Why Jewelry in Ukraine Is Cheaper Than the Market Average: An Expert Explains the Price Anomaly
23 July 12:16
ANALYSIS 
Despite the sharp rise in the price of gold and silver on the global market, jewelry prices in Ukraine are not yet rising at the same rate. Stores continue to sell some jewelry from older stock, which was manufactured or purchased before the latest spike in precious metal prices. Dmytro Vydolob , president of the Ukrainian Jewelers’ Union, spoke about this in an exclusive comment to "Komersant Ukrainian".
In July 2026, the global price of gold remains near historically high levels. According to Reuters, on July 23, spot gold was trading near $4,100 per troy ounce.
Why jewelry stores aren’t raising prices yet
The cost of gold and silver is one of the main components of a piece of jewelry’s price. Therefore, the rise in the price of precious metals worldwide inevitably affects the cost of new jewelry collections.
At the same time, price adjustments in stores occur with a delay. Retailers try to maintain the old prices for as long as possible, given Ukrainians’ limited purchasing power.
“Prices for key raw materials—and precious metals are among them—will, of course, affect retail prices for jewelry. That’s how it works all over the world. The only thing is that price adjustments in jewelry stores do not occur simultaneously with the rise in global prices for gold and silver,” explained Dmytro Vydolob.
According to him, stores try until the very last moment to sell off previously manufactured or purchased stock without drastically revising prices.
“Jewelry retailers, understanding the challenges faced by their customers and consumers, always keep the old prices unchanged until the very last moment,” the expert noted.
How much does a gram of gold in jewelry cost now?
According to the president of the “Union of Jewelers of Ukraine” Association, the economically justified retail price of a gram of gold in jewelry may already range from approximately 6,200 to 7,000 hryvnias.
However, offers at around 4,900 hryvnias per gram can still be found on the Ukrainian market.
“A fair price today could range from 6,200 to 7,000 hryvnias per gram of gold. But there are brands that sell jewelry for 4,900 hryvnias and change. That’s how it is for now,” said Vydolob.
This price difference doesn’t mean that sellers are operating at a loss. Most often, these are items from old inventory, whose cost was calculated based on lower global prices.
In addition to the cost of the precious metal, the price of a piece of jewelry also includes:
- the jeweler’s labor and the complexity of the design;
- the fineness and actual weight of the metal;
- precious or semi-precious stone inlays;
- production, logistics, and rental costs;
- taxes, markup, and brand expenses.
Is there a direct correlation between the price of gold and the price of jewelry?
According to Vydolob, there is a direct correlation between the global value of precious metals and the prices of finished jewelry. However, this correlation does not manifest immediately.
“There is a direct correlation with a time lag. You can’t say that sellers will raise prices by exactly the same percentage as the increase in the price of gold or silver,” the expert explained.
Jewelry chains may partially reduce their margins, run promotions, or continue selling inventory at old prices for longer. That is why a rise in the price of precious metals on the global market does not automatically mean that every piece of jewelry will become more expensive the very next day.
“As a rule, prices are kept at a lower level until the very last moment—as long as it’s still possible to do so,” emphasized Dmytro Vydolob.
When Old Prices May Disappear
Inventories of previous batches are not unlimited. Once they are sold out, stores will have to set prices for new items based on the current cost of raw materials.
Therefore, current offers at the old prices may gradually disappear as the product lineup is updated.
At the same time, consumers should pay attention not only to the price per gram but also to the metal’s fineness, the item’s weight, the presence of a government hallmark, and the seller’s documentation. This is especially important given the prevalence of illegal production and sale of counterfeit jewelry.
Earlier, the Economic Security Bureau of Ukraine reported the discovery of an underground workshop in Odesa where counterfeit jewelry was being manufactured under the logos of well-known brands. During the searches, counterfeit gold jewelry worth nearly 4.6 million hryvnias was seized.
Read us on Telegram: important topics – without censorship
