Jewelry prices could rise by 15-25% due to rising gold prices

Prices for jewelry made of gold and silver may rise by 15-25% due to the growth of exchange prices for gold and currency fluctuations, however, on the eve of March 8, the prices of large retailers will remain the same. This was announced to TASS by the managing partner of the Sokolov jewelry brand Artem Sokolov.

He noted that the price of gold is again at historical highs, and since the summer of 2021, the cost of gold on the world market has increased by more than 12%. The peak was reached on February 24, when the price of gold was $1974 per troy ounce. The metal has not been so expensive since the fall of 2020. According to forecasts, the price of the precious metal may consolidate at peak levels between $1,900 and $2,000 per ounce.
“This sets the stage for price increases for all jewelery as silver prices follow the path of gold. In this regard, jewelry retailers expect a possible increase in prices by 15-25%,” Sokolov said.
He added that the volatility of the national currency will also affect the cost of precious and semi-precious stones, since Russia imports the most demanded small cut stones from India, and synthesized ones from China.