The price of silver

Shop Talk
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This is some background information for those using sterling silver, if you don’t already know. And what I think I’ll be doing about it. What do you think?

The price of silver has been increasing rapidly over the last year. It’s now coming to the point whereby many silversmiths are questioning how they can continue without raising their prices, which many customers will find prohibitive.

Personally, I will be reducing the amount of sterling silver pieces I will be making. When I do, they will be more expensive than before. I already use a lot of copper, brass, pewter (a great substitute for silver, especially now that the formula no longer includes lead but antimony instead, giving it a shine that it never had before. However, China is also restricting export of antimony so I will need to keep an eye on how this situation progresses,) and glass as well as upcycling coins and cutlery, so I will be doing more in these materials. I will be working on updating my flame painting copper technique. I may also resume recycling from old biscuit tins.

All the fixings and findings will still be sterling silver as they always have been.

REFERENCES (attributed in both cases, see bottom of each quote)

“U.S. Geological Survey (USGS) has officially added silver to its list of “critical minerals.” This could put further demand pressure on a metal already in short supply. It also increases the possibility of tariffs on silver.”

“The USGS critical mineral list was established in 2017, and it guides federal strategy, investment, and mine permitting decisions.”

USGS defines a*“critical mineral” as, “Those commodities which are essential to the economic or national security of the U.S.; have a supply chain that is vulnerable to disruption; and serve an essential function in the manufacturing of a product, the absence of which would have significant consequences for the economic or national security of the U.S."

"The USGS also added copper, metallurgical coal, potash, rhenium, silicon, and lead to the list.”

https://www.moneymetals.com/news/2025/11/11/silver-designated-a-critical-mineral-by-us-government-004470

“China will begin stricter controls on silver exports from Thursday, January 1, marking a significant shift for a metal that was earlier treated as a regular industrial commodity, CNBC reported. The move is expected to affect global supply chains, especially in the US, where silver is widely used in industry and defence-related manufacturing.”

“The decision has drawn attention from business leaders and policymakers, as silver plays a key role in electronics, renewable energy, and advanced technologies.”

“Although the restrictions are now coming into effect, they were first announced in October 2024 by China’s commerce ministry. The measures were part of a broader effort to tighten oversight of rare and strategic metals, the news report said."

“The announcement coincided with a meeting between US President Donald Trump and Chinese President Xi Jinping in South Korea. At that time, China agreed to pause certain rare earth export curbs for one year, while the US reduced some tariffs.”

"In December 2025, China released a list of 44 companies approved to export silver under the new framework for 2026 and 2027. The updated rules will also apply to tungsten and antimony — two materials where China dominates global supply.”

https://www.business-standard.com/world-news/china-tightens-silver-exports-record-prices-strategic-metal-us-supply-chain-126010100163_1.html

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I think a lot of us are having to think quite hard about what to make now and what prices different markets will tolerate. I can’t see prices coming down, so will have to treat silver more like gold, and use it more sparingly.
I have been going through all my metal this week, to see what I have, what I can melt and reshape into wire and sheet, to put off having to buy more. I also have huge amounts of half made pieces, so am on a mission to finish them.
I have updated some of my prices, especially gold bits and bangles. Will have to see how it goes.

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Same here, I have just done a stock take and had to increase my prices significantly for made to order. I should probably have increased gradually over the past 9 months, but I bought a good amount of stock early in 2025 so didn’t need to buy any new until just before Christmas.

Boy was that a shock!, the same bangle I could make and sell for £30 in March 2025 is now £40 just in the space of 9 months. Not just the price of silver, though as everything else has gone up including postage, insurance and consumables. I fully expect sales to stall, but have invested in more copper and will probably just increase that, alongside more mixed metals.

I suppose in the grand scheme of things, there is an upside, any existing stock is worth significantly more now than when it was made, I have always recycled my own silver and copper so that’s something that will help.

Silvana, I have a tub full of old pre-decimal coins slowly corroding that I may do something with too. I did enquire with the treasury about using coins in jewellery making around 10 years ago when I first got them. I wanted to drill them for key rings, but was told at that time that I could only use them if they were unchanged. I used some with birthday cards when I had time for art but haven’t done anything with them for years and closed the art shops a few years ago.

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Section 10 of the 1971 Coinage Act is written in a way that can be read in different ways, it’s quite ambiguous. I took advice from others who were doing coin jewellery when I was a beginner as I was getting trolled about this. It is legal, the likes of Hairy Growler wouldn’t be as famous as they are if it wasn’t! (it wasn’t him I asked though.) I contacted the Treasury for a license explaining what I was doing and I now have a letter to say that I can do what I do as long as they are no longer in circulation. Contact me directly if you want any details

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That’s good news Silvana thank you, I’ll have to see what I have stashed away. Your pierced work is fab, I don’t have the patience for anything like that, but could use them in other ways :slight_smile: .

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Hi All

925 sterling silver has actually risen by 160% in 2025 and is still going up! Most gemstones in all cuts and grades have also increasing due to high mining costs, labidorists costs or total unavailability within the trade. Tanzanite, tourmaline, russian chrome diopside are prime examples of high increases within the trade. I price my jewellery on the actual cost to replace all materials used if still available, some may think my work is expensive but it is realistically priced. I also tend to use a lot of gemstones in my jewellery pieces. When I see the prices online or in high end jewellery boutiques for a single bead dangling within a circular sterling silver pendant wire my work is very good value for money! Those that are selling genuine gemstones jewellery using 925 sterling silver cheaply will be getting a shock when they want to purchase more!

I also have a good stock of sterling silver at the present time thankfully.

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I think this makes a lot of sense and you are being realistic rather than reactive. Customers who value handmade work usually understand material changes when they are explained honestly.

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