With bullion at record highs, many designers are turning constraint into creativity and increasingly looking to semi-fine jewellery as a space for innovation and a commercial opportunity.
At Tomfoolery London, creative director Laura Kay has witnessed a strong resurgence in statement pieces. Customers are drawn to bold, futuristic designs that would be out of reach in solid gold. The store's in-house Pebble line, made in silver with gold-plated finishes and stones such as prehnite and rutilated quartz, bridges the gap between craft and fine. "Our clients want the freedom to invest in one-of-a-kind fine pieces, but also to experiment with expressive, accessible designs," Kay says.
That appetite for freedom is driving what retailers describe as a structural shift. Ruby Beales, jewellery buying manager at London department store Liberty, says the move is not just about price. "Designers are finding that today's customer is incredibly knowledgeable; they value design integrity and storytelling just as much as carat weight," she says. "Semi-fine allows them to play with alternative materials, colour and form in a more accessible way. For many, it isn't a compromise -- it's a creative expansion." Liberty's own 9ct gold collection has been a strong performer, attracting buyers who layer it alongside 14ct and 18ct pieces.
Lauren Wolf, co-founder of New York trade event Melee The Show, has seen fine-jewellery houses introduce semi-fine lines in response to soaring gold costs. Many, she says, are working with silver, rolled gold, ceramics or even leather to create pieces that still feel elevated but are more approachable. Her co-founder, Rebecca Overmann, views this shift as pragmatic rather than permanent. She notes that while semi-fine can help brands navigate volatility, designers must develop clear identities for any new lines to avoid diluting their fine jewellery signatures.
That search for balance between creativity and cost is nothing new. Marisa Hordern, founder of Missoma, recalls how the 2008 financial crisis initially prompted the industry to reassess its materials. "The challenge is to preserve a sense of luxury while using less gold," she says. "That means thinking beyond the obvious: incorporating leather, rope, resin and gemstones to offset the metal's cost while keeping designs distinctive." Silver, she warns, is not a simple substitute, as its price tends to follow that of gold. The 2008 period, when gold first breached the $1,000 mark, inspired a new wave of delicate, layerable jewellery that came to define the semi-fine look. Hordern also notes that vermeil standards (gold-plated silver) have shifted: "What once meant roughly five microns of gold over sterling silver has gradually fallen to 2.5 in many markets."
For British jeweller Alex Monroe, whose pieces are handmade in his London Bridge workshops, volatility has reaffirmed the value of scale and subtlety. "We're very lucky because our work has historically been quite petite and delicate, so it's not prohibitively heavy," he notes. Monroe uses a thick Fairmined gold plate over sterling silver, but the ethical premium has squeezed margins.
At Monica Vinader, materials such as 18ct gold vermeil layered over recycled sterling silver are at the heart of the brand's appeal. As the founder notes, many customers know they want gold jewellery, but fewer understand the nuances behind each finish. Vermeil is at the premium end of the demi-fine spectrum, made with a precious silver base and a thick layer of gold, while standard plating uses a thin coating over base metals such as brass, which can fade over time.
This widening understanding of materials has also paved the way for experimentation in form and tone. Roxanne First's Bubblegum by RF line lets clients assemble necklaces from £45 to £7,870, mixing fine elements with resin, pearls and 9ct gold. Nostalgia has been a key part of the appeal, says First. "The playful colours and motifs evoke childhood memories while reimagining them through a refined, modern lens."
For New York-based Rosanna Fiedler, founder of Wyld Box, the surge in gold prices has been liberating. The launch of her silver collection in 2024 expanded the brand's creative vocabulary while maintaining its bold aesthetic. She views silver and mixed metals as fertile ground for growth and innovation, enabling designers to maintain ambition without compromising style.
Yet the rise of semi-fine has not diminished the allure of gold. Paris-based designer Charlotte Chesnais, who began her career in vermeil and silver, recently launched her 18ct gold line. "While gold is incredibly expensive now, it remains an absolute safe haven," she says. "That wasn't the main driver of my decision, but it adds to its allure. Gold can be melted down and reused infinitely. In that way, it's an eco-conscious material before its time. Who knows, there might be a bit of Cleopatra's coffin in one of my bracelets. It's untraceable -- and that mystery fascinates me."