CIBJO: With the 2026 CIBJO Congress scheduled to open in Vicenza, Italy, on September 4, the organization has released the third of its pre-congress Special Reports, offering an in-depth review of the precious metals market during 2025. Prepared by the CIBJO Precious Metals Commission, headed by Vaishali Banerjee, the report describes 2025 as a landmark year for precious metals and assesses how soaring prices influenced the global jewellery industry.
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Gold, Silver and Platinum Reached New Highs
According to the report, gold continued the investment-led rally that had begun in previous years, while silver and platinum also climbed to record levels during 2025. Palladium likewise posted strong gains.
Despite these price increases, the impact on jewellery demand was more complex than expected. Although higher prices reduced sales volumes, the overall value of jewellery purchases increased, reflecting continued consumer interest in precious metals.
Consumers Shifted Between Precious Metals
While higher prices weighed on volume, jewellery purchase value increased significantly, reflecting sustained consumer demand,” Ms. Banerjee wrote. “Yet another trend was cross-metal substitution at both ends of the market. The high-end market saw some shifts to platinum from gold, while, at the lower end, gold-plated silver jewellery rose in markets like India and China – indicating that jewellery demand remains resilient, even as consumer purchasing patterns evolve.”
Gold Jewellery Demand Declined by Volume
While jewellery spending remained resilient in value terms, the volume of gold purchased by jewellery manufacturers declined across major markets.
In Europe, gold demand for jewellery manufacturing fell by 11 percent to 6.6 million ounces. The report also attributed part of the decline to margin pressures linked to the proposed 10 percent United States tariff. Jewellery consumption in the region also decreased by 9.3 percent.
The United States recorded its lowest level of gold jewellery consumption since 2014, with demand falling 13 percent year-on-year to 3.7 million ounces. According to the report, higher gold prices and ongoing cost-of-living pressures reduced consumer purchasing activity.
Platinum Demand Reached an Eight-Year High
Platinum experienced one of the strongest price increases during the year, rising from 977 US dollars per ounce in January to 2,303 US dollars per ounce in December.
Even with the sharp increase, platinum remained relatively attractive compared with gold, encouraging jewellery manufacturers to increase purchases. Demand rose by around 10 percent year-on-year to 2.214 million ounces, reaching its highest level in eight years.
Silver Prices Climbed, but Manufacturing Demand Softened
Silver also posted substantial gains during 2025, with spot prices increasing from 29 US dollars per ounce in January to 74.8 US dollars per ounce by December.
However, jewellery manufacturers reduced silver purchases by 8 percent, with total demand falling to 189 million ounces. The report said exporters were affected by both higher silver prices and United States tariff measures.
2026 Outlook: Volatility Likely to Continue
Looking ahead, the report suggests that the West Asia crisis, elevated energy prices and the effects of tariffs are likely to keep precious metals markets volatile during 2026 while encouraging cautious consumer spending, Ms. Banerjee wrote.
At the same time, precious metals are expected to retain their importance as stores of value and portfolio diversification assets.
The report also highlights that greater attention will be placed on supply chain transparency, traceability and environmental, social and governance (ESG) standards, making responsible sourcing an increasingly important factor for both competitiveness and consumer confidence.
FAQ’s
1. What is the focus of CIBJO’s latest Special Report?
The report reviews developments in the precious metals market during 2025 and examines how record-high prices affected jewellery demand, manufacturing trends and consumer purchasing behaviour ahead of the 2026 CIBJO Congress.
2. How did higher precious metal prices affect jewellery demand?
According to the report, jewellery purchase volumes declined in many markets because of higher prices, but the overall value of jewellery purchases increased, indicating continued consumer demand despite changing buying patterns.
3. Why did platinum jewellery demand increase?
Although platinum prices rose sharply, the report says the metal remained relatively attractive compared with gold, encouraging jewellery manufacturers to increase platinum purchases and helping demand reach an eight-year high.
4. What happened to silver jewellery demand in 2025?
Silver prices increased significantly during the year, but jewellery manufacturers reduced silver purchases by 8 percent. The report attributes the decline to higher prices and the impact of United States tariffs on exporters.
5. What does the report expect for the precious metals market in 2026?
The report expects geopolitical tensions, higher energy costs and tariff-related pressures to keep markets volatile. It also predicts that responsible sourcing, supply chain transparency and ESG practices will become increasingly important for the jewellery industry.
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