If you havaen't noticed the price of silver jewellery recently,  then you may be in for a surprise. There has been a dramatic difference from just a year ago. Some pieces appear to have doubled in price. But why has silver jewellery become so much more expensive?

The biggest factor is the sharp rise in the underlying price of silver. Silver has experienced exceptional volatility, reaching record highs during 2025 and 2026. Although the raw metal price has not doubled over the past year, it has risen substantially—around 26% year-on-year as of early October 2026.

The increase is being driven by a combination of strong investment demand, tight physical supplies and years of market deficits. The Silver Institute expects the global silver market to remain in deficit for a sixth consecutive year in 2026, meaning demand is still exceeding newly available supply.

Silver is also increasingly important to modern industry. It is used in electronics, automotive technology, power infrastructure and other applications. Demand from these sectors competes with jewellery manufacturers for the same limited supply.