10/10/2025
The first time I purchased silver for my business in 1995, I paid $4.80 per troy ounce. The average price for silver in 2015 was $15.70 per troy ounce. This week silver prices surpassed $50 per troy ounce.
The highest price for gold was $4,058.98 per ounce, an all-time high reached during trading on October 8, 2025. Fortunately, I don't work with gold. But...
The jewelry industry faces a number of factors including rising tariffs:
• record-high gold and silver prices
• unfavorable exchange rates
• production cost increases of up to 75%
• safe-haven demand
• industrial use (solar energy)
• supply deficits
For me, I am rethinking how I design jewelry. Maybe using more and bigger gemstones and using less silver. However it's going to be a challenge to use less silver, since I rarely create really large silver pieces. I'm committed to using fine silver and sterling silver since they are considered precious metals--like gold, platinum and palladium. Platinum and palladium cost around $1500 per troy ounce and require specialized tools that I don't have. Incorporating gold isn't a viable option at current prices. So, I'll definitely need to be effective in communicating the value of silver to my customers.
However, some jewelry makers and silver metal artists have benefited from the sky-high gold prices, which has caused consumers to turn to silver jewelry instead of gold. Despite the huge rise in silver prices, gold has become unaffordable for many consumers.
