The Head of the Syndicate of Owners of Jewelry and Goldsmith Shops, Rabhi Allan, said on Monday that silver in the Jordanian market is not classified as jewelry, because the value of workmanship (“manufacturing fees”) is higher than the value of the metal itself, which prevents it from being priced by the syndicate.
اضافة اعلان
Allan told Al-Mamlaka that investment in silver in the local market is limited to bullion bars, typically in kilogram weights, and that such weights are not priced by the syndicate, whether for gold or silver.
He clarified that silver does not fall under the jurisdiction of the Syndicate of Jewelry and Goldsmith Shop Owners, stressing that silver in the markets is treated as an accessory rather than a precious metal.
Allan also confirmed that the syndicate has no regulatory authority over silver, pointing to weak oversight due to the absence of official hallmarks (“stamps”) on the quantities displayed in the markets, noting that this is one of the main reasons the syndicate does not supervise it.
It is worth noting that spot silver prices rose by 4.8% to $107.903 per ounce, after reaching a record high of $109.44.
Silver surpassed the $100 level for the first time last Friday, after posting a 147% increase over the past year.
Al-Mamlaka
