NAJ publishes draft guidance amid precious metal price volatility

The National Association of Jewellers has released draft guidance to help businesses manage stock pricing and customer expectations amid ongoing fluctuations in global precious metal markets.

The document, titled “Precious Metal Pricing and Managing Customer Expectations,” was developed following a surge in member enquiries regarding rising gold, silver, and platinum costs. 

It provides practical frameworks for independent retailers, designers, and manufacturers to protect margins and manage bespoke commissions. The guidance also covers valuations and over-the-counter purchasing during periods of market instability.

The NAJ has opened a consultative phase, inviting members to provide feedback on the draft before the final version is published. 

The association aims to establish a consistent approach to price communication across the trade, ensuring transparency for consumers while safeguarding the commercial viability of member businesses.

The guidance incorporates contributions from across the association’s membership, including suppliers and professional valuers. 

By standardising best practices, the NAJ intends to provide a steady framework for jewellers to navigate regulatory and commercial challenges associated with rapid market changes.

Ben Massey, NAJ chief executive, said: “Precious metal prices have risen at a pace and scale that many jewellers have not experienced before, and businesses across our community are feeling the pressure. This guidance has been created to provide support during a period of uncertainty, helping members position products responsibly, safeguard their margins, and set clear expectations with customers.

“What makes this document valuable is that it reflects the experiences of our members. Independent retailers, manufacturers, designers and valuers have shared their insights and best practice. As this is still in a draft phase, we welcome feedback to ensure the final guidance is useful to all parts of the trade.”

Trending Products

.