EditorsJun 09, 2026
Q&A: Al Cook on the Lab-Grown ‘Bubble,’ Dwindling Diamond Supply The De Beers Group CEO also discussed tariffs, Desert Diamonds, and the pending sale of De Beers in an interview with Michelle Graff.
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
MajorsJun 09, 2026
Wilkerson's Russ Whitehouse RetiresThe industry veteran is bringing his 56-year run in the fine jewelry sector to an end.
Events & AwardsJun 09, 2026
Pride Month Panel to Highlight LGBTQ+ Jewelry VoicesThe panel discussion will feature LGBTQ+ leaders across the jewelry, luxury, and creative industries.
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in VegasAs gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.
CollectionsJun 09, 2026
Marie Lichtenberg’s New Capsule Collection Is a Smash, LiterallyInspired by a locket that got run over, the “Smash” capsule collection reimagines the shape of Lichtenberg’s signature style.
Weekly QuizJun 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsJun 09, 2026
Frederick Goldman Names Director of Sales for SoutheastThe company has promoted Katherine Whitacre to the role.
MajorsJun 08, 2026
Stuller Expands Selection of Lab-Grown Diamonds, Demi-Fine JewelryThe jewelry manufacturer has added Taylor Swift-esque diamond shapes, and more silver, gold vermeil, and gold-plated jewelry.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
TrendsJun 08, 2026
Amanda’s Style File: June’s Birthstone TrioThose born in June can celebrate with pearl, alexandrite, and moonstone jewelry.
TechnologyJun 08, 2026
Overnight Mountings Launches Ring Builder PlatformThe platform allows retailers to guide clients through a customizable engagement ring buying experience in a branded interface.
IndependentsJun 05, 2026
Pennsylvania Jewelry Store To Close After 79 YearsJim Springer, owner of Dunkelberger’s Fine Jewelry, is heading into retirement.
SurveysJun 05, 2026
Consumers to Cut Back on Spending Amid Rising Prices, Survey Shows When conducting its May consumer confidence survey, The Conference Board asked extra questions about consumers’ budgeting strategies.
CollectionsJun 05, 2026
Rebel Jewelry’s Charm Symbolizes Perseverance for Pride MonthThe “Tunnel” charm, our Piece of the Week, celebrates Pride Month with its design inspired by hope and the light at the end of the tunnel.
AuctionsJun 04, 2026
Treasures from Maurice Tempelsman’s ‘Marvelous’ Life Head to AuctionUp for auction at Sotheby’s, the collection of Tempelsman’s personal effects includes a Cartier Tank watch Jackie O. gifted him.
CollectionsJun 04, 2026
Buddha Mama to Spend the Summer in AspenThe Miami-based fine jewelry brand will host its first summer residency in the Colorado mountain town from June 5 to Aug. 23.
MajorsJun 04, 2026
AGS Honors Late Peter Yantzer, Holds Time Capsule CeremonyThe organization also announced its international board of directors for the 2026-2027 term.
MajorsJun 04, 2026
Neiman Marcus’ Downtown Dallas Store to Close in SeptemberSaks Global confirmed the closure this week, spelling the end for a store that’s been part of downtown Dallas for more than 100 years.
ColumnistsJun 03, 2026
Peter Smith: When Top Talent Leaves and What It Says About YouSmith discusses how managers should handle a top performer's exit, warning that a poor response could have a lasting impact.
GradingJun 03, 2026
GIA’s Tracr Investment Is First Step Toward Industry-Owned PlatformThe Gemological Institute of America is now a 30 percent stakeholder in Tracr, the De Beers-backed blockchain for diamonds.
WatchesJun 03, 2026
The 1916 Company Taking Pre-Owned Rolexes on the Road, AgainThe retailer is bringing Rolex Certified Pre-Owned watches to five U.S. cities in 2026 for collectors to see, try on, and purchase.
IndependentsJun 03, 2026
Jessica Alba Is the New Face of Gabriel & Co.The actress and entrepreneur stars in the jeweler’s new campaign that celebrates life’s quiet moments.
TrendsJun 03, 2026
State of Design: Only the Innovative Will SurviveThe price of gold has risen, affecting the number of pieces designers make, the materials they use, and how they position themselves.
FinancialsJun 02, 2026
Signet Jewelers’ Q1 Sales Up 2% As It Focuses on ‘Core Four’ The jewelry retailer is zeroing in on Zales, Jared, Kay Jewelers, and Blue Nile as it looks to create unique brand identities for each.
SourcingJun 02, 2026
Leader Appointed for Botswana’s Diamonds for Development Fund Dr. Akinwumi Adesina, a development economist, will head the fund created to help Botswana diversify its economy.
WatchesJun 02, 2026
Watch Industry Veteran James Marks Joins Sotheby’sSotheby’s has appointed the former Phillips executive as its global head of private sales and retail in its watches division.
AuctionsJun 02, 2026
Sotheby’s to Auction 10-Carat Blue Diamond, 1960s Harry Winston Necklace A private collection of five Paraíba tourmalines also will be up for sale at Sotheby’s High Jewelry auction in New York, scheduled for June 16.
IndependentsJun 02, 2026
State of Retail: 6 Things Retailers Should Know About Consumers TodayFrom Gen Z’s view of luxury to “doom spending,” these are the six consumer trends to note this year.
