Silver as a Material: Value, Change, and Handcrafted Work

January 29, 2026

On December 27, 2025

Update note

Update 29/01/2026: This article has been updated according to the most recent data on the price of silver (€3.22/gr).

Over the past year, a strong and sustained increase in the international price of silver has been observed, a development that directly affects all handmade jewellery and objects made of silver. This is a change that is not always visible to the final consumer, yet it has a substantial impact on production costs and on the daily operation of a workshop. Indicatively, in July 2024 the price of silver was approximately €0.82 per gram. During the week 21–27/12/2025 the price had reached as high as €2.15 per gram, while today it stands at €3.22 per gram. This difference is neither small nor temporary; it represents a large-scale shift that alters the cost of the raw material within a relatively short period of time. In practical terms, in about a year and a half, the price of silver has recorded an increase of over +290% per gram, inevitably affecting every stage of production.

The upward movement of silver prices does not stem from a single cause. It is usually the result of multiple factors acting simultaneously. In recent years, silver has been at the center of a particular international dynamic: industrial demand is rising, while supply cannot always keep pace. Silver is not only a precious metal; it is also an essential material in technological applications due to its high conductivity. Its overall consumption is therefore reinforced through electronics, modern infrastructure, and energy technologies such as solar panels. The increasing industrial use of silver, especially in solar energy, is systematically recorded in international silver market studies (World Silver Survey, The Silver Institute). At the same time, silver production does not increase easily, as much of it is obtained as a by-product of mining other metals rather than from primary silver mines. This structural characteristic of supply is a key feature of the silver market (World Silver Survey).

In periods of economic uncertainty or persistent inflation, investment demand for precious metals often rises, as they are perceived as a more “secure” store of value internationally. The role of precious metals as value-preserving assets during instability has been widely discussed in international financial literature (BIS Quarterly Review). This means that silver prices are influenced not only by industrial consumption but also by financial markets and investors, which can accelerate price movements. As a result, price increases are not merely simple fluctuations, but part of a broader environment shaped by demand, availability, economic climate, and global financial flows.

It is also important to note that silver, beyond its industrial and jewelry uses, is increasingly viewed as a store of value. Its price is shaped not only by physical consumption, but also by expectations, capital flows, and macroeconomic conditions, strengthening its role as a modern investment metal. These mechanisms have long been studied in the academic literature on precious metal markets (Radetzki, 1989).
For those who work with silver on a daily basis, this increase primarily concerns the raw material itself. As the price per gram rises, so does the cost of producing new pieces and replenishing stock. This is why adjustments may affect existing designs — not because the design changes, but because the silver required to reproduce it is now priced differently.

At EfTehnon, pricing for silver jewelry and objects is always based on the real value of materials and the craftsmanship involved. Although silver prices had been rising gradually, we absorbed this increase for as long as possible. The first price adjustment took place only when the raw material reached €1.85 per gram, as the change could no longer be covered without affecting production.

Silver remains a precious material with timeless and now also investment-related value, and its price fluctuations are part of its path within the global market. This update aims to provide a clearer understanding of the real conditions behind handmade silver — so that one can appreciate not only the final price, but also the essence of each piece.

Sources / Bibliography

World Silver Survey 2025 — The Silver Institute / Metals Focus
BIS Quarterly Review (December 2025) — Bank for International Settlements
Radetzki, M. (1989) — Precious metals: The fundamental determinants of their price behaviour, Energy Economics

XrysosOnline — https://www.xrysosonline.gr/ashmi-timh/eksamhno/grammaria/EUR/#show-chart