Global Tensions Reshape Jewellery Markets as Gold and Silver Surge

Geopolitical tensions are having an increasingly direct impact on the global jewellery industry, influencing precious metal prices, diamond supply chains and the way manufacturers design and produce jewellery.

At a recent CIBJO Congress in Vicenza, industry leaders discussed how international conflicts, sanctions and tariffs are filtering through the jewellery supply chain, affecting manufacturers, retailers and consumers.

Australia's jewellers are navigating historically high precious metal prices, changing consumer spending patterns and increased costs across international supply chains. Gold prices have risen more than 140% and silver more than 180% since 2022, with geopolitical uncertainty contributing to increased investor demand for precious metals as safe-haven assets.

Manufacturers have responded by developing lighter-weight jewellery, new alloys and different combinations of precious metals with diamonds and coloured gemstones. However, the impact extends beyond metal prices, with sanctions affecting diamond supply chains and tariffs creating additional pressure on businesses.