In 2025, gold prices rose sharply, reaching historic highs amid concerns over a potential global economic slowdown and heightened macroeconomic uncertainty. This rapid appreciation has created significant cost pressures across the global jewelry industry. Major retailers such as Pandora and Signet have signaled potential retail price adjustments or the adoption of alternative production strategies, including reduced gold karat and increased use of substitute precious metals, to mitigate the impact of rising gold costs.

The world has reached a major turning point. On 28 February 2026, the United States and Israel launched “Operation Epic Fury” against Iran, resulting in the death of Iran’s Supreme Leader and triggering escalating conflict across the Middle East. The Strait of Hormuz — one of the world’s most critical energy corridors — has fallen into a state of severe risk.