January 26 will be remembered in the Jewellery Industry - Plan for 2026

You’ve probably seen headlines about the price of silver rising spectacularly and then dropping, alongside images of people wanting to sell their silver to be melted down. This situation has been driven by speculation and people trying to profit from silver.

On the other side of the coin, however, are the silversmiths who use silver to handcraft jewellery, and we are currently in a tough situation. We need to purchase silver to create the rings that we love to make and that you love to buy, but the prices have become ridiculous. I have to pass these extra costs on to the customer, but I’m uncertain about what prices to set since they are changing daily.

Right now, I am pricing my jewellery with the smallest margins possible, but I risk the price of silver surpassing those margins while I sleep. So, if you see something you like, please be aware that the price may go up the next day and then come down the following day. I am doing my best to navigate this unpredictable situation, but it’s just as confusing for me as it is for you.

In related news, I have made significant changes to my business plan. I live on a boat and have a trading license that allows me to sell from the side of the boat. Given the current high price of silver, I can't sell silver from the boat as I did last year. Therefore, this year, I plan to create a whole new range of rings that I can sell at much lower price points, using materials like copper, brass, silver fill, and silver-plated.

These new pieces will be similar to the rings I used to make many years ago when I first started making jewellery. However, this time I have a wealth of experience and improved skills. This means I can offer jewellery in the £10 to £20 range, making it easier for you to purchase, which is likely best for selling from the side of my boat.