If you've noticed jewellery prices rising recently, no, you're not imagining things. The global cost of precious metals like gold and silver has increased significantly, and that shift is being felt across the jewellery industry - from small independent makers like us through to large international brands.

When people ask why jewellery is so expensive right now, the answer usually comes back to the rising cost of materials, but higher prices aren't the whole story. When the cost of precious metals rises, it doesn't just push prices up; it also exposes important differences in how jewellery is made, the quality of materials being used, and which pieces are designed to last.

When shopping for jewellery in times like this, understanding what pieces are made from and how those materials will behave over time becomes far more important than simply comparing price tags.

I'm Simone Walsh, an Australian jewellery designer who has been working with precious metals for over 30 years. For 20 of those years I've also been the owner of what was one of the first online jewellery shops in Australia.

Over that time, I've seen metal prices rise and fall dramatically, and economies lurch from good times to bad - and I've watched how the jewellery industry responds when costs are under pressure. I've also had to make my own hard but carefully considered decisions as things change.

This article isn't about chasing headlines or justifying price increases. It's about helping you understand how material choices affect durability, wear, repairability and long-term value. It's to help you to make informed decisions when buying jewellery, now and into the future.

So let's get started ...

---

What Happens When Precious Metal Prices Rise

Gold and silver are globally traded commodities, with prices influenced by factors far beyond the jewellery industry: currency markets, geopolitical uncertainty, inflation and investment demand all play a role.

When those prices rise sharply, jewellers are faced with a practical reality; the raw materials that go into each piece simply cost more, often for reasons that may have very little to do with jewellery.

At that point, every jewellery brand has to make difficult choices. Some might manage to absorb costs for a while and hope for the best, but most will need to raise prices to be sustainable. Others instead might quietly change what their jewellery is made from - and these changes aren't always obvious to customers, especially when a piece still looks gold-coloured or silver-toned at first glance.

This is where the jewellery market can become confusing. Two pieces may look similar online, but be made from very different materials and with very different outcomes over time. Rising metal prices tend to accelerate this divergence, making it more important than ever to understand what sits beneath the surface.

Keep reading to understand how these shifts affect jewellery quality, why precious metals behave differently from plated base metals (and why that matters), and what to pay attention to when choosing jewellery that's meant to be worn, enjoyed and kept - not just admired briefly and later discarded.

The Quiet Shift in the Jewellery Industry

When the cost of precious metals rises, the changes within the jewellery industry aren't always obvious at first. Instead of dramatic announcements, many shifts happen quietly - through altered material choices, thinner finishes, changes in how jewellery is described online, or simply necessary price increases.

One response to rising metal costs from some jewellery brands is a move away from solid precious metals altogether. Jewellery that was once made in sterling silver, solid gold or quality gold vermeil may now be produced using base metals such as brass which has a thin plating gold or silver. On the surface, these pieces can look similar to real precious metals, especially in product photos, but they behave very differently once worn.

While gold vermeil and gold filled jewellery can be decent quality and affordable alternatives to solid gold when produced to proper standards, thinner plating wears much more quickly - and it always will wear through sooner or later.

These shifts aren't always clearly communicated. Terms like "gold jewellery" or "gold finish" can sound reassuring, but without detailed material descriptions you won't know what a piece is actually made from, how long it's likely to last, whether it can be repaired or if it will retain its value down the track.

For customers, this creates a challenging environment. Jewellery prices may vary widely between pieces that appear similar, and without an understanding of materials it can be difficult to tell whether you're paying for lasting value or for something which will only look good for a brief time.

Right now, transparency about materials is more important than ever. If you're not seeing it when shopping for jewellery, then it's a good sign to be looking elsewhere. Check out our guide to How to Buy Jewellery Safely Online for lots more advice.

Why Precious Metals Are Precious (Beyond the Name)

Gold and silver aren't considered precious simply because of tradition or marketing. They're valued because of how well they behave over time, including how they wear, how they age, and how they can be maintained, repaired and even reused. Rarity also plays a role.

Sterling silver and solid gold are inherently durable materials. They can be polished, resized, soldered, repaired and restored as needed, often multiple times over the life of a piece. Scratches, knocks and signs of wear don't signal the end of a jewellery item: they're simply part of its story, and in most cases can be addressed by a skilled jeweller.

And if a precious metal piece truly falls out of favour or isn't worth repairing, it can always be scrapped, melted down and used again and again for something new - it will always retain some sort of value.

Precious metals also age honestly. Silver develops a natural patina, while gold retains its colour and integrity - potentially for millennia. Rather than degrading suddenly, these materials change gradually, which is one of the reasons they've been used in jewellery for thousands of years.

When you choose jewellery made from precious metals, you're choosing materials that are designed to last - not just visually, but structurally.

There's also an important practical consideration: precious metals are generally safe and stable against the skin. This makes them particularly suitable for everyday jewellery that's worn close to the body, where allergic reactions and other issues caused by base metals can be a real problem for many people.

I've written detailed articles elsewhere on what sterling silver is, about solid gold and its different carats (or karats if you're in the USA), and the different types of gold jewellery (solid gold, gold filled, and gold vermeil). Those guides go deeper into the technical details, but what matters here is the bigger picture: precious metals offer longevity, repairability, skin friendliness, and transparency in a way that base metal jewellery simply can't.

When metal prices rise, these qualities become even more significant. Jewellery made from precious materials may cost more upfront, but it's far more likely to remain wearable, repairable and valued over time.

Precious metal jewellery is always an investment rather than being something that needs to be discarded once its surface appeal wears away.

The Problems with Plated Base Metal Jewellery

Plated jewellery often looks fine initially, but its lifespan is closely tied to how thick that plating is and how the piece is worn.

These pieces are typically made from base metals (frequently brass), then coated with a thin layer of gold or silver plating to achieve the desired appearance. While this approach keeps upfront prices lower, it comes with important limitations that aren't always obvious to customers at the point of purchase.

The key consideration is wear. Plating is a surface treatment, not the material itself. All plating will wear through eventually, but it will happen much more quickly with rings, bracelets and necklaces, especially those that are worn frequently and even more so if the plating is thin.

Even 1 micron plating will wear through soon enough on rings, bracelets and pieces worn daily. Flash plating which is 0.1-0.5 microns won't last long at all for many designs.

Once the plating has worn through, the underlying base metal is exposed, not only changing the look and feel of the piece for the worst, but also adding the risk of allergic reactions and discoloured skin (and even worse if the underlying metal contains nickel, which brass sometimes does).

At that stage, your options are limited. Unlike solid sterling silver or solid gold, plated base metal jewellery generally can't be polished back to its original appearance or repaired in a meaningful way (and rings can't be resized either). Re-plating is sometimes possible, but it's expensive for a one-off item, often short-lived and rarely restores a piece to how it looked when new.

For many wearers, this means jewellery that will stop being worn and ends up being discarded far sooner than expected; the initial cost savings simply don't pay off in the long run. So if you're wondering "Is plated jewellery worth it?", then in many cases the answer is likely to be "no".

There's also a transparency issue. Naming something "silver jewellery" or "gold jewellery" may just describe the colour and not actually what the material is - and certainly not how thick the plating is if it's plated, or how the piece is likely to age. Without clear material descriptions, it can be difficult for customers to understand what compromises have been made.

To their credit, a number of mainstream online jewellery stores do now list the materials for each product, but it might not be clear up front, especially if you don't know to look for it.

None of this means that every plated piece is inherently wrong for every situation. But when jewellery is intended to be worn regularly, kept for years, or gifted with the expectation that it will last, these limitations really do matter. Understanding how different materials behave over time helps set realistic expectations and avoids disappointment later on.

What "Affordable Jewellery" Really Means Today

As the cost of precious metals has risen, the idea of what counts as "affordable jewellery" has naturally shifted as well. Not long ago, it was easier to find solid silver or solid gold-accented pieces at relatively low price points. Today, the reality of rising material costs mean that genuine precious metal jewellery must sit at a noticeably higher baseline, even when designs are kept intentionally simple.

That doesn't mean affordable jewellery has disappeared. It means that affordability now has more to do with honest choices than with headline prices. Jewellery can still be accessible without cutting corners, as long as the materials and construction are clear and the compromises, if any, are made thoughtfully.

Sterling silver remains one of the most accessible precious metals for jewellery. It offers durability, repairability and long-term wear, and is still at a much lower entry point than solid gold. This is why it continues to play such an important role in well-made, everyday jewellery. Silver pieces can be worn frequently, maintained over time, and repaired if needed, making them a genuinely practical choice rather than a compromise.

Solid gold sits at a considerably higher price point, but it offers qualities that go beyond affordability alone. Gold doesn't tarnish, wears exceptionally well over decades, and retains both its beauty and intrinsic value over time.

Choosing smaller or more delicate gold designs is a good way into owning and wearing solid gold jewellery without needing to invest in very expensive statement pieces. Alloy choice can also make a difference: 14ct gold (14K) offers excellent durability and rich colour at a lower cost than 18ct (18K), without the significant colour dilution seen in lower carat options - 14ct gold is my own preference when creating solid gold jewellery.

If you're weighing up different materials, both solid sterling silver and solid gold will always be considered, lasting choices. You can explore our Sterling Silver Jewellery for accessible, everyday designs, or browse our Solid Gold Jewellery for pieces created to be worn and treasured for many years. Also see our Silver & Gold Mixed Metals Jewellery for combinations of both real silver and solid gold.

Gold vermeil and gold filled jewellery can also be decent options when produced to proper standards, providing the look and feel of gold while keeping designs within reach for more people - they're never going to be as hard wearing or value holding as solid gold, but they do make a reasonable quality alternative. See our full Gold Jewellery collection, which includes our full range of solid gold, gold vermeil and gold filled pieces.

The distinction to be aware of is between jewellery that's affordable because it's made with care, transparency and the intention that it last, and jewellery that's inexpensive because significant compromises are hidden beneath the surface. Two pieces may look similar online, but will differ dramatically in how they wear, how long they last, and whether they can be maintained over time.

Understanding this shift can make jewellery shopping feel less frustrating. Rather than focusing solely on whether something meets an old price benchmark, it's more useful to look at materials, construction and intended lifespan - especially if a piece is meant to be worn regularly or kept for years.

How to be an Informed Customer

Understanding jewellery materials doesn't require specialist knowledge, but it does help to know what to look for. One of the key jewellery mistakes I see people make is not knowing the materials a piece is made in before buying (or not understanding the differences between materials - see our Jewellery Glossary if you need help with this).

A reputable jewellery store should be upfront about exactly what a piece is made from and how to care for their jewellery. This information combined with your own knowledge of materials is a good indicator of quality. Brands that take materials seriously tend to explain them clearly because they're confident in the decisions they've made. Whether you're buying from a small independent maker or a larger retailer, seeking out that clarity helps you make choices that align with your expectations and values.

It's always worth paying attention to the language being used. Be wary of product names that are really describing the colour of the piece and not the substance. If a product description doesn't go on to clearly state the materials used and the thickness of any plating, it's reasonable to ask questions or simply look elsewhere.

It's also worth considering how a piece is intended to be worn. Fashion jewellery intended for occasional use may have very different material requirements to something worn daily that you want to last. Rings, bracelets and necklaces that sit against the skin experience far more friction and wear than earrings worn only now and then. Matching materials to lifestyle can make a significant difference to how long jewellery remains enjoyable to wear.

Repairability is another useful lens. Precious metal jewellery can usually be resized, polished, soldered or repaired if needed. If a piece can't be repaired at all - or would cost more to fix than to replace - that's an important factor to weigh up when comparing prices.

Another factor are the issues that come with fast, disposable fashion in the modern world (keeping in mind that most plated base metal jewellery is not recyclable).

Our Approach: Holding the Line on Materials

Throughout my career as a jewellery designer and maker, I've chosen to work with materials that behave honestly and provide good value over time - and that I have come to know well after working with them for decades.

At Simone Walsh Jewellery, that means we're still creating jewellery in real sterling silver and solid gold, along with a small number of considered gold vermeil or gold filled pieces. I also have a long history of creating mixed metal jewellery designs: most often sterling silver with a solid gold highlight, allowing you to add gold to your collection in an eye-catching way without the very high price tag.

My choice of using real precious metals does of course affect pricing, especially when the cost of precious metals rises. Rather than quietly changing materials or reducing quality, I've chosen to be transparent about what each piece is made from and to price accordingly. It's not the easiest path, but it aligns with how I believe jewellery should be made and worn - and it's simply part of running a reputable, sustainable small business.

Using precious metals means that jewellery can be repaired, polished and maintained as life happens. It means pieces don't suddenly reveal a different material underneath as they wear, which potentially causes noticeable issues over time (including health issues). And it means customers can trust that what they're buying today will still feel good to wear years from now - and will retain value.

I also believe that affordable jewellery should still meet a basic standard of quality and longevity. That's why sterling silver, delicate solid gold pieces, and well-made gold vermeil remain an important part of my work - they offer accessibility without disguising compromises.

Ultimately, this is about setting clear expectations. Jewellery doesn't have to be extravagant to be good quality, but it should be honest about what it is. Holding the line on materials is one way of respecting both the craft and the people who wear our finished pieces.

Choosing Jewellery with Open Eyes

Rising metal prices have brought a lot of attention to jewellery costs, but they've also highlighted something more important: materials matter. What jewellery is made from affects how it wears, how it ages, whether it can be repaired, and how it fits into your life over time.

Understanding those differences makes shopping less confusing and far more satisfying. It allows you to compare pieces on more than appearance alone, and to choose jewellery that aligns with your expectations - whether that's for everyday wear, a meaningful gift, or something to mark an important moment.

Trends will come and go, and prices will continue to fluctuate, but the fundamentals don't change. Jewellery made from quality materials, with transparency and care, is more likely to remain wearable, valued and enjoyed long after the moment of purchase. Paying attention to materials isn't about spending more; it's about choosing better.

If you'd like to explore unique, high quality jewellery made using the materials discussed here, you can browse our Australian designed Sterling Silver Jewellery and Gold Jewellery collections. Also discover why we don't make Boring Jewellery.

---