Why the Price of Silver Has Risen — and what It means for jewellery buyers
If you’ve noticed that silver jewellery costs more than it did even a year ago, you’re not imagining it. The price of silver has risen sharply (It trebled since the end of 2024, and rose 75% since we bought our Christmas stock in September 2025!), and for those of us who work with it every day, the change has been both challenging and unavoidable.
I’ve had a number of customers ask me recently what’s going on — whether this is temporary, whether prices will come down again, and what it all means for jewellery going forward. So I thought it was worth setting it out properly, without jargon, panic, or a sales pitch.
This is simply an honest explanation of what’s happened, why it’s happened, and what we realistically expect next.
What’s Actually Happened to the Price of Silver?
Over the past few years, the global price of silver has increased significantly. There have been fluctuations along the way, but the overall trend has been upwards — and quite steeply so.
This isn’t a short-term blip caused by fashion or marketing. It’s the result of several large, long-term forces all converging at once.
For jewellers, silversmiths, and artisans, the cost of raw silver is now one of the biggest pressures on pricing — far more than it was even five years ago.
Why Has the Price of Silver Risen So Much?
There isn’t one single cause. It’s a combination of demand, supply, and global uncertainty.
1. Industrial Demand Has Exploded
Silver isn’t just used for jewellery. In fact, a growing percentage of the world’s silver now goes into industry — particularly:
- Solar panels
- Electric vehicles
- Medical equipment
- Electronics and data infrastructure
Silver is an exceptional conductor of electricity. As the world transitions towards greener energy and more technology-heavy systems, demand for silver has increased dramatically — and that demand doesn’t disappear when prices rise.
2. Supply Is Limited (and Slow to Respond)
Unlike some materials, silver supply can’t be ramped up quickly. New mines take years — sometimes decades — to develop, and much silver is mined as a by-product of other metals rather than on its own.
That means when demand increases suddenly, supply simply can’t catch up in the short term.
3. Investors Are Treating Silver as a Safe Haven
Periods of economic uncertainty tend to push investors towards tangible assets. Gold gets most of the headlines, but silver follows closely behind — particularly because it still feels “undervalued” to many investors.
When investors buy silver in large volumes, it removes physical silver from the market, pushing prices higher for everyone else.
4. Rising Costs Across the Board
Mining, refining, transport, energy, and labour costs have all risen. Even before a jeweller touches a piece of silver, it’s already more expensive to extract and refine than it used to be.
What Does This Mean for Jewellery Prices?
Quite simply: silver jewellery cannot be made at yesterday’s prices using today’s silver.
For handmade jewellery in particular, the impact is felt very directly. When a piece contains a substantial amount of silver — especially heavier necklaces, bangles, or bracelets — the raw material cost is a significant part of the final price.
Many high-street and fast-fashion brands have already responded to past rises by:
- Reducing weights
- Switching to silver-plated metals (If you want to be sure your silver is the genuine article, make sure it's hallmarked.)
- Making hollow pieces that look substantial but aren’t
- Compromising on craftsmanship
Those approaches allow prices to stay lower — but the jewellery itself changes fundamentally. Think of it like the shrinking packet of crisps or the ever decreasing selection box of chocolates that supermarkets & manufacturers use to keep the price "the same". It's a con. designed to fool consumers into thinking prices haven't risen.
Not us. Handmade, solid sterling silver jewellery doesn’t have that flexibility. The silver is the piece. And morally, that is not how we treat our customers. "Better a painful truth than a comfortable lie"
Why We Don’t Chase the Lowest Price
I’ve always believed that jewellery should feel like something real in your hand — something with weight, presence, and longevity. That means accepting that when silver becomes more expensive, the jewellery made from it will too.
We could make things lighter. We could plate. We could cut corners. But that would mean making something different from what we’ve always stood for.
Instead, we focus on:
- Using solid sterling silver
- Maintaining weight and integrity
- Working with skilled artisans rather than mass production
- Being honest about pricing rather than masking it with marketing
It’s not the cheapest approach — but it is the most transparent.
The best we can do for our customers is to be honest, and stick to our philosophy of charging a fixed mark up on the prices our artisans charge us. That means we will hold the prices on old stock that we bought before Christmas at the old prices, and increase prices piece by piece as new pieces arrive. We will also run stocks as tight as we can so IF prices drop we can take advantage of that and bring prices back down again as stock runs through.
Is Silver “Too Expensive” Now?
This depends entirely on how you think about jewellery.
If jewellery is disposable — something to wear for a season and replace — then yes, silver will feel expensive compared to plated alternatives.
If jewellery is something you expect to own for years, to wear repeatedly, to attach meaning to, and perhaps even to pass on, then silver still represents good value.
Unlike many materials, silver retains intrinsic value. It doesn’t become worthless once it leaves the shop.
What Do We Expect to Happen in 2026?
No one can predict prices with certainty — and anyone who claims they can should be treated with caution. But based on current fundamentals, most analysts expect:
- Continued strong industrial demand
- Ongoing pressure on supply
- Periodic volatility rather than a sharp collapse
In plain English: we don’t expect silver to return to “cheap” levels. We may see pauses or corrections, but the long-term drivers are still very much in place, and we would expect it to steadily rise in value, making silver a "good value investment" as far as jewellery is concerned.
So What Should Buyers Take From This?
The aim here isn’t to encourage urgency or panic buying. It’s simply to explain why prices look the way they do, and why quality silver jewellery costs what it costs.
If you already own silver jewellery, you’ve invested in something with enduring value.
If you’re considering buying, the most sensible approach is to:
- Focus on quality over quantity
- Choose solid silver over plated alternatives
- Buy pieces you genuinely love and will wear often
- Buy from people who are open about materials and pricing
- And if you are a Corazon customer, talk to me and I'll tell you what the best value pieces are because they were bought at 2025 prices.
Silver has always been a precious metal. It’s just reminding us of that fact rather more loudly at the moment.
A Final Thought
I’ve been working with silver for a long time, through low prices and high ones. What hasn’t changed is the pleasure people take in wearing something beautifully made, meaningful, and real.
Trends come and go. Prices move. But well-made jewellery — like good relationships — tends to endure.
And that, ultimately, is why we still believe in silver, and why we will continue to taken a slightly different approach to how we make and price our jewellery.