold prices significantly impact production costs.

Increases in gold pricing affect:

• Gold plating thickness and quality

• Chains, clasps, and findings

• Manufacturing and labour costs

• Overall durability and longevity of jewellery

Across the jewellery industry, production costs for gold vermeil pieces have increased by an estimated 30–60% since 2020.

Silver Prices Have Also Increased

While gold has seen the most dramatic rise, silver prices have also increased in recent years.

• 2020: Silver averaged USD $17–$19 per ounce

• 2024–2025: Prices commonly ranged between USD $22–$28 per ounce

Because sterling silver forms the base of gold vermeil jewellery, increases in silver pricing further contribute to rising jewellery manufacturing costs.

Rising Jewellery Manufacturing Costs Beyond Metals

Precious metals aren’t the only factor affecting jewellery prices. The global jewellery industry has also experienced increased costs in:

• Skilled jewellery labour

• Casting and plating processes

• Quality control

• International shipping

• Packaging and materials

Each of these components plays a crucial role in creating high-quality, long-lasting jewellery.

What Witt & Pearl Has Done to Minimise Price Increases

At Witt & Pearl, we’ve worked hard to absorb as much of these cost increases as possible. Over the past few years, we’ve kept our jewellery pricing largely stable, even as material and manufacturing costs have continued to rise.

This has been a conscious decision — we believe jewellery pricing should remain fair, transparent, and reflective of true quality.

Jewellery Pricing in 2026: What to Expect

As we move into 2026, we’ll be reviewing our pricing to ensure we can continue offering:

• High-quality gold vermeil jewellery

• Genuine pearls

• Ethical manufacturing practices

• Fair wages for our jewellers

• Long-lasting craftsmanship

Any pricing adjustments will be small, carefully considered, and clearly communicated.

Thank You for Supporting Small, Ethical Jewellery Brands

Supporting a small jewellery business means supporting ethical production, transparency, and craftsmanship. We’re deeply grateful to our community for growing with us and trusting us with such meaningful purchases.

If you ever have questions about our materials, pricing, or processes, we’re always happy to share more.