During the Golden Week holiday, gold prices reached record highs, with some shopping malls in the provincial capital setting gold jewelry retail prices above 360 yuan per gram. Historically, gold and silver have always had different market behaviors. Recently, international silver prices have also surged to new levels. However, during interviews, it became clear that the price of silver jewelry on the market hasn’t followed the same volatile trend as gold.
The author learned that over the past month, international silver prices have been fluctuating frequently. As of 4:33 PM yesterday, the spot buying price for silver was 5.045 yuan per gram. A year ago, the same time last year, the spot price was only 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 the pricing of gold jewelry at provincial brand counters follows international gold price trends closely, leading to frequent adjustments. Sometimes, the price difference for the same piece of gold jewelry can be as much as 10 yuan per gram within a single day. Although international silver prices are also fluctuating, the author found that silver jewelry prices remain relatively stable.
Yesterday, the author visited several shopping malls in the provincial capital and spoke with staff at silver jewelry stores. They reported that silver jewelry prices haven’t changed much recently. “We don’t increase the price of our silver jewelry,†said a staff member at a silver shop on Lishan Road. Some shops sell silver by weight, with prices ranging from around 30 yuan per gram to as low as 20 yuan, which is significantly higher than the current spot price of silver.
Despite a more than 50% increase in silver prices over the past year, a silver jewelry shop on Shanshi East Road in Shandong told the author that their silver jewelry prices have remained largely unchanged. For example, a silver necklace launched in the second half of last year has consistently been priced at 159 yuan without any changes.
Consumers who regularly buy gold jewelry know that they pay for two components: the cost of the gold itself and the labor involved. In contrast, silver jewelry in the provincial market is rarely sold by weight. An industry insider mentioned that the current market price of silver jewelry is much higher than its actual material cost. For instance, a 10-gram piece of silver jewelry might cost around 40 yuan in materials, but after including labor and other expenses, the retail price can easily exceed 100 yuan, and even reach 200 to 300 yuan depending on the complexity.
Mr. Ye explained that the price of silver jewelry is heavily influenced by craftsmanship. Even if the materials are 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 price of silver, the cost increase for a 10-gram piece is only about 15 yuan. Therefore, it would be unrealistic to adjust silver jewelry prices as frequently as gold products.
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