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.
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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
NUUK, Greenland (AP) — For several weeks, international journalists and camera crews have been scurrying up to people in Greenland's capital to ask them for their thoughts on the twists and turns of a political crisis that has turned the Arctic island into a geopolitical hot spot.
President Donald Trump insists he wants to control Greenland but Greenlanders say it is not for sale. The island is a semiautonomous territory of Denmark and the prime minister of that country has warned that if the U.S. tries to take Greenland by force, it could potentially spell the end of NATO.
Greenlanders walking along the small central shopping street of the capital Nuuk have a hard time avoiding the signs that the island is near the top of the Western news agenda.
Scores of journalists have arrived from outlets including The Associated Press, Reuters, CNN, the BBC and Al Jazeera as well as from Scandinavian countries and Japan.
They film Nuuk's multicolored houses, the snowcapped hills and the freezing fjords where locals go out in small boats to hunt seals and fish. But they must try to cram their filming into about five hours of daylight — the island is in the far north and the sun rises after 11 a.m. and sets around 4 p.m.
Along the quiet shopping street, journalists stand every few meters (feet), approaching locals for their thoughts, doing live broadcasts or recording stand-ups.
Local politicians and community leaders say they are overwhelmed with interview requests.
Juno Berthelsen, MP for the Naleraq opposition party that campaigns for independence in the Greenlandic parliament, called the media attention “round two,” referring to an earlier burst of global interest following Trump's first statements in 2025 that he wanted to control Greenland.
Trump has argued repeatedly that the U.S. needs control of Greenland for its national security. He has sought to justify his calls for a U.S. takeover by repeatedly claiming that China and Russia have their own designs on Greenland, which holds vast untapped reserves of critical minerals.
Berthelsen said he has done multiple interviews a day for two weeks.
“I'm getting a bit used to it,” he said.
Greenland's population is around 57,000 people —- about 20,000 of whom live in Nuuk.
“We’re very few people and people tend to get tired when more and more journalists ask the same questions again and again,” Berthelsen said.
Nuuk is so small that the same business owners are approached repeatedly by different news organizations — sometimes doing up to 14 interviews a day.
Locals who spoke to the AP said they want the world to know that it's up to Greenlanders to decide their own future and suggested they are perplexed at Trump's desire to control the island.
“It’s just weird how obsessed he is with Greenland,” said Maya Martinsen, 21.
She said Trump is “basically lying about what he wants out of Greenland,” and is using the pretext of boosting American security as a way to try to take control of “the oils and minerals that we have that are untouched.”
The Americans, Martinsen said, “only see what they can get out of Greenland and not what it actually is.”
To Greenlanders, she said, “it's home.”
“It has beautiful nature and lovely people. It’s just home to me. I think the Americans just see some kind of business trade.”
Kwiyeon Ha contributed to this report.
A journalist films in Nuuk, Greenland, Thursday, Jan. 15, 2026. (AP Photo/Emma Burrows)
An AP journalist films people sitting by the sea in Nuuk, Greenland, Thursday, Jan. 15, 2026. (AP Photo/Emma Burrows)
A journalist conducts an interview in Nuuk, Greenland, Thursday, Jan. 15, 2026. (AP Photo/Emma Burrows)
