Gold has never been so expensive. After registering historic records above 5 000 dollars an ounce at the beginning of 2026, the yellow metal still trades around 4 000 dollars this summer, the gram exceeding 110 euros on the French market. Such a level should, logically, drive jewelry buyers away. The opposite is happening : while most luxury sectors are retreating, the record price of gold is reshaping more inventive jewellery, the only segment of the industry showing clear growth.
A record gold price that upends price tags
Mid-July 2026, the gram of fine gold fluctuated between 112 and 116 euros, while the ounce exceeded 4 000 dollars. These values remain below the historic peak recorded at the start of the year, but they weigh heavily on the manufacturing cost of solid gold pieces. For a ring or a chain, the raw material now represents a growing share of the final bill.
Result : workshops are revising their collections. We are seeing lighter mountings, clever alloys and more vermeil (silver coated with gold) appear to preserve the shine without blowing budgets. The price of gold thus acts as a creative spur as much as a constraint.
Jewellery, the only luxury segment in growth
According to the annual report from Bain & Company and the Altagamma Foundation, the global personal luxury market, estimated at around 1 440 billion euros in 2025, is expected to rebound by only 3 to 5 % in 2026. In this gloomy landscape, leather goods and footwear fall by 5 to 7 %. Jewellery, meanwhile, grows by 4 to 6 % and becomes the discreet locomotive of the sector.
This contrast is partly explained by a crisis of confidence : studies mention tens of millions of occasional customers lost in eighteen months, fed up with price increases judged too aggressive. Faced with this, jewellery retains a safe-haven value : people buy less often, but they want substance and meaning.
“Discreet luxury” reshuffles the deck
The underlying trend has a name : discreet luxury. Buyers are looking for pieces that appear precious, but at a controlled price. This quest benefits materials and styles that, until recently, remained in the background :
- Sculptural silver, with fluid, bold shapes, which offers volume at a lower cost ;
- Two-tone gold and mixed metals (yellow gold, rose gold, silver), sometimes combined with enamel or resin ;
- Colored gemstones (emerald, tanzanite, morganite), which add character without resorting to diamonds ;
- Ethical and certified jewellery, endorsed by a young clientele attentive to traceability.
Driven by these expectations, the jewellery market should grow by about 4.65 % per year until 2029. A dynamic that feeds both fashion and online commerce, where independent creators are gaining ground.
Dormant gold, the new Eldorado
Another effect of the price of gold : the rush on forgotten stocks. The French are said to keep nearly 4,000 tonnes of “dormant” gold in their drawers and safes, a treasure that the jewellery sector now sees as a resource. Buyback, remelting, transformation of inherited jewellery : the circular economy of the yellow metal appeals to consumers concerned about their purchasing power and their footprint. A reflex that aligns with the broader concerns of everyday life for households.
Frequently asked questions
Why is the price of gold so high in 2026 ?
The yellow metal remains sought after as a safe haven in a context of global economic uncertainties. After records above 5 000 dollars an ounce at the start of the year, it remains at historically high levels, around 4 000 dollars during the summer.
Should we give up gold jewellery ?
No, but habits are evolving. Buyers are turning to lighter pieces, vermeil, two-tone gold or silver. Remaking an old piece also makes it possible to obtain a new creation at lower cost.
Is jewellery a good investment ?
A piece of jewellery is not a gold bar : its price includes the workmanship and the brand. It nevertheless retains sentimental and material value, which explains its appeal when other luxury segments weaken.
Sources
- EconomieMatin — price per gram of gold, July 2026
- InfoBijoux — jewellery drives the rebound of the luxury market (Bain & Company / Altagamma report)
- BDOR — the price of gold in 2026
Profil de l'auteur
Derniers articles
Psychology4 August 2026Dark empaths : when empathy becomes a tool for manipulation- Weddings & Special Occasions4 August 2026Pacs or marriage : what Insee’s 2026 figures reveal about unions in France
- Nutrition, Diet & Weight Loss3 August 2026PNNS 5 : the new national nutrition and health program that will change the dietary rules in France
- Weddings & Special Occasions1 August 2026Marriage in France: people are getting married more, but increasingly later and increasingly more expensively
Table of Contents
