NAJ releases refreshed guidance amid volatile precious metal prices

The National Association of Jewellers (NAJ) has distributed revised guidance on ‘Precious Metal Pricing and Managing Customer Expectations’, containing practical advice to jewellers working amid persistent precious metal price irregularity.

The updated support is aimed at helping members protect margins, manage risk and communicate confidently and transparently with customers as gold, silver and platinum prices fluctuate rapidly.

Quickly changing precious metal prices have hit jewellery professionals across the supply chain, impacting retail pricing, stock management, scrap buying, the creation of pieces creation and valuation for insurance purposes.

The updated support follows a period of consultation with NAJ members and the broader jewellery sector, based on feedback on a draft version circulated earlier this year.

The newly published document is a renewed and extended version, which the NAJ said provides sharper direction, wider industry‑specific considerations and added context to help businesses operate profitably and responsibly during ongoing market instability.

Spanning various business models, the new edition contains practical support for:

• Retail jewellers handling stock and repricing in a quickly evolving trading environment
• Purchasing precious metals over the counter and managing scrap responsibly
• Designer‑makers, suppliers and manufacturers altering pricing frameworks
• Valuers helping clients amid climbing replacement charges and insurance premiums

The advice does not set prices or commercial strategies, but targets best‑practice principles to encourage individual decision‑making based on each business’s operational realities, financial flexibility and risk tolerance.

Katie Gillespie, NAJ compliance and policy manager, 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.”