Silver prices have recorded historical surges at the start of this year, breaching the $100 per ounce mark (about 31.10 grams) to reach, in some spot trades, nearly $113.81 per ounce.
Forecasts even project a price reaching $145 by the end of the year. This record uptick is explained by strong industrial and investment demand against a tightening supply, driving an annual increase of over 170%.
This surge is also aided by global turbulence and by what is called the “depreciation trade,” with investors moving away from sovereign bonds and currencies in favor of tangible assets such as precious metals. Silver has nonetheless risen at a faster pace and with more pronounced volatility than gold, reflecting a market highly solicited by speculators.
Sharp fluctuations in global markets
These developments have had a direct impact on the activity of artisans in Tunisia and actors in the silvercraft sector. The continued rise in prices on global markets, combined with a shortage of raw materials, places professionals facing challenges that are beginning to affect the future of an ancestral artistic heritage linked to silverworking.
Since 2025, silver prices have experienced strong fluctuations and an exceptional global rise, the ounce reaching record levels. Reports indicate sustained increases at unprecedented prices, driven by the growth of industrial demand and investment. Silver indeed stands out for its dual status as a precious metal and an indispensable industrial metal in key sectors such as renewable energy and electronics.
This global rise has directly affected the Tunisian market. The price per gram of silver has risen sharply, increasing the cost of raw materials used by artisans in the manufacture of jewelry, utensils, and silver artworks. According to local market data, the price of a pure ounce of silver, locally called “argent massif,” is currently around 326.84 dinars per ounce, or about 10.51 dinars per gram.
Over a year, the price per gram of silver in Tunisia is estimated to have risen by nearly 80%, an unprecedented level likely to weigh on market balances due to the shortage of raw materials and the inability of artisans to keep up with prices. The gram has thus moved from 1.5 dinars at the start of 2025 to around 11.5 dinars today.
Concrete repercussions in Tunisia
In Tunisia, silver is traded in several forms, notably as bars and coins used as savings instruments. It is also broadly used in the manufacture of jewelry and traditional adornments closely linked to social customs. In recent years, silver jewelry, including those called “silver gilt,” have sometimes replaced gold offered as wedding gifts.
Moreover, the rise in raw material prices outstrips the adaptation capacity of most small workshops. The shortage results not only from increases in silver prices but also from difficulties securing supplies regularly at reasonable prices, threatening the continuity of production in small and medium-sized structures.
Many artisans are thus forced to reduce production volumes or to use lower-quality alloys to limit costs, risking affecting the quality of the final product and its attractiveness on local and tourist markets.
From this vantage, market indicators show that the rise in raw material prices has not been accompanied by an increase in manufacturing costs, the shaping of the gram of silver remaining around 3.5 dinars. This strategy aims to contain costs and limit the impact of market malaise. According to data from the National Chamber of Silverware Artisans, the sector employs about 7,000 artisans.
The president of the Chamber, Mohamed Bahaaeddine Mouathen, emphasizes in a media statement that the art of silverworking continues to resist. Artisans continue their activity and innovate to face difficult conditions, but, according to him, the situation requires the urgent establishment of mechanisms to strengthen the resilience of the sector and its professionals.
