NAJ Publishes Guidance to Support Jewellers Amid Volatile Precious Metal Prices

By MH

March 17, 2026

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The National Association of Jewellers (NAJ) has today published a draft version of its new Precious Metal Pricing and Managing Customer Expectations guidance document, created in response to significant and sustained rises in global precious metal costs.

Over recent months, the Association has been contacted by a growing number of members seeking support, clarity, and practical advice as unprecedented fluctuations in gold, silver and platinum prices continue to affect day-to-day trading. With volatility expected to persist, the NAJ has developed this guidance to help jewellers protect their margins, navigate uncertainty, and communicate confidently with customers.

The draft guidance draws on insight from across the Association’s diverse membership, including independent retailers, designers, manufacturers, suppliers, and valuers. It offers practical approaches to pricing stock, managing bespoke work, valuing items, buying over the counter, and maintaining strong customer relationships during periods of rapid market change.

As a draft document, the NAJ is inviting consultative feedback from members to ensure the final version is as useful, relevant, and actionable as possible for the entire trade.

Ben Massey, NAJ Chief Executive, shares, “Precious Metal prices have risen at a pace and scale that many jewellers have never experienced before, and it is entirely understandable that businesses across our community are feeling the pressure. This guidance has been created to provide steady support during a period of uncertainty, helping members position products responsibly, safeguard their margins, and set clear expectations with customers.
“What makes this document especially valuable is that it reflects the lived experiences of our members. Independent retailers, manufacturers, designers, and valuers have generously shared their insights and best practice, and this collaborative spirit is exactly what makes the NAJ community so strong.

“As this is still in a draft phase, we warmly welcome feedback to ensure the final guidance is genuinely useful to all parts of the trade.”