In Uruguay, the jewellery market in February 2026 is highlighted by Carnival season promotions and a significant focus on high-purity gold and traditional silverwork. Most major activity is concentrated in Montego (Punta Carretas and Montevideo Shopping) and the luxury boutiques of Punta del Este.
1. Major Retailer & Bank Promotions
GR Joyeros
A prominent name in Uruguayan jewellery, often found in major malls:
* Bank Benefit: Currently offering a 15% discount for customers using BROU Recompensa cards (Banco República) through late February.
* Independence/Summer Specials: Look for their 18k gold "Uruguay map" pendants and traditional rings, which are currently seeing high seasonal demand.
Santander Uruguay "Promociones"
Banco Santander is running aggressive retail campaigns through late February:
* Jewellery & Fashion: Many participating high-end boutiques in Punta Carretas Shopping and Montevideo Shopping are offering 25% off for Santander credit and debit cardholders.
* Flash Sales: Some of these benefits are structured as 4-day flash events (e.g., February 19–22). Always check if the store has the "Santander" logo displayed.
Pandora Uruguay
Located in the primary malls, Pandora is currently promoting its late-summer collections:
* Seasonal Charms: The "Moments" collection is highlighting nature-inspired and heart motifs.
* Pricing Note: Sterling silver charms typically retail between $1,500 and $4,500 UYU, with bundle discounts often applied when purchasing a bracelet and two or more charms.
2. Current Precious Metal Rates in Uruguay (UYU)
Precious metal prices in Uruguay have reached historic peaks in early 2026. As of February 21, 2026, the market rates per gram are:
* 24K Gold: Approximately $4,632 UYU.
* 22K Gold: Approximately $4,246 UYU.
* 18K Gold: Approximately $3,474 UYU. (The standard for high-end local gold).
* 14K Gold: Approximately $2,700 UYU.
3. Artisan & Specialty Highlights
* Facello Jewellers (Pocitos, Montevideo): A destination for those seeking a mix of tradition and luxury. They are currently highlighting traditional Uruguayan silverware, including silver-mounted mates, bombillas (mate straws), and artisanal knives, alongside fine gold jewellery.
* Punta del Este Artisan Market: If you are visiting the coast, the Feria de Artesanos offers high-quality hand-hammered silver and semi-precious stones (like Uruguayan Amethyst). You can often secure a 10% discount for cash payments.
* Uruguayan Amethyst: Uruguay is world-famous for its deep-purple amethysts. In 2026, there is a trend toward "raw luxury," where large, minimally cut amethyst points are set in heavy 18k gold or 950 silver.
Essential Shopping Tips
* Tax-Free for Tourists: Uruguay has an excellent "Tax-Free" program for foreign tourists. You can reclaim approximately 14.4% of the VAT (IVA) on jewellery purchases over $600 UYU made with a foreign debit or credit card. Look for the "Tax-Free Uruguay" logo and ensure you have your passport.
* Hallmarking: Genuine Uruguayan gold is almost always 18K. For silver, look for the .925 or .950 stamp.
* Business Hours: In Montevideo, malls are typically open from 10:00 to 22:00. In Punta del Este, many boutiques have extended summer hours during February, often staying open until midnight.
1. Major Retailer & Bank Promotions
GR Joyeros
A prominent name in Uruguayan jewellery, often found in major malls:
* Bank Benefit: Currently offering a 15% discount for customers using BROU Recompensa cards (Banco República) through late February.
* Independence/Summer Specials: Look for their 18k gold "Uruguay map" pendants and traditional rings, which are currently seeing high seasonal demand.
Santander Uruguay "Promociones"
Banco Santander is running aggressive retail campaigns through late February:
* Jewellery & Fashion: Many participating high-end boutiques in Punta Carretas Shopping and Montevideo Shopping are offering 25% off for Santander credit and debit cardholders.
* Flash Sales: Some of these benefits are structured as 4-day flash events (e.g., February 19–22). Always check if the store has the "Santander" logo displayed.
Pandora Uruguay
Located in the primary malls, Pandora is currently promoting its late-summer collections:
* Seasonal Charms: The "Moments" collection is highlighting nature-inspired and heart motifs.
* Pricing Note: Sterling silver charms typically retail between $1,500 and $4,500 UYU, with bundle discounts often applied when purchasing a bracelet and two or more charms.
2. Current Precious Metal Rates in Uruguay (UYU)
Precious metal prices in Uruguay have reached historic peaks in early 2026. As of February 21, 2026, the market rates per gram are:
* 24K Gold: Approximately $4,632 UYU.
* 22K Gold: Approximately $4,246 UYU.
* 18K Gold: Approximately $3,474 UYU. (The standard for high-end local gold).
* 14K Gold: Approximately $2,700 UYU.
3. Artisan & Specialty Highlights
* Facello Jewellers (Pocitos, Montevideo): A destination for those seeking a mix of tradition and luxury. They are currently highlighting traditional Uruguayan silverware, including silver-mounted mates, bombillas (mate straws), and artisanal knives, alongside fine gold jewellery.
* Punta del Este Artisan Market: If you are visiting the coast, the Feria de Artesanos offers high-quality hand-hammered silver and semi-precious stones (like Uruguayan Amethyst). You can often secure a 10% discount for cash payments.
* Uruguayan Amethyst: Uruguay is world-famous for its deep-purple amethysts. In 2026, there is a trend toward "raw luxury," where large, minimally cut amethyst points are set in heavy 18k gold or 950 silver.
Essential Shopping Tips
* Tax-Free for Tourists: Uruguay has an excellent "Tax-Free" program for foreign tourists. You can reclaim approximately 14.4% of the VAT (IVA) on jewellery purchases over $600 UYU made with a foreign debit or credit card. Look for the "Tax-Free Uruguay" logo and ensure you have your passport.
* Hallmarking: Genuine Uruguayan gold is almost always 18K. For silver, look for the .925 or .950 stamp.
* Business Hours: In Montevideo, malls are typically open from 10:00 to 22:00. In Punta del Este, many boutiques have extended summer hours during February, often staying open until midnight.
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