Precious Metal Costs Up - Jewelry Artisans Down

Jewelry artisans around the world have been wincing at the rapidly rising price of precious metals. With no end in site, designers are at the mercy of the markets. Many artists are wishing they would have bought a little more wire or sheet metal the last time they ordered their supplies. The rise in prices cuts into the independent artist’s ability to make a profit and poses a challenge to educating consumers. With precious metal being a commodity traded on markets around the world 24 hours a day, no other craft is as susceptible to price fluctuation. Take silver for example, the price of silver in 2000 was just $4.60 an ounce, in 2005 it was $8.83 per ounce, and at the time of writing this article it has risen to $17.69 an ounce. This is just the price of the raw materials. On top of this, there are fabrication charges that one pays in order to get material in useable forms like sheet, wire, and casting grain.

What does this mean for the jewelry adoring public? When you are buying jewelry in precious metal you are investing in something not only beautiful but with real market value. Metals like sterling silver and gold, can be sold back to refining companies or melted down and repurposed into entirely new pieces. This has been done for ages and will continue to be relevant in the future.

Some artisans will choose to respond to the increase in prices by using more affordable non-precious metals. We will likely see more and more costume jewelry on the market, however, most metalsmiths will continue to work in precious metal because as the name implies it is precious!