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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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Set against the backdrop of Shanghai’s vibrant New Bund International Business District in Pudong, this year’s congress will take place at the esteemed Shangri-La Qiantan convention centre, proudly hosted by the Donghao Lansheng Group and the China Gems & Jade Exchange.

These congresses are pivotal gatherings for the World Jewellery Confederation’s Assembly of Delegates and its sectoral commissions, facilitating discussions and revisions to the organization’s globally recognized industry standards, the Blue Books.

Moreover, the congress serves as a platform to present updates on the World Jewellery Confederation Education Foundation (WJCEF) programs and collaborations with the United Nations and its development initiatives.

Shanghai, with its bustling population of 25 million, serves as the gateway to the world’s largest jewelry market, valued at $141 billion in 2023. Positioned as China’s hub for industrial, commercial, and financial activities, Shanghai is well-suited to host this momentous event, underscoring the jewelry industry’s evolution and global impact.

CIBJO President Gaetano Cavalieri Said “Significantly, this is the first CIBJO Congress to be taking place on the Chinese mainland, and it promises to be a spectacular event, which will not only underscore the development and growth of the jewellery industry in this country and region of the world, but the way in which it is impacting on the business worldwide, and is changing the way that all of us consider, design, manufacture and sell our products.It will be a most important congress, taking place at what clearly is a transformative time in our history. I hope that as many delegates as possible will be able to join us in Shanghai.

The dedicated 2024 CIBJO Congress website, launching soon.

CIBJO’s membership comprises representative associations and commercial bodies, fostering collaboration and knowledge exchange among national and international trade organizations from over 45 countries. Among its ranks are prominent corporations and service providers within the international jewelry sector. Notably, CIBJO holds the distinction of being the sole organization within the diamond, gemstone, and jewelry sectors to receive official consultative status with the Economic and Social Council (ECOSOC) of the United Nations.

This coveted status empowers CIBJO to champion United Nations programs and objectives within the industry. As a technical expert, adviser, and consultant to governments and the UN Secretariat, CIBJO plays a vital role in advancing the Sustainable Development Goals (SDGs). Additionally, CIBJO is an active member of the UN Global Compact, demonstrating its unwavering commitment to achieving these ambitious sustainability targets.

As we take you through these visual highlights of the CIBJO Congress 2023, you will witness the convergence of industry leaders, experts, and enthusiasts who are dedicated to shaping the future of the global jewelry, gemstone, and precious metals sectors. These images encapsulate the essence of innovation, collaboration, and commitment that defined this prestigious event.

Anouchka Didier-Mansour, International Sustainability Director at Cartier, emphasized the significance of sustainability and the need to accelerate efforts in the industry. Cartier has a long-standing commitment to sustainability, with a dedicated sustainability department established 18 years ago.

Jaipur Hosts CIBJO Congress 2023: A Global Confluence of Gem and Jewellery Excellence

Milan Choksi, a senior executive at India’s Gem & Jewellery Export Promotion Council (GJEPC) and a luxury jeweler, discussed the importance of authenticity in disclosure and claims within the industry. He also highlighted the opportunity to cultivate talent in the gem and jewellery sector, including individuals with varying educational backgrounds.

CIBJO President Gaetano Cavalieri emphasized the industry’s potential for continuous improvement, underscoring the importance of collective efforts. “Whatever we do, we can do more and better,” CIBJO President Gaetano Cavalieri said.

CIBJO Congress 2023: Key Discussions on Environmental Regulations and Responsible Sourcing at CIBJO’s Precious Metals Commission Session

Joining the discussion as an online panelist from Italy was Francesca Manfredi, Head of Sustainable Innovation Watches & Jewellery at Kering.

The panel explored sustainability initiatives and the role of partnerships in creating a more sustainable future for the global jewellery industry. The session provided valuable insights into building climate resilience, conserving resources, and fostering inclusiveness within the industry.

The Watch & Jewellery Initiative 2030 (WJI 2030), established by Cartier and Kering, operates on a partnership model with the United Nations Global Compact and UN Women. The initiative is dedicated to driving positive measurable impact and advancing sustainability goals within the industry.

GJEPC Recognizes Outstanding Leaders in the Gem and Jewellery Industry at CIBJO Congress 2023

The session highlighted the industry’s commitment to achieving the UN-backed Sustainable Development Goals by the target date of 2030. It also underscored the importance of unity within the industry and knowledge sharing among stakeholders.

Chaired by Platinum Guild International CEO Huw Daniel, and supported by Vice President Karina Ratzlaff, the Precious Commission panel delved into the following key topics:

1. Environmental Marketing Regulations in the U.S.: Sara Yood, Deputy General Counsel at the Jewelers Vigilance Committee (JVC), reported on the organization’s efforts in seeking guidance from the U.S. Federal Trade Commission regarding environmental marketing. Awaiting official guidance, the JVC advised against using the term “sustainability” in Jewellery marketing until clear directives are provided. The Federal Trade Commission’s Green Guides Review, initiated in December 2022, is currently ongoing.
2. Strengthening Environmental Marketing Claims: The JVC, along with 16 additional signatories, including CIBJO, submitted proposals aimed at reinforcing the Jewellery industry’s commitment to truthful and fair environmental marketing claims. Of particular significance was feedback regarding the definition of “recycled,” which currently only applies to products intentionally diverted from the waste stream. The JVC advocated for alternative terminology such as “repurposed,” “reprocessed,” or “reclaimed.”
3. Responsible Sourcing and Recycling: Jonathan Jodry, Chair of ISO Technical Committee 174 for the International Organization for Standardization (ISO), provided insights into an ongoing project investigating whether standards related to the responsible sourcing of precious metals, including recycling, align with ISO standards. The results of this project are expected to be reported at the next CIBJO Congress.
4. Reducing Risks to Consumers: Birmingham Assay Office highlighted the need for industry standards aimed at reducing risks to consumers with hypersensitivity to gold, often linked to allergic reactions to metals such as nickel and cobalt used in gold alloys. The implementation of international standards and clearer labeling was advocated to protect consumers and mitigate risks associated with allergenic reactions.
5. Collaborative Efforts: The International Precious Metals Institute, represented by Executive Director Larry Drummond, expressed its interest in fostering greater collaboration with CIBJO on events and information dissemination to benefit the members of both organizations.

Jaipur Hosts CIBJO Congress 2023: A Global Confluence of Gem and Jewellery Excellence

These discussions within the Precious Metals Commission underscore the industry’s commitment to ethical practices, environmental responsibility, and consumer well-being. Stay tuned for more updates on these critical topics in the precious metals and Jewellery sector.

Prominent personalities, including Vipul Shah, Chairman of GJEPC, Pramod Agrawal, Vice President of CIBJO and Chairman of NGJCI, and Gaetano Cavalieri, President of CIBJO, graced the occasion and bestowed these prestigious awards upon the deserving recipients.

Jaipur Hosts CIBJO Congress 2023: A Global Confluence of Gem and Jewellery Excellence

The illustrious awardees include:

Mr. Savji Dholakia, Founder and Chairman of Hari Krishna Exports Pvt. Ltd

Mr. Joy Alukkas, Managing Director of Joyalukkas

Dr. C Vinod Hayagriv, Managing Director & Director of CKC Group of Jewellers.

Mr. Navrattan Kothari, Managing Director of KGK

Mr. Nirmal Bardiya, Chairman of RMC

Mr. Pramod Agrawal, Chairman of Derewala Industries

Mr. Russell Mehta, Managing Director of Rosy Blue

Mr. TS Kalyanaraman, Chairman and Managing Director of Kalyan Jewellers

Mr. Vasant Mehta, Founder of V. Rameshchandra & Co

Mr. Vipul Shah, Managing Director and CEO of Asian Star

Mr. Ajoy Chawla, CEO of the Jewellery Division at Titan Company Ltd.

These luminaries have left an indelible mark on the industry, and their exceptional leadership and contributions continue to inspire and shape the future of the gem and jewellery sector. Their dedication to innovation and resilience in the face of challenges exemplify the spirit of excellence that the industry celebrates. The awards ceremony was a testament to their enduring impact and commitment to the growth and prosperity of the gem and jewelry community.

The grand inauguration of the Congress was graced by eminent figures from the world of gem and jewelry, including Shri Piyush Goyal, Union Minister of Commerce & Industry, Government of India (via a virtual message). Also present were Mr. Gaetano Cavalieri, President of CIBJO; Mr. Vipul Shah, Chairman of GJEPC; Mr. Pramod Kumar Agarwal, Vice President of India, CIBJO, and Chairman of NGJCI; Mr. R. Arulanandan, Director, Department of Commerce, Government of India; Ms. Feriel Zerouki, President of the World Diamond Council (WDC); Mr. Yoram Dvash, President of the World Federation of Diamond Bourses (WFDB); and Mr. Damien Cody, President of the International Colored Gemstone Association (ICA).

CIBJO Congresses serve as the official convergence point for the World Jewellery Confederation’s Assembly of Delegates. Moreover, they host the annual meetings of CIBJO’s sectoral commissions, where amendments to the organization’s definitive directories of international industry standards for diamonds, colored stones, pearls, gem labs, precious metals, coral, and responsible sourcing, known as the Blue Books, can be introduced.

The CIBJO Congress 2023 is set to be an extraordinary event, offering a wide array of sections that cater to the multifaceted jewelry industry. These encompass Responsible Sourcing, Sustainability, and ESG (Environmental, Social, and Governance) practices, with a strong emphasis on ethical and environmentally conscious approaches. The event also delves into the world of Jewelry Brands, scrutinizing their role and impact within the market. Furthermore, discussions will revolve around the feasibility of internationally recognized standards within the jewelry sector, while the Ethics Commission will address matters of moral significance.

Special sessions shine a spotlight on Colored Gemstone Responsible Sourcing, Diamonds, Fei Cui, and Precious Metals. Particularly noteworthy is the inclusion of exclusive presentations by industry luminaries such as Gaetan Guillosson, India Country Manager at Cartier, and Sean Gilbertson, CEO of Gemfields, which promises to add an extra layer of expertise and insight to this remarkable gathering of gem and jewelry experts and enthusiasts.

Piyush Goyal, Union Minister of Commerce & Industry, Government of India, said,”CIBJO is an event where gems of the sparkling world unite. In the spirit of Bharat’s ancient tradition Athithi Devo Bhavo, I request you to enjoy hospitality of the Pink City while conducting business engagements. This event marks a historic moment as it is the first time that CIBJO Congress is being held on Indian soil. The CIBJO Congress taking place in Jaipur is more than just a location. Hosting the CIBJO Congress here is a testimony to the tremendous potential that India holds not only as a market but as a global manufacturing hub. The G20 summit signifies India’s emergence as a global leader. Jaipur is a symbol of the vibrant spirit of artisans and rich history of gems & jewellery industry, which Jaipur represents.”

Mr. Gaetano Cavalieri, President, CIBJO, said in his welcome address,”CIBJO is the oldest international jewellery association in the world and will celebrate 100 years in Year 2026. CIBJO Congress is being held again after almost 4 years (2019 CIBJO Congress at Bahrain) and the world and industry has changed considerably. The experience of visiting India is overwhelming as India is a country which excites all the senses. G7 countries, which accounted for half of all jewellery sales, will be introducing new norms and standards with respect to traceability, trust and transparency”

Mr. Vipul Shah, Chairman, GJEPC, said,”India is the only beacon of hope as far as jewellery demand goes. Befitting its leadership position in processing of diamonds and gemstones like emerald and tanzanite, India adheres to ethical sourcing practices as well as contributes to the development of industry standards. The Kimberley Process Source protocol for rough diamonds which started based on demand from consumers, is going through a reform cycle and we are committed to support such reform. Consumer’s confidence should be protected at any cost. So, our Government is also discussing with G7 countries the new measures for segregation of diamonds that they are demanding from the trade based on current geopolitical situation. The 2023 CIBJO Congress will also address the pressing issues and opportunities that define our industry.”

Mr. Pramod Kumar Agarwal, Vice President, India, CIBJO and Chairman, NGJCI, said, ”Today, we estimate that our industry employs around 2 lakh skilled individuals in and around Jaipur, carrying on a tradition of enamelling and gem-cutting that has stood the test of time. The city of Jaipur is playing a very important role in Coloured Gemstones and Jewellery.”

Mr. R. Arulanandan, the Director of the Department of Commerce, Government of India, said, ”India is committed to furthering gem & jewellery trade and the Foreign Trade Policy has a separate section for this sector. India holds an important position in global supply chain network. India has taken early initiatives such as creation of many new harmonised code systems to identify different gem & jewellery industry segments leading to correct classification and valuation. It is good to see GJEPC and CIBJO work together for enhancing trust, traceability and transparency.”

Ms. Feriel Zerouki, President, WDC, said, ”India has been the heart of the global gem & jewellery business. India continues to play an increasingly central role in the global supply chain. India is now much more than traditional focus on cutting and polishing centre. India is now emerging as a rapidly growing global hub and consumer centre. It is always exciting to be in India where the passion, experience and expertise in the gem & jewellery business is growing constantly. Our business is cyclical and eventually the cycle rebounds and we shall experience upswing. We thank GJEPC for being unwavering in its support for developing G7 solutions framework in an effective practical and accessible manner.”

Mr. Yoram Dvash, President, WFDB, said, ”The World Federation of Diamond Bourses is closely linked to the gem & jewellery industry. As economies are struggling and the US and China are facing challenging times, we are advocating Sustainability Responsibility and Transparency. Industry faces external and internal challenges. De Beers recognised the challenges faced by natural diamond industry and as key stakeholder, it has decided to invest $20 mn in marketing programs to enhance demand in the forthcoming festival season. CIBJO will discuss radical steps to boost the demand for natural diamonds. The WFDB along with GJEPC and CIBJO Congress will support the objectives of the G7 and create framework for self-regulation in the industry”

Mr. Damien Cody, President, ICA, said, ”The world’s gemstone industry has been in existence for thousands of years and it will continue to endure. The potential for growth in China and India is phenomenal and enormous. Gem & jewellery trade is trying to win customers back in the context of geopolitical and economic pressures. The demand at the top end of market is growing as seen in auctions. Impact of synthetics has grown and though disruptive, it has a place in the market. The marketing of synthetics needs to be controlled. The consumer needs to have clear unambiguous messages with full disclosures and disclaimers. The opposite will impact trust. Consumers are demanding more in terms of environment and sustainability. Complete transparency is impossible in gemstones but members are evolving and embracing continuous enhancements. Artisans and craftsmen communities should not feel the heat and impact of rapid changes. The wonderful vibrant stories of artisanal communities need to be celebrated across the world.”

As the global jewelry industry converges in Jaipur for the CIBJO Congress 2023, it is clear that this event will serve as a pivotal moment for the sector, emphasizing ethics, sustainability, and excellence while fostering meaningful dialogues and driving the industry toward a brighter and more responsible future.