During the Golden Week holiday, gold prices surged to record levels, with gold jewelry in some provincial capital shopping malls reaching over 360 yuan per gram. Historically, gold and silver have had separate market dynamics. Recently, international silver prices also hit new highs. However, during an interview, it became clear that the price of silver jewelry on the market doesn’t fluctuate as dramatically as gold.
The author learned that over the past month, the price of international silver has been highly volatile. As of 4:33 PM yesterday, the spot buying price for silver was 5.045 yuan per gram. A year ago, the same price was around 3.28 yuan per gram. This means the spot buying price of silver has risen by 53.8% in just one year.
It is understood that gold jewelry brand counters in the province adjust their prices based on international gold trends, which are known for frequent fluctuations. As a result, customers may find that the price of the same piece of gold jewelry can vary by nearly 10 yuan per gram within a single day.
Although international silver prices have been fluctuating recently, the author found that silver jewelry prices in the market have remained relatively stable. During a visit to several shopping malls in the provincial capital, it was reported that silver jewelry prices haven’t changed much lately. “We don’t increase the price of our silver jewelry,†said a staff member at a silver shop on Lishan Road.
Some silver shops sell by weight, with prices ranging from 30 yuan per gram to as low as 20 yuan per gram. These prices are significantly higher than the current spot buying price of silver. According to industry insiders, the market price of silver jewelry is often much higher than its actual material cost. For example, a 10-gram piece of silver jewelry might cost about 40 yuan in materials, but after including labor, loss, and other expenses, the final retail price could be over 100 yuan, even reaching 200 or 300 yuan for more complex designs.
A salesperson at a silver jewelry shop on Shanshi East Road in Shandong told the author that the price of silver jewelry in their store has remained largely unchanged over the past year. A particular silver necklace, introduced in the second half of last year, has consistently been priced at 159 yuan without any adjustments.
Consumers who frequently purchase gold jewelry know that they typically pay for two components: the price of the gold itself and the craftsmanship cost. In contrast, silver jewelry in the provincial market is rarely sold by weight. An industry insider explained that the current market price of silver jewelry is far above its material cost. Even though the price of silver has increased by over 50% in a year, the final retail price of silver jewelry hasn’t dropped accordingly.
According to Mr. Ye, the price of silver jewelry is heavily influenced by the complexity of the manufacturing process. Even if the raw material is the same, more intricate designs lead to higher prices. He added that the base cost of silver is relatively low. Even with a 53.8% increase in the material price, the cost increase for a 10-gram piece of jewelry would only be around 15 yuan. It would be unrealistic to adjust the price as frequently as gold jewelry, which is directly tied to daily market fluctuations.
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