One question we are getting asked at the moment is… Why are precious metal prices so high?

Unfortunately, the cost of precious metals has risen at an unprecedented pace in 2026, due to a combination of global economic pressures, policy uncertainty under various governments & administrations, increasing AI investment, and wider market forces. Current indications suggest that this volatility may continue for some time. The first few months of 2026 have witnessed exceptional price movements across the precious metal complex. Gold, Silver and Platinum achieved new all-time highs in January 2026, before giving up some of these gains.

So how does this impact you?

Firstly, most jewellers, including us, hold too many products to feasibly reprice every single item on a frequent basis, causing an imbalance between some stock prices and our on the day bespoke quotations. That’s why we’re proud to say we have lots of genuine bargains available, both in store and online, so if you’re looking for something special, it’s a good time to take advantage.

Secondly, when providing quotations for bespoke work and repairs, the metal price is so volatile that we can only guarantee that price for around 24 hours. As our quotes are no-obligation, if you decide to take some time to think about the work before going ahead, the figure may need to be recalculated in line with current metal prices if you return at a later date.

Thirdly, given the price of gold, remodeling jewellery pieces that you already own helps to keep prices down, as we can potentially transform your sentimental pieces using your own metal, or remove gemstones and offer a scrap value for unwanted mounts. This will then offset the cost of a new item. If this is of interest, then book in for a Bespoke Consultation with one of our Jewellery Specialists via our website so we can provide you with the best advice and options for you on an individual basis.

Finally, increasing prices for precious metals directly raise the cost of replacing jewellery, as a result insurance valuations naturally rise in line with these market movements. Without timely valuation reviews, you may unknowingly be underinsured for less than the replacement cost. It may be sensible to bring forward scheduled revaluations, particularly where an existing valuation is more than two years old, this ensures that the insurance cover remains accurate and reflective of current replacement costs. It’s worth noting we only offer Valuations on jewellery pieces that we have made. Please see in-store for full details of this service.

As a long established Yorkshire family business, we say it like it is, in the hope of offering transparency & trust. Ultimately, rather than for its financial or investment side, we see jewellery as something that can invigorate our emotions, broaden and intensify our own style and bring us a sentimental attachment that very few items can evoke. Here at WJ Shaw Jewellers we all cherish items of jewellery, old and new, for these exact reasons, which is why we love doing the work we do. Guided by our skilled goldsmiths, each a master in their own right, along with our highly trained sales team, we’re dedicated to providing you with the best service, advice and information we possibly can in the ever-changing landscape, making sure we’re up-to-date with the latest economic, social and geopolitical market trends and their impact on precious metal prices.