925 Silver Jewelry Sales Sky Rocketed in 2022

Are you considering entering the jewelry business and becoming a retailer? If so, then you should know that odds are in your favor! A recent survey indicated that no less than 73% of jewelry retailers had reported a rise in sterling silver in 2022. In contrast, another 50% stated that the best buyers for metal items are females who purchase jewelry for themselves. And this rise is a clear indicator that the risk of becoming a jewelry retailer is relatively small as compared to other business ventures. The Silver Jewelry Buying Trends survey is done every year by the Silver Promotion Service (SPS).

No less than 56% of retailers whose sales have risen last year mentioned that the rise in silver sales amounted between 11 and 25%.

And to top that off, another 10 percent of the retailers who have been questioned affirmed that sales went above 25%. Overall, the average increase among retailers who participated in the survey was 17%.

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But the bad news is not at all bad for those who did not report an increase. A total of 15% reported that sales were the same as in the previous year, and only 12% experienced a decrease in sales.

Michael Barlerin, director of the SPS, stated that the service anticipated results would favor retailers. However, it did not know the exact numbers. Mr. Barlerin said that the service was glad to see such exceptional results for the year that passed and the last five years.

Jewelry retailers further added that the highly preferred prices for silver last year were between $100 and $500 – 42% – and less than $100 – 50%. Moreover, the holiday season was a success as well. The silver jewelry holiday sales in 2013 went up for 66% of retailers, and that’s a significant business. Only 20 % said that their sales remained the same, whereas, for only 14%, sales throughout the holiday season have decreased.

And no less than 36% of respondents stated that they had the best-maintained margins given by silver jewels throughout holiday months. After silver jewelry, retailers indicated that the best margins were provided by diamonds, with 28% margins, bridal with 17%, gold with 17%, and platinum with only 6%. That’s a clear indication that silver jewelry is serious business.

The SPS also did a survey concerning buyers. This study revealed that silver jewelry is preponderantly bought by people between the ages of 20 and 40. This age group covers 58% of buyers. At the same time, the second group category that signifies 22% of buyers is represented by people aged between 41 and 50.

The Silver Jewelry Buying Trends survey was done by the Silver Promotion Service (SPS), which is a trade organization that aims to improve the image of silver and heighten its demand in the market. The National Jeweler was the one who fielded the survey. There were 271 retailers who own 2,700 jewelry stores who responded to this online survey between February 4 and February 24, 2022.