Events & AwardsApr 21, 2025
An Exhibition Exploring the History of Cartier Is Now on Display“Cartier: Design, Craft, and Legacy” opened earlier this month at the Victoria and Albert Museum in London.
SourcingSep 09, 2020
Beyond Gold: Here’s What Is Happening with Metals Prices
National Jeweler looks at how platinum, silver and palladium have fared so far in 2020.
Though the platinum price plunged at the start of the COVID-19 lockdowns, it has since risen steadily. Pictured here is Platinum Born’s “Sunrise Bar” necklace.
New York—The gold price is one thing that has benefited from the coronavirus pandemic.
It passed the $2,000-per-ounce threshold in early August, though it has fluctuated a bit since then, tempered by the recent drop in unemployment claims and a rebounding U.S. dollar, according to Kitco.
Still, several experts believe the gold price will top $2,000 again this year and in the future.
Still, several experts believe the gold price will top $2,000 again this year and in the future.
But what about the other metals used for fine jewelry? How have the pandemic and associated economic struggles affected them?
Platinum
Platinum plunged to a low of about $599 per ounce in March as lockdowns began to take effect but has risen 58 percent since then, outperforming gold’s 32 percent increase in that time, according to the World Platinum Investment Council.
It added that the platinum market has improved greatly in 2020 as strong Chinese platinum imports, bar and coin demand, and its use in catalysts for diesel vehicles improved investor sentiment.
It added that the platinum market has improved greatly in 2020 as strong Chinese platinum imports, bar and coin demand, and its use in catalysts for diesel vehicles improved investor sentiment.
Additionally, with the gold price’s recent back-and-forth, investors have been paying even more attention to the more affordable white metal, Kitco noted, giving it plenty of upside.
Still, the metal is nearly half the price of gold—platinum neared the $1,000-per-ounce price in mid-August, but closed at $898 per ounce on Tuesday, according to the London Fix—and continues to buck the trend in precious metals pricing.
In terms of mining, according to investment website Seeking Alpha, both COVID-19 and the metal’s low price are making production less economical, with output down 20 percent in South Africa, which produces 80 percent of the world’s platinum annually.
Platinum jewelry sales, meanwhile, were severely hampered in the second quarter due to the pandemic, according to the latest Platinum Jewellery Business Review, which did note positive signs of recovery, including in the Chinese market.
Silver
The silver price has been increasing at a steady clip in 2020 due to rising inflation.
Gold and silver market Bullion Vault said it has nearly doubled its average monthly per-ounce price between February and August, growing nearly 32 percent alone in the month of August, its fastest since April 1987.
The London Fix had the silver price listed at $26.83 at market closing Tuesday.
Analysts expect it to continue to rise through 2020, with one expert noting it could reach $50 per ounce by year-end.
Despite outperforming even gold lately, silver is still relatively cheap when compared to gold.
The gold/silver ratio is currently around 72.5, meaning it takes nearly 73 ounces of silver to buy one ounce of gold. The ratio, historically, has rested around 59.
As for the silver jewelry outlook, there seems to be some pent-up demand for pieces made with the metal.
According to a recent survey fielded by MVI Marketing, 64 percent of consumers polled said they still plan to buy jewelry gifts they needed or wanted during quarantine, and 50 percent of those who will buy “just because” said the jewelry purchased would be silver.
Palladium
After years of increasing, palladium prices have come to a standstill during the pandemic as car sales slowed. (Most fabrication demand for the metal comes from its use for automobile catalytic converters.)
Palladium was at $2,310 per ounce Tuesday, and the price is expected to remain under pressure.
But the metal is also coming off a strong year.
Investing News reported a 54 percent increase in the palladium price in 2019. It overtook gold for the first time in 16 years, hitting a record high of near $2,000 per ounce in December.
Investing News reported a 54 percent increase in the palladium price in 2019. It overtook gold for the first time in 16 years, hitting a record high of near $2,000 per ounce in December.
More on Sourcing
The Latest
IndependentsApr 21, 2025
New York Jeweler to Close After 111 YearsVan Cott Jewelers in Vestal, New York, is hosting a going-out-of-business sale.
IndependentsApr 21, 2025
IJO Names New Director of Vendor Relations, Merchandise StrategyIndustry veteran Samantha Larson has held leadership roles at Borsheims, McTeigue & McClelland, Stuller, and Long’s Jewelers.
Brought to you by
Protect Your Customers and Your BusinessThe risk of laboratory-grown diamonds being falsely presented as natural diamonds presents a very significant danger to consumer trust.
Events & AwardsApr 21, 2025
Jewelers of Louisiana, Mississippi Jewelers Association to Co-Host ConventionThe two organizations will hold the educational event together this fall in Mississippi.
Weekly QuizApr 18, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsApr 18, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
CollectionsApr 18, 2025
Piece of the Week: Dukachi’s ‘Easter Bread’ PendantThe Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.
IndependentsApr 18, 2025
Bremer Jewelry to Reveal Renovated StoreThe jeweler has announced a grand reopening for its recently remodeled location in Peoria, Illinois.
MajorsApr 18, 2025
Tiffany & Co. Employees Star in Mother’s Day CampaignThe “Strong Like Mom” campaign features moms who work at Tiffany & Co. and their children.
CollectionsApr 17, 2025
John Hardy, Athena Calderone Partner on Art Deco Decor-Inspired CollectionInterior designer Athena Calderone looked to decor from the 1920s and 1930s when crafting her first fine jewelry collection.
FinancialsApr 17, 2025
Movado Group to Increase Prices to Offset Tariffs ImpactDuring a call about its full-year results, CEO Efraim Grinberg discussed how the company is approaching the uncertainty surrounding tariffs.
Lab-GrownApr 17, 2025
NDC Launches Its Diamond Learning CenterThe free program provides educational content for jewelry salespeople and enthusiasts to learn or refresh their diamond knowledge.
Policies & IssuesApr 17, 2025
Jewelers of America Requests Tariffs Testimonials from MembersThe feedback will be used to prepare other jewelers for the challenges ahead, the organization said.
TechnologyApr 17, 2025
Technology Therapy Group Expands AI Training for Jewelry RetailersThe online sessions are designed to teach jewelers to use AI tools like ChatGPT and Claude to grow their business.
IndependentsApr 16, 2025
Catbird Expands to ChicagoThe opening marks the jewelry retailer’s first location in the Midwest.
CollectionsApr 16, 2025
Foundrae’s First Commitment Jewelry Collection Unites Through LoveThe “United in Love” collection offers tangible mementos of hearts entwined with traditional and non-traditional commitment heirlooms.
IndependentsApr 16, 2025
Indiana Jeweler to Host Black Jewelry Designer Pop-UpRobert Goodman Jewelers will hold a “Black Jewelry Designers and Makers” event on April 27.
MajorsApr 16, 2025
WJA Announces Board Members, New Chicago Chapter PresidentThe announcements follow a tumultuous start to 2025 for WJA, which saw a wave of resignations following controversial statements about DEI.
EditorsApr 15, 2025
Tariffs: What We Know Right Now Editor-in-Chief Michelle Graff answers questions about how the new taxes levied on countries like India and China will impact the industry.
EditorsApr 15, 2025
Q&A: Bogolo Joy Kenewendo on Making Deals, Marketing DiamondsKenewendo, Botswana’s minster of minerals and energy, discusses closing the deal with De Beers and the work that was missed along the way.
AuctionsApr 15, 2025
23-Carat ‘Golconda Blue’ Heads to AuctionThe historic fancy vivid blue diamond set to headline Christie’s Geneva sale next month could sell for up to $50 million.
FinancialsApr 15, 2025
LVMH’s Q1 Sales Slip 2 PercentLVMH CFO Cécile Cabanis also discussed the effects of tariffs so far.
CrimeApr 15, 2025
Jon Hamm Plays a Jewel Thief on Apple TV+The “Mad Men” and “The Morning Show” star steals jewelry, art, and handbags from his wealthy neighbors in “Your Friends & Neighbors.”
FinancialsApr 14, 2025
Movado to Restate Years of Financials Due to ‘Misconduct’ in Dubai An investigation found that the former managing director of Movado’s Dubai branch overstated and prematurely recorded sales.
CollectionsApr 14, 2025
Sauer Embraces Emptiness Through ‘Ma’ CollectionThe collection pays tribute to the Japanese philosophy of Ma, studying balance, stillness, and the interplay between presence and absence.
IndependentsApr 14, 2025
Illinois Jeweler Closing After 45 YearsMari Lou’s Fine Jewelry in Orland Park, a suburb of Chicago, is closing its doors.
