Morocco’s renowned jewellery sector, celebrated for its finely crafted gold pieces and time-honoured artisanal traditions, is navigating one of the toughest markets in recent memory. With international gold prices surging to record highs, small and medium jewellers across the kingdom are feeling the squeeze — and consumers are beginning to adjust their tastes and spending habits in response. (Source: africanews.com)
Gold, long considered both a cultural staple and a financial haven in Morocco, has crossed unprecedented thresholds on global markets in recent months, driven by geopolitical uncertainty and strong demand from central banks and investors alike. Yet the very asset that helped Moroccan artisans thrive is now challenging the profitability of their craft.
A Price Spike With Wide Ripples
For decades, Moroccan jewellers have relied on predictable patterns in gold pricing to source raw material, price finished products, and compete with imports. But with the international benchmark price exceeding $2,300 per ounce — levels not seen in over a decade — those familiar equations are unraveling quickly.
“Every gram of gold we buy now costs significantly more than it did six months ago,” says Youssef El Amrani, owner of a boutique jewellery workshop in Casablanca. “Margins are shrinking, and customers are more cautious. They want value, but they’re also hesitant to pay premium prices.”
Much of this pressure stems from the fact that Moroccan goldsmiths depend heavily on imported bullion, priced in US dollars. With the dirham’s limited flexibility and import costs rising alongside global gold values, jewellers are finding themselves caught between soaring input costs and consumers unwilling to absorb all of those increases.
Consumers Shift Priorities
At the bustling Derb Omar market — Casablanca’s historic trading hub — foot traffic remains steady, but the tenor of conversations has changed. Shoppers are increasingly drawn to lighter or mixed-metal pieces, including silver and gold-plated items that carry a lower price tag.
“I came in looking for a gold bracelet for my daughter’s graduation,” says Rashida Benali, a local customer. “But when I saw how much it would cost, I opted for a stylish mixed-metal design instead. It’s still beautiful and within my budget.”
Analysts say such shifts are significant, suggesting that consumer behaviour could permanently alter segment dynamics — particularly among younger buyers who balance tradition with financial pragmatism.
Industry Strategies and Adaptation
Faced with narrowing margins and evolving tastes, many Moroccan jewellers are adapting. Some have begun to:
- Offer alternative alloys that lower gold content while preserving aesthetic appeal.
- Emphasise bespoke craftsmanship and design, differentiating their products from mass-produced imports.
- Introduce financing options that make purchases more accessible without discounting quality.
“We can’t change global gold prices,” notes Leila Hammou, head of a jewellery cooperative in Rabat. “But we can adapt our offerings and remind customers of the enduring value of Moroccan craftsmanship.”
To support the industry, trade associations are lobbying the government for temporary tariff relief on imported bullion and incentives to promote domestic refining capabilities — measures they argue could help stabilise input costs and preserve jobs across the supply chain.
Looking Forward
Morocco’s jewellery sector stands at a crossroads: uphold centuries-old traditions in the face of unprecedented cost pressures, or evolve to match the financial realities of contemporary consumers. What’s clear is that gold’s glitter may be enduring, but its price is redefining how that precious metal is bought, sold and worn in one of North Africa’s most vibrant cultural economies.
