Yes, the price of metals like gold and silver has essentially doubled in the past four years. But that's just part of the cost of jewelry (which also includes labor and retailer overhead). On average, the price of items like necklaces, rings, and earrings has been up 7.8 percent in the past year and 28.5 percent for the past decade. The rise of online competition for retailers is one factor that has kept prices from rising more.