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The market has slowed, but demand is shifting towards gold
In the first quarter of 2026, the state seal of approval was received 1.1 million pieces of jewelry. If compared with the same period last year, the average monthly volume of stamping decreased by approx 18%.
Despite this, the market structure continues to change. For the entire period since 2020, they have been stigmatized in Ukraine 20.8 million silver and 15 million gold jewelry However, it was the last two years that became the turning point: for the first time, gold overtook silver in the number of new products.
In 2026, gold jewelry is already 57% of all products undergoing state branding, while the share of silver decreased to 43%. For comparison, in 2020, almost three quarters of the market was accounted for by silver products.
Why is silver losing ground?
The change in the structure of the market is explained not only by the preferences of buyers. In recent years, silver has been actively used in industry — in particular, in the production of solar panels, electric cars, electronics and semiconductors. Due to high demand, its production no longer covers world needs, which supports high prices for the metal.
In such conditions, it is increasingly difficult for jewelry manufacturers to compete for raw materials with industrial companies. This is gradually changing the economics of jewelry production and making gold products more attractive to many manufacturers.
In addition to gold and silver, over the past six years in Ukraine, only 7.2 thousand platinum jewelry. Products made of palladium remain very rare - during this time only one such product was officially registered.
Ukrainian producers dominate the gold segment
According to Opendatabotu, approx 16% of all branded products over the past six years were imported. In 2026, this indicator is close to 14%, which testifies to the significant role of Ukrainian manufacturers in the domestic market.
This is especially noticeable in the segment of gold jewelry. Almost all gold products that undergo state branding are made in Ukraine, and the share of imports does not exceed 1%.
Instead, the silver jewelry market is much more dependent on foreign suppliers. Almost every third silver product that enters the Ukrainian market is produced outside the country.
What does this mean
Statistics show two trends at once. On the one hand, the jewelry market slowed down somewhat in 2026, as evidenced by the decrease in the number of products that undergo state branding. On the other hand, the structure of demand and production is changing: gold is gradually becoming the main metal of the Ukrainian jewelry market.
For manufacturers, this means the need to adapt the assortment to new conditions, and for buyers - a likely further increase in prices for silver jewelry due to the high demand for this metal in industry and limited supply on the world market.