As jewelers look to boost margins and offer more affordable precious metals, they are turning to silver. Indeed, silver jewelry sales in the United States were strong in 2017 with 59% of jewelry retailers reporting increased sales, according to a survey conducted on behalf of the Silver Institute’s Silver Promotion Service (SPS).
There also seems to be a pendulum shift on the Fall 2018 fashion runways, where bold silver jewelry looks increasingly fresh after so many seasons of gold. This is coupled with a rise in silver metallic ready-to-wear, which is often paired with silver jewelry and accessories.
Highlights from the 2017 survey include:
- The average store growth in 2017 for silver jewelry sales was 17%.
- Retailers said their silver jewelry sales, as a percentage of their overall jewelry sales, were on average 36% of their unit volume and 29% of their dollar volume.
- 57% said silver experienced the best inventory turnover rate in 2017; 19% said diamond; 12%said both bridal and gold.
- 93% of retailers say they are optimistic that silver jewelry sales will continue to grow.
- The best maintained margins during the Holiday Season were:
-Silver Jewelry 51%
-Bridal Jewelry 18%
-Diamond Jewelry 15%
-Gold Jewelry 13%
-Platinum Jewelry 3%
SPS Director Michael Barlerin commented, “The Silver Promotion Service is obviously gratified by what the survey demonstrated. We are also grateful that the optimism for silver’s ongoing performance remains so strong.” The survey, conducted by INSTORE, was fielded in February this year. This was the ninth consecutive year that SPS has commissioned such a survey.