why have gold and silver prices increased so much?

If you’ve bought jewellery recently — or even just glanced at prices — you might have noticed something. Gold and silver are expensive right now and yes, it’s real. It’s not just jewellers quietly putting prices up for fun.

So what’s actually going on?

Global Uncertainty Drives Demand

Whenever the world feels unstable — politically, economically, or socially — people tend to turn to gold. Gold has been used as a store of value for thousands of years. When currencies wobble or inflation rises, investors buy gold to protect their money.

Over the past few years, we’ve seen:

• Global pandemics

• Wars and political tension

• Rising inflation

• Cost of living crises

All of that pushes more people towards precious metals. More demand = higher prices.

Mining Is Getting Harder

Gold and silver aren’t easy to find anymore. Many of the richest, easiest-to-access mines were worked out decades ago. New mining now often happens in more remote, difficult, and expensive locations. I only use recycled precious metal in my work but it all has a knock on effect.

That means:

• Higher labour costs

• Higher energy costs

• More environmental regulations

• More expensive equipment

All of this feeds into the final price of the metal.

Energy and Transport Costs Have Risen

Mining, refining, and transporting precious metals uses a lot of energy. With fuel and electricity prices rising globally, the cost of producing metals has increased too. Those costs don’t disappear — they get passed along the supply chain. Eventually, they reach makers and customers.

Increased Demand for Ethical Metals

More people now care where their jewellery comes from — and rightly so. Ethically sourced and recycled metals are in much higher demand than they were even ten years ago. These responsible supply chains cost more to run properly, but they’re far better for people and the planet. That affects pricing too.

Silver Has Become an Industrial Metal

Silver isn’t just used for jewellery.

It’s essential in:

• Solar panels

• Electronics

• Medical equipment

• Batteries

As green energy and technology grow, demand for silver keeps increasing. So jewellery makers are competing with huge industries for the same material.

What This Means for Handmade Jewellery

For independent makers like me, rising metal prices have a real impact. When gold doubles in price, my costs double too. I don’t get bulk discounts or factory rates — I buy in small quantities, often at retail or near-retail prices.

But it also means something important, your jewellery holds its value.

A gold ring made today contains material that is genuinely precious, scarce, and globally valued. You’re not buying something disposable, you’re investing in something real.

Why I Want to Be Transparent

I never want price changes to feel confusing or sudden. When costs rise, I’ll always explain why and give as much notice as I can because trust matters and because handmade jewellery should feel honest, not mysterious.

In Summary

Gold and silver prices have risen because of:

• Global uncertainty

• Harder mining conditions

• Higher energy costs

• Ethical sourcing

• Industrial demand

It’s a complex picture — but it’s very real.

If you ever have questions about pricing, materials, or options, just ask. I’m always happy to talk it through 💛