Everyone is talking about tariffs. And yes, tariffs have raised prices on imported goods, including jewelry, by 10 to 50 percent depending on where it's made.
But there are other figures that have gotten far less attention:
Gold has increased 140% in two years. In January 2024, gold was around $2,000 per ounce. Today it's nearly $4,900.
Silver has increased 304%. It was $23 per ounce two years ago. Today it's over $93.
For comparison: the tariffs that have dominated headlines represent a 10–50% increase on imported goods. Precious metals have increased three to six times more than that.
If you've bought jewelry recently and noticed higher prices, this is the primary reason—especially if you're buying from brands that use solid precious metals rather than plated brass or hollow construction.
| Jan 2024 | Jan 2026 | Increase | |
|---|---|---|---|
| Tariffs on imported goods | 0–7% | 10–50% | +10–50% |
| Gold (per ounce) | $2,037 | $4,886 | +140% |
| Silver (per ounce) | $23 | $93 | +304% |
Jewelers are getting hit from both sides
Here's the irony: the same policies driving the tariff conversation are also driving precious metal prices. When markets get volatile and investors lose confidence in traditional assets, they move money into gold and silver as safe havens.
So while tariffs might add 10–50% to the cost of imported goods, the economic uncertainty behind them has pushed raw material costs up 140–304%. Jewelers are getting hit from both directions.
We thought we'd at least be partially insulated. Our solid gold pieces are made entirely in New York City - no imports, no tariffs on finished goods. But manufacturing in America doesn't protect you when American policy is destabilizing global markets.
Our vermeil is manufactured in Thailand at an RJC-certified studio, so we're facing new tariffs on top of the 304% increase in silver prices. There's no winning.
For independent jewelers and small brands, the math is brutal: when your raw material costs double or triple, your prices have to move. There's no way to absorb that kind of cost increase.
What this means for you
If you're buying jewelry made with real gold or sterling silver (that includes gold vermeil, which uses silver as the base metal), prices are higher than they were and they're unlikely to drop soon.
The good news is that jewelry made from solid precious metals holds its material value. The gold in a piece you buy today can be melted and recast decades from now. It's not a depreciating purchase - it's an investment.
The less good news is that "affordable fine jewelry" is becoming harder to find. The gap between costume jewelry and the real thing is widening.
What we're doing
We've held our prices as long as we could but we will reprice both solid gold and silver/vermeil on Feb 1.
We're not switching to hollow construction or thinner plating. We're not quietly reducing the weight of our pieces. We'd rather be transparent about cost than compromise on quality.
If you've been considering a piece, the best time to buy is before the next increase.
