While perusing your favorite jewelry and accessory sites, you may have noticed a message similar to this one: “Due to the rising price of sterling silver in the markets, some prices have been adjusted to reflect market prices.” Unfortunately, the rising price of sterling silver is a necessary aspect of the jewelery industry.
Historically, silver has been used as a tangible commodity dating back as far as the ancient Egyptians. Similar to the demand for gasoline and other fossil fuels, technological advances have increased the actual industrial demand for silver, making it more expensive in recent years. Here’s a look at the changing sterling silver prices in the last five years:
5/2006 – $9.25 per ounce
5/2007 – $10.76 per ounce
5/2008 – $19.81 per ounce
5/2009 – $16.92 per ounce
5/2010 – $18.28 per ounce
5/2011 – $48.80 per ounce
Why buy silver?
Sterling silver has been a valued precious metal handed down to family members over generations, and experts say that silver will reach soon reach $50 per ounce. This means that there is resale value in sterling silver metal, and all of your current silver jewelry is more valuable than before. Who can argue with buying jewelry as a sound investment item? Silver is a great alternative to more expensive precious metals like gold and platinum, since currently, gold is priced around $1515 per ounce, and platinum at $1760 an ounce! Additionally, sterling silver will last for years to come, and you can easily have it replated, resized and modified by a fine jeweler for minimal costs.You can’t do that with non-precious metals.
What are the experts saying?
A consumer market research study conducted on behalf of the Jewelry Consumer Opinion Council (JCOC) has found consumers maintain an appetite for silver jewelry. 70% of those surveyed agreed that they can accessorize all their outfits with sterling silver, because it costs less than gold. 75% said that all or some of their family and friends wear sterling silver jewelry, and 70% feel good about buying silver jewelry for their family and friends because it makes a good gift.
Liz Chatelain, President of MVI, in reviewing the research results noted, “Obviously the high gold price is driving consumers and retailers to look for alternatives in fine jewelry. What we are learning from this research and our regular contact with jewelry designers, is that consumers see silver as the strongest option.”
Additionally, Emitations customers agree that for the price, you can’t beat the look of sterling silver jewelry, even when compared to white gold or platinum. By looking for the quality stamp of .925 sterling silver, consumers can ensure that they are receiving the highest quality sterling silver available. One customer said, “I can’t believe this ring! Everyone compliments me on it and thinks it’s a designer platinum engagement ring!” Truly, for the look and quality, the price of sterling silver cannot be beat.
So what’s a savvy silver lover to do? In addition to investing in sterling silver, it is time to look at base metals, such as copper, brass and bronze, especially for our jewelry needs. These materials are now becoming more popular, driven by necessity based on the price of silver, and can be used to construct base materials. By creating a ring out of brass, and coating it in sterling silver, this results in lower costs for the consumer, with the look of pure silver.
While Emitations continues to offer sterling silver pieces, the prices on our website do reflect the current market value for sterling silver. However, we are also aware that when looking to save a few bucks, style and quality cannot be compromised. Thus, we offer a wide selection of brass based silver tone jewelry items to meet the needs of any fashionista’s budget. Make sure to look at the product specifications to see more information on specific materials, and feel free to contact Customer Service with any questions about materials used in our products.