A recent comprehensive analysis from the CIBJO Precious Metals Commission sheds light on the significant transformations observed in the global precious metals market during 2025. This report, serving as the third in a series leading up to the 2026 CIBJO Congress in Vicenza, Italy, characterizes the preceding year as a pivotal period. It delves into the notable appreciation of various precious metals and the consequent shifts in the jewelry industry, emphasizing evolving consumer preferences and the growing emphasis on ethical supply chains.

During 2025, the market for precious metals experienced remarkable growth, with gold continuing its upward trend in investment flows, a phenomenon it had spearheaded for the two prior years. This rally expanded to include silver and platinum, both of which achieved unprecedented price levels, while palladium also registered substantial increases. Vaishali Banerjee, who leads the CIBJO Precious Metals Commission, noted that despite these soaring prices leading to a reduction in volume for certain precious metal purchases, the overall value of jewelry acquisitions saw a considerable boost, indicating sustained demand from consumers.

The report further detailed an emerging trend of inter-metal substitution across different segments of the market. In the luxury sector, there was a discernible move from gold to platinum, driven by platinum's relatively more attractive price point. Conversely, in more accessible markets, particularly in regions like India and China, there was a rise in the popularity of gold-plated silver jewelry. These dynamics underscore the adaptability of consumer demand within the jewelry market, even as buying patterns undergo transformation in response to price fluctuations.

Despite the overall increase in purchase value, the high cost of gold resulted in a decrease in demand by volume from jewelry manufacturers across key markets. Europe, for instance, witnessed an 11 percent contraction in gold demand, totaling 6.6 million ounces, partly influenced by potential tariff threats from the United States. Concurrently, jewelry consumption in Europe also saw a 9.3 percent decline. The United States experienced its lowest recorded gold jewelry consumption, dropping 13 percent compared to 2014, reaching 3.7 million ounces, primarily due to elevated gold prices and broader cost-of-living pressures impacting consumer spending.

In contrast, platinum's price more than doubled throughout 2025, surging by 135 percent from $977 to $2,303 per ounce. This comparative affordability against gold spurred a roughly 10 percent year-on-year increase in platinum demand from jewelry manufacturers, reaching an eight-year peak of 2,214 thousand ounces. Silver prices also saw a significant ascent, rising 145 percent from $29 to $74.8 per ounce. However, despite this price surge, manufacturer demand for silver fell by 8 percent to 189 million ounces, impacted by both high prices and U.S. tariffs on exporters.

Looking ahead, the CIBJO report anticipates continued market volatility in 2026, influenced by geopolitical tensions, elevated energy expenses, and the lingering effects of tariffs. Nevertheless, precious metals are expected to maintain their appeal as reliable assets for value storage and portfolio diversification. An increasing focus on supply chain scrutiny means that provenance, traceability, and adherence to ESG (Environmental, Social, and Governance) principles will become even more critical, driving competitiveness and fostering consumer confidence in the industry.

The latest CIBJO pre-congress report offers a detailed examination of the precious metals market in 2025, highlighting substantial price increases across gold, silver, platinum, and palladium. It meticulously analyzes how these market shifts influenced global jewelry consumption, leading to diverse purchasing strategies and a heightened awareness of supply chain integrity. The findings underscore the dynamic nature of the market and the growing importance of ethical considerations in the precious metals and jewelry sectors.