Jewellery and gold-buying businesses across New Zealand are experiencing a spike in customer volume, driven by a 23.8% surge in the gold price from January to May. The rally comes amid heightened geopolitical instability and economic anxiety.
NZ Gold Merchants See Record Demand
“Gold tends to go up when people worry about the geopolitical outlook and risks to financial stability,” said Mark Lister, investment director at Craigs Investment Partners. “That uncertainty and nervousness across economies and other markets tends to push people to gold as an alternative asset.”
NZ Gold Merchants has reported its strongest sales to date. The company’s managing director, Tony Coleman, said, “April was our biggest month ever. So that gives you a pretty good idea,” noting that revenue in the first four months of 2025 was 80% higher than in the last four months of 2024. Revenue soared 80% in the first part of 2025.
“We’re seeing wealthy people diversifying into gold and moving a little bit out of foreign share markets and so on, as well. We’re seeing quite a bit of that.”
Middle Class Feeling the Squeeze
The motivation to sell gold is more immediate. “We’re living in a country where the middle class is getting squeezed between mortgages and costs, and they’re just freeing up a bit of cash by rummaging around in their drawers and getting extremely good prices for 9-carat or 18-carat gold,” said Coleman.
The trend has also been fuelled by rising public awareness and media coverage, with even younger people beginning to sell gifted jewellery.
Auctions Break New Ground
Auction houses are also reaping the benefits of the gold surge. Dunbar Sloane, managing director of the Wellington-based auction house of the same name, said sellers are increasingly realising the value of gold stored at home. “People are realising the gold they’ve got sitting in the safe or in a cupboard is worth a lot of money… So, they’re cashing in.”
Dunbar Sloane held its first-ever gold and silver auction on 28 March. “They were paying above the scrap price for gold. They were obviously punting that it was going up in value,” he said. “We were delighted with the sale last month, and all the vendors are very happy. So that’s good news.”
Jewellers Launch New Services
Wellington’s boutique jeweller The Village Goldsmith has launched a gold-buying arm to meet demand. “For something that was sitting in the box and they thought was worth $50, they’re coming in, and we put it on the scales, we’ll give them $800 for it,” said founder Ian Douglas.
Gold’s appeal in New Zealand is undiminished, as high prices and economic instability drive demand. “If you see a more permanent trade deal… that would probably be bad for the gold price,” said Mark Lister. The current mix of factors ensures that gold remains a sought-after asset across New Zealand.