Silver: The Most Widely Used Precious Metal

Silver is a precious metal and is highly valued for its beauty, rarity, and various physical and chemical properties. Silver has been used for thousands of years for various purposes, including currency, jewelry, and as an industrial commodity. Overall, while silver is typically known for its distinctive grayish-white color, it can also be treated and used in a variety of ways to create different color effects and finishes.

Where is silver mined?

Silver is a naturally occurring element that can be found in many countries around the world. Historically, some of the largest producers of silver were located in what is now modern-day Bolivia, Peru, and Mexico.

Top producers of silver today:

• Mexico
• Peru
• China
  
  
  
  

How is silver valued?

While silver can be found in many countries, its production and supply are largely determined by global market forces and demand. The price of silver is influenced by a variety of factors including economic conditions and global supply and demand.

The LBMA Silver Price is the global benchmark price for unallocated silver delivered in London. Producers, the investment community, banks and central banks, fabricators, jewelers, and other consumers, as well as market participants from around the globe, transact during the IBA Silver Auction and use the benchmark as a reference price.

The LBMA silver price is updated once daily and provides the metal lock used for purchasing silver products in much of the jewelry industry.

How do fineness and purity relate in silver?

The purity of silver is usually measured in terms of its fineness, which refers to the proportion of pure silver in a given piece of metal. Pure silver is 99.9% silver, while other silver alloys may contain lower percentages of pure silver. 

Sterling silver is a high-quality silver alloy that contains 92.5% silver and 7.5% other metals, typically copper. The term "sterling" comes from the French word "esterlin," which was originally used to refer to a type of coin issued in England in the 12th century. These coins were made from silver and were highly valued for their purity and reliability.

Over time, the term "sterling" came to be associated with high-quality silver objects, including jewelry and flatware. Today, sterling silver is a popular material for jewelry. It is prized for its beauty, durability, and relative affordability compared to other precious metals like gold and platinum

The rich history and legends of silver

Silver has a rich history dating back to ancient times. It was a very popular material to be used in jewelry in the Middle Ages and Renaissance mainly for the wealthy and powerful. Silver continues to be a popular choice for jewelry designers and consumers alike, prized for its beauty, versatility, and affordability.

There are many myths and legends throughout history that attribute healing powers to silver. In some cultures, silver is believed to have anti-inflammatory and antimicrobial properties. It has also been suggested that silver can help improve circulation, regulate body temperature, and promote overall wellness.

Contemporary silver jewelry trends

Overall, silver remains one of the more timeless and diversified choices of metal in jewelry making. In more recent years, silver has been used to make more delicate jewelry, however, new styles and trends are emerging frequently. Another trend is using ethically sourced silver. Many jewelry designers are now using recycled silver and working with fair trade and environmentally responsible sources to create their pieces.