The National Association of Jewellers (NAJ) has published its updated guidance note on Precious Metal Pricing and Managing Customer Expectations, providing practical support to jewellers navigating ongoing volatility in precious metals prices.

The guidance follows a period of consultation with NAJ members and the wider jewellery trade, building on feedback received after a draft version was shared earlier this year. The newly released document is a revised and expanded edition, offering clearer direction, broader sector‑specific considerations and additional context to help businesses operate profitably and responsibly during sustained market uncertainty. The draft guidance received strong engagement across the trade, with businesses seeking support during a period of exceptional market volatility, and garnered national press coverage in the Financial Times.

Rapid fluctuations in gold, silver and platinum prices have created significant challenges across the jewellery supply chain, from retail pricing and stock management to purchasing scrap, producing bespoke work and valuing jewellery for insurance purposes. The NAJ’s guidance is designed to help members protect margins, manage risk and communicate confidently and transparently with customers when prices change.

Covering a wide range of business models, the guidance includes practical considerations for:

• Retail jewellers managing stock and repricing in a fast‑moving market.
• Buying precious metals over the counter and handling scrap responsibly.
• Designer‑makers, suppliers and manufacturers adjusting pricing models.
• Valuers supporting clients amid rising replacement costs and insurance premiums.

Importantly, the guidance does not set prices or commercial strategies. Instead, it provides best‑practice principles, highlighting the need for independent decision‑making based on each business’s circumstances, cash flow and appetite for risk.

Katie Gillespie, compliance and policy manager of 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.”

The document also recognises that volatility can bring opportunity, with some jewellers seeing increased demand for precious metals due to their perceived long‑term value. By encouraging open communication and clear expectation‑setting, the NAJ believes businesses can strengthen trust and long‑term customer relationships while adapting to market change.

The Precious Metal Pricing and Managing Customer Expectations guidance note is available now to NAJ members and the UK jewellery trade and forms part of the association’s wider framework of professional standards, guidance notes and codes of practice.