NAJ offers “clearer direction” with updated precious metals guidance
As precious metals prices continue to be volatile, the National Association of Jewellers has published an updated guidance note.
It comes with the aim of giving British jewellers more practical support to give the industry more confidence when navigating the ongoing volatility as well as understanding further how to manage customer expectations.
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The draft guidance received strong engagement across the trade, with businesses seeking support during a period of exceptional market volatility.
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 says its guidance is designed to “help members protect margins, manage risk and communicate confidently and transparently with customers when prices change.”
Reflecting on the update, Katie Gillespie, compliance and policy manager of the National Association of Jewellers, said: “This updated guidance document has been shaped directly by our member community and reflects real‑world challenges faced across the trade.”
Adding: “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 says it 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.
Earlier in the week, the NAJ released its exhibitor line-up and talks programme ahead of its Valuers’ Conference. Read more on that HERE:
