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Silver Jewelry Demand Strong in 2020, Survey Finds
Mar 21, 2021 6:03 AM
By Rapaport News
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RAPAPORT... Silver-jewelry sales rose in 2020, marking the 12th consecutive year of growth, according to a study by the Silver Promotion Service (SPS).
Some 42% of US jewelry retailers participating in the survey reported higher sales, with the majority noting double-digit increases of between 11% and 25%, the SPS said. Based on retailers’ responses, 20- to 40-year-olds were the main purchasers of silver jewelry.
More than half of those surveyed said their 2020 holiday sales of silver jewelry were higher than in the same period the year before. In fact, the margins retailers saw from sales of silver jewelry were more than twice that of other categories, with silver providing 43% margins, compared to 19% in diamond jewelry, 17% for bridal, 16% for gold, and 5% for platinum.
By volume, sales of silver jewelry comprised about 34% of overall jewelry purchases in 2020, and 27% by dollar value. Meanwhile, 41% of retailers said their online sales of silver jewelry rose versus 2019, according to the SPS, which is an initiative of the Silver Institute, a trade group headquartered in Washington, DC. Nearly all respondents said they believed silver-jewelry sales would continue to rise.
“The Silver Promotion Service is pleased that silver jewelry continues to grow in importance for American jewelry retailers...despite the challenges related to the Covid-19 pandemic,” said SPS director Michael Barlerin. “We are also excited by the robust expression of optimism for silver jewelry’s continued future growth.”
Image: A pair of silver earrings. (Pixy)
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Tags:
COVID-19, Michael Barlerin, Rapaport News, Silver Institute, silver jewelry, Silver Jewelry Demand, Silver Promotion Service, SPS
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