8 Mar 2018
from The Silver Institute:
(Washington, D.C. – March 8, 2018) Jewelry retailers in the United States described strong silver jewelry sales last year, with 59% reporting increased sales in 2017, according to a survey conducted on behalf of the Silver Institute’s Silver Promotion Service (SPS). The results also showed that silver jewelry continues to be a leading merchandise category for retailers, especially in driving sales when compared to other precious metals.
Highlights from the 2017 survey include:
- The average store growth 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; bridal and gold each accounted for 12%.
- The best maintained margins during the holiday season were:
-Silver Jewelry 51%
-Bridal Jewelry 18%
-Diamond Jewelry 15%
-Gold Jewelry 13%
-Platinum Jewelry 3%
- The age group buying the most silver jewelry is 20-40, according to 47% of the retailers. The 41-50 age group was second.
- Retailers said the best-selling opportunity with silver is female self-purchase.
- 93% of retailers say they are optimistic that silver jewelry sales will continue to grow.
The complete survey can be downloaded here: 2017 Silver Jewelry Survey Results
The survey, conducted by INSTORE Magazine, was fielded in January and February this year to a total of 25,000 e-subscribers, of which 97% are independent retailers. This was the ninth consecutive year that SPS has commissioned such a survey.
SPS Director Michael Barlerin commented, “Among other positive factors leading to these results, there is a growing awareness within the industry that silver jewelry is the ultimate female self-purchase product and retailers are increasingly promoting it accordingly.”
The Silver Institute is a nonprofit international industry association headquartered in Washington, D.C. Established in 1971, the Institute’s members include leading silver producers, prominent silver refiners, manufacturers and dealers. The Institute serves as the industry’s voice in increasing public understanding of the value and the many uses of silver. For more information on the Silver Institute, or silver in general, please visit: www.silverinstitute.org.
The Silver Promotion Service was introduced in 2008 by the Silver Institute. The objective of the SPS is to develop and implement programs designed to enhance the image of and stimulate demand for silver jewelry in major North American and international markets. For more information on the Silver Promotion Service, please visit www.savorsilver.com
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