If you've been shopping for jewelry lately, you've probably noticed prices jumping sharply. The culprit? A double whammy of skyrocketing precious metal prices and hefty new tariffs.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251015511589/en/

Sticker Shock: Precious Metal Prices Reshape Jewelry Market

Gold recently blew past $4,000 per ounce, while silver topped $50 per ounce – a remarkable 175% increase over the last three years. At the same time, new tariffs implemented in April are adding up to 145% on imported jewelry and components, depending on the country of origin.

"It's a perfect storm hitting the jewelry industry," explains Romie Salem, President of Turquoise Network, an Albuquerque-based retailer specializing in turquoise jewelry and sterling silver pieces. "We work on very thin margins to keep our prices low for customers. But when silver prices and tariffs skyrocket, there's only so much we can absorb."

In response to these pressures, Turquoise Network announced today a price adjustment across its entire jewelry line. While the company is absorbing some cost increases through operational efficiencies, certain price hikes are unavoidable to maintain business viability.

The impact has been swift and industry-wide, as experts estimate that jewelry prices could rise 100% or more in the coming months. Even everyday, affordable pieces are affected, as the cost of precious metals and other basic components rise significantly.

For discount retailers like Turquoise Network, which has built its reputation on offering genuine turquoise jewelry at competitive prices, the squeeze is particularly tight. "We've always prided ourselves on making quality jewelry affordable to everyone," says Salem. "A turquoise ring that retailed for $39 just two years ago is now $69 – and we're making even less profit than we did before. It's really tough."

The real question is: how will shoppers respond? Jewelry is a discretionary purchase, and when prices rise so dramatically, many will delay or even forego it altogether.

"Customers are definitely feeling it," Salem notes. "They'll compare prices online, see that everything has gone up across the board, and then have to decide if they really want to spend that much. With inflation already squeezing household budgets, jewelry often gets pushed to the back burner."

For consumers planning jewelry purchases—whether for gifts, special occasions, or just treating themselves—the message is clear: prices unlikely to drop anytime soon. Both precious metal markets and trade policies indicate this new pricing reality is here to stay.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251015511589/en/

. . . experts estimate that jewelry prices could rise 100% or more in the coming months.