In the world of fine jewelry and costume jewelry, the supremacy of gold seems to be over… and it’s not just a question of fashion.
Behind a clothing trend there is often a down-to-earth reason. The economic recession can play on the morale of the fashion sphere and express itself through clothes that are more demure than usual – as dull as the economy is at half mast, ultimately. But more concretely, the price of raw materials, used to make these clothing pieces and other stylish accessories, directly impacts the labels’ collections. Because when the material costs more, both small and large houses can no longer afford to use them: production costs and charges are higher, margins become narrower. The brand strategy then adapts: either we decide to reduce the quantities used, or we do without it and focus on other warhorses. On the jewelry side, this is currently what is happening.
While gold has always reigned supreme in the world of costume jewelry as well as pieces of “middle” and high jewelry; Silver jewelry has been trending for several years. For almost two years, we have seen a steep rise in silver in jewelry offered on the market, but also a growing consumer interest in this formerly shunned metal. Analytics style estimates that searches for gold necklaces average 2.2 million per month and have grown 13% over the past year, while searches for silver necklaces average 603,000 per month but have grown 22% over the same period.
If we thought that it was only a fad of the modosphere, yet another stylistic whim to please a clientele jaded by gold; in reality, there is a more pragmatic explanation than it seems. Certainly, the resurgence of the trend Y2K necessarily played on the popularity of money, but that is not the only explanation.
Since the beginning of 2025, we have witnessed a historic surge in gold prices: it has increased by 50%, from around 2,000 dollars per ounce to more than 4,000 at present (4,323 dollars as of October 23). It therefore costs more than in the last 30 years; perhaps even more expensive than ever. Logically, jewelry brands no longer use it as much as in the past.
Certainly, costume jewelry brands do not use real gold, but they often follow the trends launched by the big houses – some of them are spread from “top to bottom”, via a model known as “trick-down” (Ted Polhemus). An observation confirmed by our colleagues at Business of Fashionwho explain that “many renowned jewelers are now swapping gold for sterling silver, gold plating, silk cords and glass.”
