There’s a worldwide gold rush going on but instead of shovels, picks and pans today’s prospectors are toting credit cards in their digital wallets and looking to buy jewelry made from the precious metal rather than search for it in mountains and rivers.

Undeterred by the price of gold, which hit an all-time high of $5,600 earlier this year, luxury customers are buying fine jewelry like never before. They see it as an investment but also as an heirloom, a handcrafted item they can wear every day, and a means of self-expression.

They also love jewelry’s physicality and staying power in a fast-paced, unstable world. Jewelry’s durability is also an asset. Unlike some luxury items, a gold bracelet doesn’t need its zipper or straps replaced every few years, and because it’s so personal to the wearer, it rarely goes out of style.

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It’s no wonder sales of fine jewelry have been outpacing those of other luxury goods, such as ready-to-wear and leather accessories, and the trend is set to continue in the coming months.

In the first quarter of fiscal 2026-27, sales at Richemont’s four jewelry houses — Cartier, Buccellati, Van Cleef & Arpels and Vhernier — rose 24 percent, with double-digit growth in every market except for the Middle East.

Jefferies called the numbers “blow-out,” and described jewelry as “a disproportionate winner” in the current market, which has been rattled by geopolitical instability and rising inflation due to high energy prices.

Luca Solca, analyst at Bernstein, believes Richemont is in an enviable position. It can sell high jewelry to the super-rich and everyday designs to the middle classes who “see a lot more value in a piece of jewelry or a Cartier watch” than in a handbag.

He said that for $3,000 to $5,000 “customers can buy something they can wear every day, forever, and with perceived higher value because of its connection to precious metals.”

In a report published earlier this week, Solca emphasized that jewelry “remains one of luxury’s most attractive categories, combining superior growth, lower luxury penetration, greater pricing power and broader price depth than most personal luxury goods categories.”

Richemont’s rivals are also seeing their fine jewelry sales soar.

At Kering, underlying jewelry sales rose 18 percent in the second quarter as Boucheron reached record levels, fueled by demand in Japan and the Asia-Pacific region.

That compares with an overall 1 percent rise in sales at reported exchange rates to 3.65 billion euros, representing an increase of 2 percent in comparable terms.

LVMH Moët Hennessy Louis Vuitton saw a similar trend in the second quarter, with organic sales of watches and jewelry rising 11 percent. Overall at LVMH, revenues were flat at 19.52 billion euros and rose 3 percent in organic terms during the three-month period.

Other companies big to small are also riding the fine jewelry wave.

Earlier this year Frédéric Grangié, president of Chanel watches and jewelry, talked about the success of Coco Crush fine jewelry and argued that rising gold prices “participate in making [fine jewelry] creations even more precious, and of greater value.”

Leonie Brantberg, chief executive officer of Jessica McCormack, said the brand is seeing “high double-digit growth” across all product lines. Despite high gold prices, “our clients are still investing in our gold-heavy pieces,” she said.

She added the Ball n Chain necklace, which is made predominantly of gold, continues to be a bestseller.

“It is, in fact, the heavy weight of the gold chain itself that attracts our client to the piece. They love the substantial feel of the necklace, its reassuring weight, and the look that this creates. We’ve never had a better year for sales in that collection, and we expect that to continue through the second half,” said Brantberg.

She added that clients want “design, wearability and craftsmanship, as well as the longevity that a piece of jewelry offers over other types of luxury goods. Certain luxury fashion items, for example, can be considered more ‘consumable’ or seasonal than jewelry, and thus less of an investment. We’re creating future heirlooms, and that’s really important to a discerning luxury shopper.”

Christine Chen, who founded the Serendipity jewelry label, said her clients are looking for investment pieces with individuality.

“Clients want precious, beautiful gemstones that have and keep value, but also they want unique design with the concept or ideas that touch them,” Chen said. “And then in terms of wear, they want more versatility, more possibilities.”

Chayapa Chutrakul, founder of the Bangkok-based advisory firm The Bureau of Wonders, said younger consumers are helping to fuel jewelry sales as they embrace “more wearable pieces for everyday use and self-purchase.”

She added that established collectors continue to seek “exceptional stones, rarity and one-of-a-kind creations. While luxury spending is becoming more considered overall, jewelry remains strong because it combines personal expression with craftsmanship, collectability and lasting value.”

Department stores, too, are seeing jewelry sales flourish.

Stéphanie Hernandez Barragan, buying and marketing director of watches and jewelry at Groupe Galeries Lafayette, said the market has been showing “very positive momentum driven by a combination of increased traffic and higher average transaction values.”

She said that while all segments are growing, the group has been seeing “particularly strong demand for our core range — between 1,000 euros and 4,000 euros — as well as for high jewelry pieces above 40,000 euros.”

She added that the French customer base remains “extremely solid and continues to be a key growth driver, while international tourist flows are seeing a very encouraging overall recovery.”

Across the Channel, Liberty is preparing to double the size of its jewelry area.

In mid-September, the London store will unveil the Fashion Jewellery Gallery, which will bring together demi-fine, contemporary and design-led jewelry on the first floor. It will stock 37 brands from around the world, eight of which are new to Liberty, with 11 retailer exclusives.

The gallery will be distinct from Liberty’s ground floor jewelry hall, which focuses on high-end jewelry and has recently brought in a host of exclusives, such as Foundrae and British brands Cece and Lucy Delius.

Maria Tash, the high-end piercing and jewelry brand that anchors Liberty’s ground floor space, has had a record year, the store said.

At the heart of the new space will be a “consultation-led” approach, inspired by Liberty’s Fragrance Lounge. The store’s in-house jewelry specialists will offer “unbiased advice across designers, styling, gifting and collecting.”

Liberty said the opening of the new floor reflects a shift in how customers shop today. “It’s less about labels, and more about individuality; less about hierarchy, and more about design.”

Liberty said its jewelry division has seen sales climb 20 percent year-over-year, with growth driven by “exclusive brand partnerships, gifting moments and a growing appetite for distinctive, design-led pieces that feel both personal and unique.”

— With contributions from Lily Templeton (Paris)

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