Why is Gold Jewellery So Expensive in 2025?

I get asked this question most weeks when customers are looking to treat a loved one to something in gold, and honestly, I completely understand why people are shocked when they see the price of a solid gold piece, even just in 9ct gold which I use for most of my jewellery. If you've been browsing jewellery online or been fetched a Facebook or Pinterest Ad for cheap/reduced price 'gold' bracelets or necklaces for £20 and wondered why a 'proper jeweller' is charging ten times that (or more). Let me try to explain what's happening.

Gold Prices Are at Record Highs

At the heart of this is the gold price - gold bullion itself is more expensive than it's ever been. As I write this in late 2025, gold bullion is sitting at record prices. We're not talking a small increase either - gold has climbed significantly over the past few years and shows no signs of dropping.  This year it's climbed over 50% alone.

When you buy solid gold jewellery from me (or any legitimate jeweller), you're buying the actual precious metal. I can't just decide to charge less because I fancy it - the gold costs what it costs. If I'm making stock of 9ct gold signet rings, I'm buying gold at market price, and that cost gets passed on. There's no way around it.

Here's the chart for this year so far, and economists predict it's only going to get more expensive.  Every time some sort of economic turmoil happens in the world, or financial crisis, gold usually jumps higher.  It may drop slightly but these high prices are likely here to stay.

What You're Actually Paying For

This is what goes into the price of a real gold piece of jewellery when you buy it from me:

The Metal Itself This is the biggest chunk. Gold is weighed and priced per gram. A small pendant or gold charm might only be a few grams, but multiply that by the current gold price and you're already at a significant cost before I've even touched it. And that's just the raw material.

The Craftsmanship Most of my gold pieces come in as small batch castings, they get cleaned up, hallmarked, and engraved (which I do for free on most pieces - that alone takes time and skill). If it's a ring, I'll size it to fit you perfectly. There can be hours of skilled work involved. You're not just buying a lump of gold, you're buying years of experience and the care that goes into making each piece wearable and personal to you.

Hallmarking Every piece of solid gold (and silver) jewellery in the UK over a certain weight must be hallmarked by an official assay office. This costs money and takes time, but it's your guarantee that what you're buying is actually the precious metal it claims to be. It's a legal requirement and a protection for you as the buyer.

How Do Big Retailers Sell Gold Cheaper?

Some large high street & online jewellers seem to have lower prices than independent makers like me. There's a reason for that, and it's not because I'm overcharging.

Big retailers buy enormous quantities of gold jewellery months or even years in advance, some even have their own vaults where they buy and store large amounts of gold so they can take advantage of buying when prices are lower. When they order 1,000 identical pieces from a factory, they can negotiate better prices and lock in gold prices before they rise. They've also got the cash flow to sit on huge stock levels, so they can delay raising prices even when gold shoots up.

As a small independent jeweller, I'm working with small batch castings and buying gold pieces in small quantities I need them. I don't have a warehouse full of pre-made stock bought at last year's prices. When gold prices jump, I feel it right away. I'm making your piece with this month's gold prices (or at least last months due to casting lead times!)  Where I can, I stock one or two pieces so I'm able to offer an Express Delivery service when you need it quickly, but once those pieces are gone, I'm remaking at the current gold price.

It's a bit like the difference between a major supermarket buying 50,000 tins of beans at a discount and your local shop buying a few cases at a time. The products may be different in my case but the economics of it are much the same.

So What About That £20 "Gold" Necklace?

If you've seen adverts or websites offering something that seems impossibly cheap for gold, it's because it's very likely not real gold. Or it's a tiny amount of gold plating over base metal such as brass, steel or copper, that'll likely wear off in weeks. Sometimes it's described as gold-tone, gold-coloured, or "gold-style" - all creative ways of saying "not actually gold."  Often you'll find it hard to even see what materials these pieces are made of with vague descriptions citing 'hypoallergenic' but no actual material definitions.  

Fashion jewellery has its place. There's nothing wrong with costume pieces if that's what you want. But they're made from inexpensive materials - brass, copper, zinc alloys - and mass-produced in huge quantities. They might look pretty and the price might be tempting especially when we are all feeling the pinch, but they're not precious metals and they won't last.

The price difference between a £20 fashion piece and a £200 solid gold piece isn't markup or greed - it's literally the difference between a cheap base metal and actual gold.

Why Buy Solid Gold Then?

If fashion jewellery exists, why spend more on the real thing?

Solid gold won't turn your skin green and can last for decades with basic care. While 9ct gold can sometimes develop a slight dullness over time (because of the alloy metals in it), a quick polish brings it right back. It has intrinsic value - if you decided to melt it down tomorrow (please don't), the gold itself is worth something. And when you buy hallmarked British jewellery, you know exactly what you're getting.

Fashion jewellery can be fun and trendy, and is ideal for easy cheap and cheerful gifts, but it's disposable, it can't be recycled easily and will likely just end up in landfill. Solid gold is an investment piece you'll still own in 20 years, and at the end of it's life the metal in it will certainly be worth something at scrap value at the least.

In Summary

Gold jewellery is expensive in 2025 because gold itself is expensive, and making quality pieces takes time and skill. There's no secret markup or jewellers getting rich - we're working with one of the most valuable materials on earth, and the price reflects that reality.

If you see solid gold at suspiciously low prices, ask some simple questions. Look on the website to see if you can see what it's really made from rather than fall for fluffy descriptions or huge discounts. Check for hallmarks. If you think you've bought something gold and it's not hallmarked make sure you're getting what you're paying for.  If you feel you've been mislead into buying something take action. And if you're investing in a real piece, know that you're buying something that will genuinely last.

Any questions about precious metal pricing? Drop me a message - I'm always happy to explain what goes into your jewellery.

Stevie