The report shows that couples are searching for vintage and antique rings, gold jewelry, pearls, and colorful pieces.
SPS reveals results of annual retailer survey
The Silver Promotion Service polled jewelers across the country to gauge how sales in the category fared in 2014. Here’s what the organization discovered.
New York--The vast majority of silver sales are $500 and under--mainly self-purchases by women or gifts--and the most popular silver pieces are those set with colored gemstones.
These are among the findings from the Silver Promotion Service’s annual retailer survey, conducted earlier this year.
According to the results of the survey, released this week by the SPS, 67 percent of jewelers said their silver jewelry sales increased year-over-year in 2014, while 16 percent said sales remained the same and 17 percent saw a decline.
The average increase in silver sales among those polled was 17 percent. Nearly half said sales rose between 11 and 25 percent, and 13 percent saw an increase of more than 25 percent.
Respondents also said their silver jewelry sales, as a percentage of overall sales, were, on average, 34 percent of their unit volume and 30 percent of their dollar volume.
When it comes to how much customers are spending and what they are buying, survey-takers said $100 to $500 (41 percent) and less than $100 (53 percent) were their “sweet spot” price points.
Respondents identified female self-purchasers as their best selling opportunity (49 percent), followed by those purchasing gifts (30 percent) and the “youth market” (19 percent).
Style-wise, 39 percent said the top-selling silver pieces last year where those set with colored gemstones, followed by plain silver pieces (21 percent), textured finishes (20 percent), silver and diamond jewelry (15 percent), and color-treated silver (5 percent).
Other findings from the survey include:
--A total of 43 respondents named silver jewelry as the “best” in maintained margins, followed by diamond jewelry (31 percent), bridal jewelry (19 percent) and gold jewelry (7 percent); and
-- During the 2014 holiday season, 61 percent of jewelers said silver sales increased year-over-year, while 22 percent said sales remained steady and 17 percent reported a drop in silver sales.
The SPS conducted its Silver Jewelry Sales Results survey online from Feb. 13 to March 2 and calculated responses from 291 retailers.
Of those surveyed, 83 percent were independent retailers, 4 percent were from jewelry chain stores and 13 percent were categorized as “other.”
A total of 68 percent of retailers said they operate one physical store, 20 percent said they operate two or more stores and 12 percent were online-only. The SPS said the annual per-store sales of survey-takers was $1.6 million.
Respondents were pretty well spread
A total of 10 percent of respondents marked their location as “other.”
Also this month, the SPS announced the re-launch of its website, SavorSilver.com.
The newly reconfigured, mobile-responsive site showcases a growing number of silver jewelry designers and their pieces, with an interactive catalog and other relevant silver-related content.
The Latest
He’s remembered as a “font of passion,” leaving behind a legacy of dedication to his craft and community.
The first one will take place next month during the Jewelers of Louisiana’s and Mississippi Jewelers Association’s conventions.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The redesigned boutique features interactive displays and a workshop space for hands-on learning about watchmaking.
There is a willingness to comply with new government-mandated regulations, with an insistence that they should be practical and realistic.
A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.
Ho Brothers offers scalable solutions for the future of custom jewelry.
The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.
The former WJA executive director is MFM’s new managing director.
DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.
Highlighting the most iconic Tiffany collections, it’s inspired by the company’s late window designer, Gene Moore.
Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.
The retailer previously turned down an $8.4 billion offer in 2018.
The Florida store’s owner Miguel Gonzalez is retiring.
The lab stresses the importance of accurate identification, as the difference in price is “substantial.”
The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.
One is reserved for a NAJA member, the other for a non-member.
Longtime employees Carie Lehrke and Megan Mattice have received promotions.
Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.
Chris Clipper and Robert Lepere join the company with 50 years of combined experience.
The trendy, metallic earrings wink at classic spring colors.
JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.
The miner’s March auction generated $19 million.
Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.