ALBUQUERQUE, N.M.--(BUSINESS WIRE)--Oct 15, 2025--
If you've been shopping for jewelry lately, you've probably noticed prices jumping sharply. The culprit? A double whammy of skyrocketing precious metal prices and hefty new tariffs.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251015511589/en/
Gold recently blew past $4,000 per ounce, while silver topped $50 per ounce – a remarkable 175% increase over the last three years. At the same time, new tariffs implemented in April are adding up to 145% on imported jewelry and components, depending on the country of origin.
"It's a perfect storm hitting the jewelry industry," explains Romie Salem, President of Turquoise Network, an Albuquerque-based retailer specializing in turquoise jewelry and sterling silver pieces. "We work on very thin margins to keep our prices low for customers. But when silver prices and tariffs skyrocket, there's only so much we can absorb."
In response to these pressures, Turquoise Network announced today a price adjustment across its entire jewelry line. While the company is absorbing some cost increases through operational efficiencies, certain price hikes are unavoidable to maintain business viability.
The impact has been swift and industry-wide, as experts estimate that jewelry prices could rise 100% or more in the coming months. Even everyday, affordable pieces are affected, as the cost of precious metals and other basic components rise significantly.
For discount retailers like Turquoise Network, which has built its reputation on offering genuine turquoise jewelry at competitive prices, the squeeze is particularly tight. "We've always prided ourselves on making quality jewelry affordable to everyone," says Salem. "A turquoise ring that retailed for $39 just two years ago is now $69 – and we're making even less profit than we did before. It's really tough."
The real question is: how will shoppers respond? Jewelry is a discretionary purchase, and when prices rise so dramatically, many will delay or even forego it altogether.
"Customers are definitely feeling it," Salem notes. "They'll compare prices online, see that everything has gone up across the board, and then have to decide if they really want to spend that much. With inflation already squeezing household budgets, jewelry often gets pushed to the back burner."
For consumers planning jewelry purchases—whether for gifts, special occasions, or just treating themselves—the message is clear: prices unlikely to drop anytime soon. Both precious metal markets and trade policies indicate this new pricing reality is here to stay.
Sticker Shock: Precious Metal Prices Reshape Jewelry Market
SEOUL, South Korea (AP) — North Korean leader Kim Jong Un and his teenage daughter fired pistols during an inspection of a light munitions factory, state media photos showed Thursday, as he pushes to modernize conventional forces after years of focus on nuclear weapons.
North Korea’s official Korean Central News Agency said Kim visited a factory producing pistols and other light arms a day earlier and reviewed a new pistol that recently entered production.
After testing the weapon at a shooting range, Kim rated it “excellent,” the agency said. The agency did not mention the presence of Kim’s daughter in its text report but its photos showed her firing a pistol along with senior military officials.
Kim said the factory was crucial for supplying pistols and other light arms to the military and security forces, and urged expanded capacity and more modern production lines, KCNA said.
Since first appearing in public at a long-range missile test in November 2022, Kim’s daughter — believed to be named Kim Ju Ae and about 13 — has accompanied her father to a growing number of events, including military displays, factory openings and a September trip to Beijing, where Kim Jong Un held his first summit with Chinese leader Xi Jinping in six years.
Her increasingly prominent public appearances have prompted South Korean intelligence officials and experts to assess that Kim Jong Un is likely grooming her as a future leader to extend the family dynasty into a fourth generation.
State media last month showed the girl testing a sniper rifle as Kim presented the weapons to senior officials following a ruling party congress where he issued his major political and military goals for the next five years.
The visit to the pistol factory followed an inspection Tuesday in which Kim and his daughter watched the test launch of what state media described as nuclear-capable cruise missiles from a naval destroyer as Kim called for speeding up the nuclear armament of his navy.
Find more of AP’s Asia-Pacific coverage at https://apnews.com/hub/asia-pacific
In this photo provided by the North Korean government, its leader Kim Jong Un, right, and his daughter visit a factory producing pistols and other light arms at an undisclosed place in North Korea Wednesday, March 11, 2026. Independent journalists were not given access to cover the event depicted in this image distributed by the North Korean government. The content of this image is as provided and cannot be independently verified. (Korean Central News Agency/Korea News Service via AP)
In this photo provided by the North Korean government, its leader Kim Jong Un's daughter, center, tries out a new pistol at a factory producing pistols and other light arms at an undisclosed place in North Korea Wednesday, March 11, 2026. Independent journalists were not given access to cover the event depicted in this image distributed by the North Korean government. The content of this image is as provided and cannot be independently verified. Korean language watermark on image as provided by source reads: "KCNA" which is the abbreviation for Korean Central News Agency. (Korean Central News Agency/Korea News Service via AP)
In this photo provided by the North Korean government, its leader Kim Jong Un tries out a new pistol at a factory producing pistols and other light arms at an undisclosed place in North Korea Wednesday, March 11, 2026. Independent journalists were not given access to cover the event depicted in this image distributed by the North Korean government. The content of this image is as provided and cannot be independently verified. Korean language watermark on image as provided by source reads: "KCNA" which is the abbreviation for Korean Central News Agency. (Korean Central News Agency/Korea News Service via AP)
This photo provided by the North Korean government shows its leader Kim Jong Un, right, and his daughter, left, watch what it says the cruise missiles launches from the naval destroyer, the Choe Hyon, via video Tuesday, March 10, 2026, in North Korea. Independent journalists were not given access to cover the event depicted in this image distributed by the North Korean government. The content of this image is as provided and cannot be independently verified. Korean language watermark on image as provided by source reads: "KCNA" which is the abbreviation for Korean Central News Agency. (Korean Central News Agency/Korea News Service via AP)
