UNITED STATES April 05 2016 11:08 PM
NEW YORK (Scrap Register): Silver-jewelry sales rose in the United States for the seventh straight year in 2015, as per the latest report from the Silver Institute.
The industry organization reports that 60% of jewelry retailers reported increased sales, according to a survey conducted on behalf of the Silver Institute’s Silver Promotion Service.
The average growth in 2015 for silver-jewelry sales was 15%. Meanwhile, retailers said their silver was on average 35% of their overall jewelry-sales volume and 27% of their dollar volume. Forty-five percent of retailers said silver experienced the best turnover rate in 2015, followed by diamond jewelry at 22%, bridal at 17%, gold at 12% and platinum at 4%.
Further, 87% of retailers said they are optimistic that the current surge in silver sales will continue, according to the survey. The age group buying the most silver jewelry is 20 to 40, according to nearly 60% of the retailers.
“Silver’s outstanding performance was the result of multiple interrelated factors, including the fact that 57% of retailers reported they had increased their inventory on average of 21%,” said Michael Barlerin, SPS director.