WASHINGTON, March 22, 2017 /PRNewswire-USNewswire/ -- Silver jewelry sales in the United States were strong in 2016, with 62% of jewelry retailers reporting increased sales, according to a survey conducted on behalf of the Silver Institute's Silver Promotion Service (SPS). The results showed that 2016 was the eighth consecutive year of silver jewelry sales growth.
Highlights from the 2016 survey include:
- The average store growth in 2016 for silver jewelry sales was 16%. Eight percent of retailers reported an increase in sales of over 25%.
- Retailers said their silver jewelry sales, as a percentage of their overall jewelry sales, were on average 35% of their unit volume and 27% of their dollar volume.
- 54% of retailers said silver experienced the best turnover rate in 2016, followed by bridal and diamond both at 17%, gold at 10% and platinum at 2%.
- The best maintained margins during the holiday season were:
- Silver Jewelry 49%
- Diamond Jewelry 21%
- Bridal Jewelry 18%
- Gold Jewelry 10%
- Platinum Jewelry 2%
- 89% of retailers say they are optimistic that silver jewelry sales will continue to grow.
A copy of the report can be downloaded here: 2016 Silver Jewelry Sales Results
Michael DiRienzo, Executive Director of the Silver Institute commented, "Our Silver Promotion Service develops and implements programs which are designed to enhance the image of and stimulate demand for silver jewelry. While we are obviously pleased with the survey results, we are particularly struck by the fact that 62% of retailers reported they had increased their silver jewelry inventory on average of 24% last year."
The survey, conducted by INSTORE Magazine, was fielded in February this year. This was the eighth consecutive year that SPS has commissioned such a survey.
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. For more information on the Silver Promotion Service, please visit www.savorsilver.com
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SOURCE The Silver Institute