Geopolitical turmoil and uncertainty are increasingly impacting jewellery markets, the CIBJO Congress has heard.

Events such as the Iran-U.S. war, Russia’s invasion of Ukraine and U.S. tariffs have contributed to volatility in precious metals markets through “safe-haven” investor buying, according to speakers on a panel discussion moderated by Jewellery Outlook editor David Brough at the 2026 CIBJO Centenary Congress on September 5.

Gold prices are up more than 140 percent and silver more than 180 percent since 2022, in part due to “safe-haven” investor buying.

The precious metals rally has led jewellery manufacturers to respond by selling lighter-weight metal jewellery, newly developed alloys and fresh combinations of diamonds and coloured gemstones with metals, said Guido Grohmann, Managing Director of Bundesverband Schmuck, Uhren, Silberwaren und Verwandte Industrien, the German jewellery association.

Matthew Piggott, Director of Gold and Silver, of Metals Focus outlined the reasons for the gold and silver rallies and addressed the extraordinary volatility of the silver market.

Karen Rentmeesters, CEO of AWDC, spoke of the huge impact on the rough diamond trade in Antwerp after flows of Russian-mined diamonds halted following the introduction of G7 and EU sanctions after the invasion of Ukraine. Russian-mined diamonds have subsequently been moving to India and Dubai.

Honourary World Diamond Council President Feriel Zerouki and Raluca Anghel, Head of External Affairs of the Natural Diamond Council (NDC), outlined the positioning of natural diamond marketing in response to geopolitical impacts.

The panel followed a presentation by John Ford and Bruce Bridges of the American Gem Trade Association (AGTA), who spoke of their efforts to lobby Congress to seek exemptions from U.S. tariffs on coloured gemstones.

Despite the tariff regime on coloured gemstones manufactured in countries such as Thailand, India and Brazil, business had been resilient at the Tucson show in 2026, they said.