Jewelry retailers reported silver jewelry sales in the United States were strong again 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). The results also confirmed that silver jewelry continues to be a leading merchandise category for retailers, both in driving sales and providing margin.
Highlights from the 2017 survey include:
· The average store growth in 2017 for silver jewelry sales was 17%.
· Retailers said their silver 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 was fielded in February this year. This was the ninth consecutive year that SPS has commissioned such a survey.
The Silver Promotion Service was introduced in 2008 by the Washington DC based 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 international markets. For more information on the SPS please visit www.savorsilver.com