Gold doubled, silver tripled — Tous refused to raise prices and profit fell 59%

When the Spanish jeweller Tous published its 2025 accounts in August 2026, the numbers described a margin crushed from underneath. Revenue fell 5.7% to €493 million. Net profit fell 59%, from €45 million to €18.6 million. Recurring EBITDA dropped 19% to €92.3 million, and gross margin retreated 7.7%. The brand was selling less jewellery and paying far more for the metal in every piece of it.

The cause was the commodity itself. Between 2023 and 2025 the price of gold doubled — rising 36% in 2025 alone — and silver nearly tripled. Tous's promise is affordable luxury: gold and silver jewellery at prices ordinary customers can reach. Raising prices by the metal's inflation would have broken that promise, so the company absorbed the increase instead. Currency movements worked against it at the same time.

President Alba Tous acknowledged that 2025 had 'put the group to the test', and insisted the focus on the customer and on the affordable-luxury positioning had stayed clear. Alongside the accounts the company announced a 'transformation phase' — a reorientation of its strategic plan around the bases of future growth, with international expansion running through Latin America, Asia and Europe.

The shape of the case is a positioning decision meeting a commodity supercycle. Every quarter of 2023–2025 made the brand's promise more expensive to keep; in FY2025 the bill arrived all at once, and Tous chose to pay it out of profit rather than out of its customers.