Ukrainians are increasingly choosing gold over silver—how the jewelry market has changed during the war
17 July 14:55
In Ukraine, jewelry buyers’ preferences are changing. While just a few years ago most jewelry bearing the state hallmark was silver, gold has now taken the lead. By 2026, gold jewelry will account for more than half of all jewelry that undergoes state hallmarking.
This was reported by "Komersant Ukrainian", citing data from “OpenDataBot.”
Ukrainians are increasingly buying gold jewelry
According to analysts, since 2020, 35.8 million pieces of jewelry with a total weight of 83.2 metric tons have received the state hallmark in Ukraine. The average weight of a single piece of jewelry was 2.3 grams.
In the first quarter of 2026 alone, 1.1 million pieces of jewelry passed state inspection.
At the same time, the market structure has changed significantly. While in 2020, 72% of all hallmarked jewelry was silver, by 2026, gold items accounted for 57%, with silver making up only 43% of the market.
Why Gold Has Surpassed Silver
Experts attribute this trend to several factors.
One of the main reasons is the significant rise in the price of silver on global markets. For several years in a row, global demand has exceeded the volume of silver production.
Silver is widely used in the production of:
- solar panels;
- electric vehicles;
- electronics;
- semiconductors.
As a result, the jewelry industry is increasingly competing with the manufacturing sector for raw materials, which affects the cost of jewelry production.
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How the jewelry market has changed since the start of the war
Before the full-scale invasion began, more than 6.2 million pieces of jewelry underwent state hallmarking each year.
In 2022, the market contracted sharply, but recovery began as early as 2023.
The statistics are as follows:
- 2023 — 6.4 million items;
- 2024 — 7.3 million items (a record high);
- 2025 — 5.4 million items.
Last year, the number of pieces of jewelry that underwent state hallmarking fell by 26%.
The production of silver jewelry saw the sharpest decline—32%—while gold jewelry production fell by only 20%.
Ukrainian manufacturers dominate the gold market
Despite the war, Ukrainian companies almost entirely supply the domestic market for gold jewelry.
According to the Ministry of Finance:
- 99% of gold jewelry that undergoes state hallmarking is manufactured in Ukraine;
- only about 1% is imported.
The situation with silver, however, is significantly different.
Nearly one in three silver items sold in Ukraine is manufactured abroad.
Overall, over the past six years, about 16% of all jewelry items that underwent state hallmarking were imported.
What Does the State Hallmark Mean?
The state hallmark confirms that the jewelry meets the declared fineness of the precious metal.
Without passing state hallmarking inspection, the sale of jewelry in Ukraine is prohibited by law.
This rule applies to both Ukrainian manufacturers and most imported jewelry.
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