As Silver has went through the roof in value which is over $36. per ounce today, the cost of materials are at an all time high for the Navajos to purchase. As a result many Navajos are not making Jewelry and this is causing a shortage of Navajo Indian Jewelry in the marketplace.
I was down in Gallup last week, Gallup in in the heart of Navajo Indian Jewelry producers, and I stopped in the Jewelers supply to find hardly anyone there and there was absolutely nobody at the Silver counter purchasing Silver. I asked the tendant what the deal was and he told me the Navajos can’t afford to buy Silver at these prices.
There are still many Navajos making Turquoise Jewelry, however, the cost has gone up dramatically from just one year ago. Silver has more than doubled in value in the past year and we will just have to wait to see what Silver Jewelry prices will be in the upcoming months.