EDITOR’S LETTER
by Olivier Felicio, Editor-in-Chief
Welcome 2026. We are ready!
As you are going through this issue, one theme is impossible to ignore: 2026 is shaping up to be the year where the “value” conversation returns to the centre of the Canadian jewellery counter – value in metal, value in story, and value in service.
Gold has already rewritten the record book in 2025, and the tone for next year remains firmly constructive. Most major institutions are still modelling meaningful upside into late 2026, with many forecasts clustering around the US$5,000 range. Whether gold gets there smoothly or with volatility along the way, the message for jewellers is the same: replacement costs will stay high, pricing discipline will matter more, and the “sell the metal” mindset will be punished faster than ever.
Where does that leave our industry? With urgency – and opportunity. Higher bullion compresses margins for anyone selling “metal first,” but it rewards jewellers who sell meaning: design, provenance, rarity, and the experience of buying. The retail picture is also becoming clearer. The luxury customer is still spending, but expects concierge-level guidance, faster turnaround, and confidence at the counter. Meanwhile, the old impulse entry point is fading. Customers are still buying, but they want fewer pieces that feel more intentional, more personal, and more lasting.
For 2026, I see three moves that will separate winners from the rest.
First, design for high gold. Negative space, smart engineering, and a deliberate mix of 14k and 10k where appropriate can protect affordability without sacrificing aesthetics. Pair that with confident education on wearability and long-term value so the customer understands what they’re buying, not just what it costs today.
Second, embrace the diamond bifurcation. Lab-grown continues to dominate the fashion moment, especially at accessible price points. Natural diamonds, however, win when the story is personal and the piece is built to last – especially with distinctive shapes, warmer tones, and vintage-inspired cuts that feel one-of-one rather than mass.
Third, run retail like a relationship business. In a high-cost environment, the winners will be the jewellers who operationalize trust: appointment-worthy service, consistent education, better follow-up, and tighter inventory discipline. When gold is expensive, cash trapped in slow sellers hurts more, and replenishment mistakes get costlier.
And yes, I’ll add one personal conviction. While many forecasts cluster near US$5,000 for 2026, I believe the longer arc can take gold materially higher – closer to US$8,000 – if currency concerns, fiscal stress, and ongoing global uncertainty persist. Consider it not a prediction carved in stone, but a reminder that gold’s role as both insurance and asset is back on the table.
From all of us at Canadian Jeweller, thank you for building this industry with us. May 2026 be prosperous, creative, and full of strong sells.
Olivier Felicio, Editor-in-Chief
