Sou Hu Cai Jing·2026-02-28 07:24Core Insights - Recent surge in international silver prices has led to a corresponding increase in domestic silver jewelry prices, with COMEX silver futures rising over 4% on February 27, and domestic brands quoting silver prices close to 40 yuan per gram for pure silver and nearly 50 yuan per gram for crafted silver [1][3] Group 1: Market Dynamics - Major jewelry brands such as Chow Tai Fook, Chow Sang Sang, and Luk Fook have collectively stopped offering silver buyback services, indicating a significant market shift [3] - The buyback prices offered by brands that still engage in this service are substantially lower than retail prices, with recovery prices for pure silver ranging from 13 to 25 yuan per gram, creating a high barrier for consumers wishing to liquidate their silver [3][5] Group 2: Challenges in Physical Circulation - Silver bars are facing supply issues, with some stores requiring pre-orders for delivery, leading to longer wait times and increased price volatility risks for consumers [5] - Silver jewelry is treated differently in terms of processing and recovery compared to gold, with many processing shops refusing to handle silver to avoid contamination risks, further complicating the silver investment landscape [5] Group 3: Reasons for Brand Buyback Refusal - Brands are reluctant to buy back silver due to several factors: low profit margins, high costs associated with testing and storage, and the complexity of purity verification [7][8] - The significant price volatility of silver, influenced by international events and industrial demand, poses a risk for brands that would need to manage potential devaluation after buyback [8] - The disparity between retail prices, which include high craftsmanship and brand premiums, and the raw material value at buyback creates a psychological gap for consumers [9]