The State of Precious Metals in the Jewellery Industry: Trends, Challenges, and Opportunities. The demand for precious metals is evolving as sustainability, fluctuating prices, and shifting consumer preferences reshape the jewellery industry. In Australia and globally, jewellers and suppliers are adapting to new trends in sourcing, refining, and metal selection.
Rising Demand for Refining and Yellow Gold Revival
A significant trend in the Australian jewellery market is the growing demand for refining services, with many jewellers opting to retain their refined metals for future use rather than cash settlements. Darren Sher from Chemgold attributes this shift to a greater awareness of the value of recycled metals: “We have seen a significant increase in refining and buybacks, with more customers requesting their refined metals back for future use. Apart from providing usual fine metal granules, we are seeing many request our Chemgold bullion, available in a variety of popular sizes.”
Alongside refining, yellow gold is making a strong comeback. According to Sher: “There has been a noticeable trend towards yellow golds, with jewellers seeking traditional and warm tones for both contemporary and classic designs.” This return to yellow gold reflects broader global trends, where nostalgia for classic styles meets modern minimalism.
Lower Carats and Cost-Conscious Choices
Rising metal prices are influencing purchasing decisions, with jewellers opting for lower-carat alloys to manage costs. Patrick Thiess from Morris & Watson notes a shift toward practicality: “We’re seeing a trend towards casting and reducing the amount of metal ordered, along with a shift towards lower carats because of price point.” This trend aligns with consumer preferences from international markets, particularly the US, where 14-carat gold is a standard choice. As online shopping grows, Australian jewellers are adjusting their offerings to cater to global tastes.
Sustainability and Ethical Sourcing at the Forefront
Sustainability has moved from a trend to a core expectation within the jewellery industry. Consumers are increasingly demanding ethically sourced and sustainably refined metals, and suppliers are responding with environmentally conscious practices. Richard Ashman from Palloys outlines their commitment to sustainability through technological innovation and local sourcing: “The jewellery industry is experiencing a transformative shift towards sustainability, driven by conscious consumerism. Palloys uses sustainably mined Australian gold and silver, refined through the Acidless Separation System (ALS) at ABC Refinery. This system eliminates the use of harmful acids, providing substantial environmental advantages over conventional refining methods.”
Palloys’ dedication to ethical practices is reinforced by their Responsible Jewellery Council (RJC) certification, which guarantees 100% Australian gold in their products. Ashman notes that sustainability is no longer just an ethical choice but a business imperative: “The current trends in the demand for precious metals are characterised by a heightened focus on sustainability and ethical sourcing, as well as increased interest in precious metals as an investment.”
The Rise of Platinum and Changing Metal Preferences
While yellow gold is resurgent, platinum is gaining traction as an alternative to white gold. Its stability in pricing and durability are making it an attractive choice for jewellers and consumers alike. Patrick Thiess observes this shift: “The biggest shift has been to platinum from white gold.”
For jewellers unfamiliar with working in platinum, suppliers like Chemgold are providing support through finishing services. Darren Sher explains:
“We have seen an increase in the use of our finishing department. This service allows jewellers to offer high quality platinum pieces without the need to handle the metal themselves.”
Rudi Ingilli from TWM agrees that Platinum is gaining traction. “Platinum, known for its rarity, durability, and luxurious finish, has become increasingly popular, particularly for high-end engagement rings and fine jewellery. Consumers are appreciating its long-lasting nature and distinctive look, which makes it a standout choice in today’s market.”
The Growing Demand for Recycled Metals
Recycled metals are becoming a standard in the industry, with jewellers recognising their value in reducing environmental impact without compromising quality. Darren Sher from Chemgold highlights their closed-loop refining process: “The demand for recycled metals has grown substantially. Our closed-loop refining process ensures minimal waste and maximum recovery, giving clients confidence they are using metals sourced responsibly and sustainably.”
However, Patrick Thiess from Morris & Watson points out that refining, which is essentially recycling, has always been a cornerstone of the industry:
“Refining has always been a strong feature of the jewellery industry. There’s often a lack of recognition that refining is recycling old waste into new metal. Ethically sourced metals are crucial, but Australian standards have always been high.”
Volatility in Metal Prices: Challenges and Strategies
Fluctuations in global precious metal prices, driven by geopolitical tensions and market shifts, continue to impact the industry. Patrick Thiess stresses the importance of adaptability: “The standard signs for predicting price changes have been thrown out the window. Be nimble—prepare yourself to win one day and lose the next. Watch commodity prices and the US–Australian dollar exchange rate closely.”
Meanwhile, Palloys employs a proactive pricing strategy to navigate market volatility. Richard Ashman explains: “To mitigate price fluctuations, Palloys employs a dynamic pricing model reflecting real-time market conditions. Our Palloys Price Promise ensures we’ll beat any lower price found elsewhere.”
Dispelling Precious Metal Myths: Educating Consumers
Misinformation around precious metals persists, and suppliers are helping jewellers educate their customers. Patrick Thiess from Morris & Watson identifies two common misconceptions: “The biggest misconceptions are around the gold price, which is usually reported in US dollars, not Australian dollars, and confusion about caratage.”
Richard Ashman from Palloys adds that misconceptions often extend to the composition of popular alloys:
• White gold: “Many believe white gold is naturally white, but it’s an alloy with palladium or nickel. Palloys offers high-quality white gold alloys with minimised yellow undertones for longevity.”
• Rose gold: “Some assume rose gold is a different metal rather than an alloy of gold and copper.”
• Weight and quality: “Heavier jewellery isn’t always better. High-quality designs can be lightweight yet durable, thanks to advanced techniques and CAD technology.”
Innovation in Precious Metal Design
New alloys and creative techniques are expanding the boundaries of jewellery design. Richard Ashman from Palloys highlights an exciting collaboration with artist Jill Hermans, who uses Shibuichi, a Japanese copper-silver alloy, for striking effects: “Jill Hermans, who sources Shibuichi from Palloys, creates inspiring pieces using heat to form colourful oxide layers. We’re proud to support her work and showcase the versatility of this unique alloy in contemporary jewellery.”
Ethical Sourcing and Certifications: A New Standard
Certifications like the Responsible Jewellery Council (RJC) and Fairmined are becoming essential markers of trust within the industry. Morris & Watson recently achieved RJC certification, validating their longstanding ethical practices. Patrick Thiess remarks: “We’re pleased to have Morris & Watson New Zealand certified by the RJC. Our metals come from NZ gold mines and from scrap refined from clients in Australia and New Zealand.”
Palloys, an RJC member since 2019, was the first Australian jewellery manufacturer to guarantee 100% Australian Gold. Richard Ashman stresses the importance of certification for customer confidence: “Certifications are becoming increasingly important. RJC accreditation assures clients that our sourcing and refining processes meet the highest ethical standards.”
TWM has also focused on its environmental footprint of late says Rudi Ingilli, “In recent years, we’ve seen a significant shift towards using more recycled gold, and we’re proud to be part of that movement. At our refinery, we are increasingly sourcing and utilizing recycled gold, which allows us to minimize the environmental impact and reduce the need for new mining. This approach not only supports sustainable practices but also aligns with our commitment to offering ethically sourced materials. Our production processes are designed to be as environmentally friendly as possible, ensuring that each piece of jewellery is crafted with both quality and the planet in mind. As consumer demand for sustainable and ethical products continues to rise, we are excited to be at the forefront of this change.”
Looking Ahead: The Future of Precious Metals
The future of precious metals in jewellery will be defined by sustainability, innovation, and evolving consumer preferences. Darren Sher from Chemgold sees technology playing a crucial role: “We will continue expanding our refining and casting services to support sustainability and cost-efficiency. Investments in 3D printing and casting will streamline production, reduce waste, and enable faster turnaround times for intricate designs.”
Patrick Thiess from Morris & Watson reflects on the industry’s ever-changing nature: “This industry is forever changing—be it skills, techniques,
demands, or improvements. The only constant is the metals we use.” The precious metals landscape is evolving rapidly, driven by sustainability concerns, price volatility, and shifting consumer preferences. As Australian jewellers navigate these changes, they are supported by suppliers
like Chemgold, Morris & Watson, and Palloys, whose insights and innovations are helping shape the future of the industry. From recycled metals and ethical sourcing to advanced alloys and 3D printing, the path forward for the jewellery industry is rich with opportunity and transformation.
