The National Association of Jewellers (NAJ) has released an updated guidance note on precious metal pricing and customer communication, to support businesses managing continued volatility in gold, silver and platinum markets.
Titled Precious Metal Pricing and Managing Customer Expectations, it follows consultation with NAJ members and wider industry stakeholders and builds on a draft version circulated earlier this year, incorporating feedback from across the trade.
Addressing Market Volatility
Recent fluctuations in precious metal prices have created challenges across the jewellery supply chain. Retailers have faced difficulties in maintaining accurate pricing and managing stock values, while manufacturers and designer-makers have needed to review pricing structures for bespoke and made-to-order work. Valuers have also had to respond to rising replacement costs and changing insurance requirements.
The NAJ guidance sets out practical considerations for different business models, including retail jewellers, scrap buyers, manufacturers and valuers. It addresses approaches to pricing, stock management and customer communication during periods of rapid price movement.
The association states that the guidance does not prescribe pricing strategies. Instead, it outlines best-practice principles to support independent decision-making based on individual business circumstances, including cash flow and risk tolerance.
Katie Gillespie, Compliance and Policy Manager at the NAJ, said: “This updated guidance document has been shaped directly by our member community and reflects real-world challenges faced across the trade. Its aim is to provide reassurance, practical direction and confidence, helping jewellers price responsibly, manage customer expectations clearly and make informed decisions during a period of continued uncertainty.”
Implications for Trade Operations
The guidance highlights the need for clear communication with customers when prices change, particularly for bespoke commissions and repairs where quotes may be affected by market movements. It also addresses considerations around buying scrap precious metals, an area that can see increased activity during periods of high prices.
In addition to operational challenges, the NAJ notes that volatility in precious metals markets can influence consumer behaviour. Demand for gold and other metals may increase as they are viewed as a store of value, affecting both retail sales and recycling activity.
For professional jewellers, the guidance outlines considerations for pricing decisions and customer communication. It also notes the need for regular review of pricing models and valuation practices in response to market conditions.
Industry Framework and Access
The guidance forms part of the NAJ’s broader set of professional standards, codes of practice and advisory resources available to members and the wider UK jewellery trade. It is accessible via the NAJ website.
