United Kingdom (IBwire.com - September 18, 2012) A rapid climb in the cost of silver has caused alarm and concern in the jewellery and retail sector. A 53% rise has beenforecast by the end of 2012 leading many retailers to reconsider their sale price in the build up to Christmas.
“The price of silver has gone up from $26-27 to $32 an ounce and will be up to $50-$60 an ounce by the end of the year.”
Bill Murphy, Chairman, Gold Anti Trust Action CMTE
Silver along with gold has been manipulated in recent years by controlling interests including JP Morgan and HSBC who are now willing to pay more due to the shortage in silver. Despite this causing inflation in the cost price, an article published at Consumer20.com shows that several high profile jewellery brands remain confident that they will not pass on the rise in cost price to their customers.
“Our success is based upon our early principles which are still held today. Innovative design, caring craftsmanship, impeccable quality and real value for money. At current levels we have no plans to pass on the increase in raw material to our customers”
An uncertain economy has led many families to sell off their family jewellery raising fears that precious pieces are being melted down in the demand for scrap and cash flow. Being able to offer value for money without dropping quality control levels is very much at the forefront of the jewellery sector’s mindset at the moment.