Silver is continuing to deliver results for US jewellers, with higher margins than other precious metals, according to new research from The Silver Institute.
Silver jewellery consumption is on the rise, according to the latest survey commissioned by the Institute and carried out by The Jewelers’ Collective. It was named as a leading merchandise category for retailers, both in driving sales and profit margins, with more than half (52%) of US jewellery retailers reporting increased sales in 2022.
Highlights from the survey include:
- 61% of retailers said they increased their silver jewellery inventory by an average of 21% last year
- 51% said it is essential to their business and a further 27% called it important
- According to retailers, silver jewellery sales accounted for an average of 28% of unit volume and 19% of dollar volume
- The average store growth for silver jewellery sales was 14%
Michael DiRienzo, Executive Director of The Silver Institute, said: “We are encouraged that silver jewellery purchases and overall optimism for silver’s ongoing performance in the US retail jewellery sector remain so strong.”
The full results can be seen here.