UK retailers are seeing growing demand for yellow gold jewellery, according to the NAJ’s retail ambassador Helen Dimmick.
According to the association, gold prices since the start of lockdown have “driven sentiment that the yellow metal has lasting value and pushed customers increasingly to seek repairs and remodelling of their gold jewellery”.
Dimmick said: “We are seeing an increased spend on gold and precious-set jewellery overall in comparison to silver.
“Jewellers are appreciating an increased percentage allocation of luxury spend, instead of, for example, holiday expenditure and with a consequential ‘pandemic mindset’ to ‘live for the moment’, appreciating loved ones and so on.”
She added: “Sentimental, memorial and meaningful gold pieces are therefore selling more – engraved signet rings, St Christopher’s, crosses etc.”
According to the group, bespoke demand for precious jewellery is also “holding up well”.
Alongside the increased demand of coloured stones, yellow gold mounts and settings are “becoming more popular to enhance and celebrate the gemstone colour and to define a contrast to white metal”, the NAJ said.
It also noted that a further trend in gold jewellery demand was a preference for recycled metal.
Dimmick said: “We are seeing a lot of repairs and remodelling of gold-set items which may previously have been forgotten (at home). The trend to recycle and up-cycle yellow gold pieces is evident.
“The soaring gold price and the uncertainty in people’s lives triggered by the pandemic have contributed to the desire to own a piece of gold jewellery.”
She added: “An awareness of the increase in gold prices reminds people of the gold jewellery that lies forgotten and unworn in jewellery boxes. In the engagement ring market, 18-carat white gold has lost ground to platinum pieces, as platinum prices are at a big discount to gold.”
“However, an increased desire for more unusual cuts (in diamonds), maybe lower colours of diamonds, ‘salt-and-pepper’ or coloured gemstones as engagement rings, opens up both platinum and yellow gold.”