Dec. 29 at 8:59 PM
Silver prices have surged 48% since October 31, outpacing gold’s 8.5% rise and platinum’s 35% gain, creating challenges for jewelers already dealing with tariffs and the long-term gold rally. Rising precious metal costs have pressured margins, with Richemont reporting a drop of over 2 percentage points in gross margins for the quarter ending September 30.
Jewelers including Signet, Richemont, and Brilliant Earth are responding by raising prices. Signet’s average unit retail price rose 7.7% year-over-year in its third quarter. While higher-income-focused brands can pass on costs more easily, price-sensitive segments may see some sales decline.
The volatility of precious metal prices continues to complicate operations, as companies balance demand, cost pressures, and competitive positioning amid record-high silver levels.
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