Khaberni - Rabhi Allan, the head of the jewelers and jewelry trade and manufacturing shops, said on Monday that silver in the Jordanian markets is not classified as jewelry; because the value of the labor "manufacturing cost" is higher than its value as a metal, which prevents its pricing by the guild.
Allan added that investment in silver in the local market is done by "kilo" bars and these weights are not priced whether in gold or silver.
He pointed out that silver is not affiliated with the guild of jewelry shop owners, emphasizing that silver in the markets is treated as an accessory and not as a precious metal.
Allan confirmed that the guild does not have jurisdiction in matters related to the oversight of silver, pointing to weak oversight in the absence of "stamping" on the quantities displayed in the markets, and that this is one of the reasons for the guild's lack of oversight on it.
It is noted that silver prices increased in spot transactions by 4.8% to $107.903, after having recorded a record level of $109.44.
Silver jumped above $100 for the first time last Friday, after having risen by 147% over the past year.
