DEDHAM — Investors have been making a killing with silver and gold in recent months as their prices soar.
People in the market for a wedding band, or just about any other kind of jewelry, are experiencing sticker shock.
At Ore Metal Studio in Dedham, metalsmith and jewelry artist Laurie Savage is making jewelry out of scraps of silver these days.
“I’m trying to rework it and use every single bit of metal that I have, dust, drilling pieces, just cuts and slivers from different projects. So, I’m turning that into new pieces.”
She says buying metals to work with is squeezing the profits for her finished pieces.
“It’s been a year of craziness, you know, it’s tough.”
Gold prices shot up 65% last year.
Silver prices notched an increase of about 140%.
Platinum was even more: 150% from year to year.
“Precious metals are at the highest prices we’ve ever seen,” said Antoine Abeddy, the owner of ‘Date & Time’, a fine jewelry store in Sudbury.
“There’s a lot of factors that, like a perfect storm, come together and affected the price of gold and silver and other precious metals.”
For one, precious metals are considered a safe haven asset, particularly in tumultuous times, and that pushes prices up.
Silver is in high demand in manufacturing these days. It’s used in things like EV batteries, electronics, and solar panels.
Abeddy added, “It’s tricky because we have to keep adjusting prices, bearing in mind also that we have stay within reasonable pricing for our consumers, our clients. So yes, the prices are going up, but our margins are shrinking.”
He believes high quality jewelry is, in itself, a good investment.
He says the personnel in his store can work with buyers to find appropriate items for weddings and other special occasions.
“We get creative where we can have gold and silver, 18-karat gold and silver mixed together,” to bring down prices.
He said a solid gold necklace could be made in a lighter weight which would make it more affordable while still achieving a similar look.
Savage says designers are also adjusting.
“They’re going back to some base metals, copper and brass and bronze and titanium, trying different metals. But it’s not silver and it’s not gold. It’s something else.”
She says her jewelry making classes have become more popular in recent months, as more people are not only interested in learning a new craft, but also saving some money.
This is a developing story. Check back for updates as more information becomes available.
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