(press release) NEW YORK – Silver jewelry sales in the U.S. were strong in 2017, with 59 percent 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 percent.
- Retailers said their silver jewelry sales, as a percentage of their overall jewelry sales, were on average 36 percent of their unit volume and 29 percent of their dollar volume.
- 57 percent said silver experienced the best inventory turnover rate in 2017; 19 percent said diamond; 12 percent said both bridal and gold.
- The best-maintained margins during the holiday season were:
-Silver jewelry 51 percent
-Bridal jewelry 18 percent
-Diamond jewelry 15 percent
-Gold jewelry 13 percent
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-Platinum jewelry 3 percent
- 93 percent of retailers say they are optimistic that silver jewelry sales will continue to grow.
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.
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, visit www.savorsilver.com.
