The Jewelry District, Episode 138: Holiday Sales, Gold Prices, 2025 Color and Design Trends

By Kathy Passero | January 15, 2025

On this week’s episode, JCK editor-in-chief Victoria Gomelsky and news director Rob Bates weigh in on holiday sales results and what 2025 may bring for jewelers as tariffs loom under the new administration and gold prices remain high. Victoria and Rob also discuss the latest news from De Beers after a less-than-banner year, Rob’s upcoming mystery novel, and how factors such as Pantone’s Color of the Year and the Year of the Snake may—or may not—have an impact on jewelry design.

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Sponsored by IGI: igi.org

Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Producer and engineer: Natalie Chomet
Editor: Riley McCaskill
Plugs: @jckmagazine; robbatesauthor.com; igi.org

Show Notes
00:53 L.A. fires
07:35 Holiday sales; uncertainty ahead
10:25 De Beers update
12:31 Gold rules
17:34 Coffee talk
19:37 Reptile style
21:13 Read this!

Show Recap
L.A. fires
Victoria and Rob begin the podcast, which was taped last week, by discussing the wildfires in Los Angeles and extending their sympathy to everyone who suffered losses. Victoria, whose home is in Van Nuys, thanks all those who reached out to make sure she and her family were safe. (You can find information about how jewelry businesses have been affected by the fires and are contributing to relief efforts here and here.)

Holiday sales; uncertainty ahead
The conversation shifts to holiday sales, with Rob reporting that results were uneven but good overall. The current budget-conscious mindset meant holiday shoppers favored purchases with lower price points. Lab-grown diamonds played a more pivotal role in the fashion sector than in past holiday seasons, Rob says.

Rob notes that “a lot is in flux” with a new administration coming into office in the U.S., a new president in Botswana, De Beers up for sale, and leadership changes at Signet. “It’s going to be an interesting year,” he predicts.

One of the biggest unknowns is whether Donald Trump will carry out his promise to impose heavy tariffs on imports. “This would obviously be inflationary” and would hit the jewelry industry hard because so many jewelry products are imported, Rob notes.

De Beers update
2024 “was not a good year for De Beers,” says Rob. The diamond giant has invested heavily in marketing and is hoping things turn around in 2025.

Rob mentions that, as previously reported, Anglo American has stated that it intends to sell De Beers by the end of this year. Meanwhile, negotiations between De Beers and the government of Botswana continue. The country’s new president has struck a more conciliatory tone than his predecessor, but a number of issues with the diamond company’s contract have yet to be resolved.

Gold rules
Next, Rob and Victoria turn their attention to the past year’s record-high gold prices. What can jewelers expect in the months to come? Rob doesn’t anticipate prices falling anytime soon. “Turmoil in the world generally makes people buy gold,” he says. So does inflation, and tariffs could spark inflation. “The general sentiment is that the gold price is going to stay around the current level at least and perhaps go up,” Rob says. (He adds that his observations are not meant as investment advice.)

Victoria points out that gold prices have a profound impact on the industry. They’re “perhaps the No. 1 concern for a lot of jewelers,” she says. She cites a recent article she wrote for The New York Times about how jewelers were coping with the cost of gold. Some were leaning into platinum, but many others “expressed a commitment to gold no matter what the price,” Vic says. “It makes you realize how essential that metal is to jewelry. Almost nothing will change that.”

“It’s very hard to replace gold if you’re a jeweler,” Rob agrees. In the watch world, by contrast, Victoria predicts a retreat from gold, particularly among affordable luxury brands. Look for more platinum watches and watches with elements of platinum this year.

Coffee talk
What does Pantone’s selection of Mocha Mousse as the 2025 Color of the Year mean for jewelers? Victoria says people don’t tend to shop for fine jewelry based on color trends, and the jewelers she’s talked to don’t expect the coffee tone to be a major sales driver.

Reptile style
According to the Chinese calendar, 2025 marks the Year of the Snake—a perfect zodiac sign for jewelry. “Jewelers have been obsessed with snakes for centuries,” says Victoria. The reptiles provide a creative wellspring for designers because their shapes are easy to capture in precious metals and they can be represented in a variety of forms, from coiled to curved to linear.

Victoria recently interviewed Paris-based jeweler Sylvie Corbelin, who has created serpent-inspired rings, bracelets, and other pieces for 25 years. Sylvie reminded Victoria that snakes are often seen as a symbol of rebirth and transformation since they shed their skin when they grow.

Read this!
Rob wraps up the podcast by announcing that his newest mystery, Making a Killing in Diamonds, will be published later this year. This is Rob’s fourth book and the final installment in his Diamond District Mystery series.

Any views expressed in this podcast do not reflect the opinion of JCK, its management, or its advertisers.