July 2026

New Financial Year, New Strategy: A mid-year business health check for Australian Jewellers

The first half of 2026 has been a study in resilience for Australian jewellery retailers. Consumers have been cautious yet still spending — luxury has softened, premium experiences continue to thrive, and margin pressure is real. There have been bright spots: Michael Hill reported Australian same store sales growth of 4.8 percent for the first half of FY26 - proof that the market rewards those who get the fundamentals right. But Australian consumers are spending differently, scrutinising purchases more carefully and demanding clearer justification for premium pricing, while rising rent and labour costs continue to squeeze margins. With Father's Day, the spring racing carnival, and Christmas approaching faster than they feel, now is the moment to take stock.

Is your business ready? Four things to check right now

1. Are your prices still working for you? If you haven't reviewed your pricing this financial year, the time is now. According to the Perth Mint, gold is currently above AUD $6,200 per ounce and silver above AUD $103 per ounce. [1] Margins that worked twelve months ago may no longer hold. Review your pricing tier by tier - absorbing the difference quietly is not a strategy, it is a slow leak.

2. Are you competing on what chains can't copy? Premium chains are pushing into independent territory and online marketplaces continue to undercut on price. The independents holding their ground are those with a clear point of difference — local expertise, custom work, and personalised service no chain can replicate. This financial year, that story needs to be front and centre.

3. Are you set up to win the bridal customer? Engagement rings remain one of the strongest revenue opportunities in Australian jewellery retail. Today's couples arrive informed and looking for guidance, not just product. This is also the moment to educate customers: a fine gold or diamond ring is not just a symbol — it is a financial asset. With gold at historic highs, that conversation has never been more credible, and it is one that sets you apart from a retailer simply selling a product.

4. Have you mapped out your gifting season yet? July is the planning window that determines how you perform for the rest of the year. Father's Day in September, the spring racing carnival in October and November, and Christmas all require stock, staffing, and campaign decisions made well in advance. Map out your product focus and promotional message for each occasion now. The retailers who plan in July are the ones who execute confidently in December.

The JAA is in your corner

Navigating a complex retail environment is not something you need to do alone. The Jewellers Association of Australia provides members with industry insights, business resources, supplier connections, and a community of peers who understand the unique challenges of Australian jewellery retail. If you are not yet a member, now is the time to find out what membership can do for your business. Visit jaa.com.au to learn more.

Looking ahead

The second half of 2026 will not be without its challenges, but the fundamentals of why people buy jewellery have not changed. Australians still celebrate, still commit, and still mark the moments that matter with something beautiful and lasting. The jewellers who will look back on this year as a strong one are not those who waited for conditions to improve — they are the ones who used this moment to

Board Update (JW) – July 2026

sharpen their pricing, own their point of difference, and plan ahead with intention. That is what this health check is really about: not just surviving the second half of 2026, but being ready to make the most of it.

JAA Board

[1] Gold and silver prices sourced from the Perth Mint Live Metal Prices (perthmint.com.au), as at June 2026 

JAA Directors, former directors and staff - JIF Sydney and Melbourne (2025, 2025 and 2024)
Images not for reproduction without permission