Add a bit of silver to base metal designs and you can raise your price far over the value of the cost of goods difference in materials.
Although silver market price reached all time highs in 2011, the growth of silver sales is number one in the jewelry industry.
Here are a few interesting numbers:
- the high for 2008 was in March $20.92
- the high for 2009 was in December $19.18
- the high for 2010 was in December $30.70
- the high for 2011 so far was April $48.70
Each quarter of the year, the Nielson Global Consumer Confidence Survey reaches out to more than 50 countries throughout Asia Pacific, Europe, Latin America, the Middle East and North America to gauge their economic outlook and confidence in the job market, status of their personal finances and readiness to spend. This February along with National Jeweler, they fielded a survey on 2010 sales results.
According to the survey, of over 340 retail jewelers representing approximately 4,000 stores, they found the following interesting facts:
- 87% of jewelry retailers said their silver jewelry sales increased in 2010
- 52% said their silver jewelry sales increased between 11 and 25%; 28% of those saw an increase over 25% for an average increase of 23%
- Retailers rated the following categories as giving them the ‘best’ maintained margin:
- silver jewelry 57%
- diamond jewelry 20%
- bridal jewelry 15%
- gold jewelry 4%
- platinum jewelry 4%
- silver jewelry generated an average 36% of unit volume and 28% of dollar volume
The best price points, with the greatest amount of sales in silver jewelry is the $100-500 (38%) and under $100 (55%).
97% of the jewelry retailers said that the current silver boom will continue for the next several years.
Michael DiRienzo, Silver Institute Executive Director stated, “Based on retailer feedback and the momentum behind silver jewelry, 2011 promises to be another sterling year for jewelers.”
Will you continue to create in silver?
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