Silver jewellery continues to be a driving force in the US retail market, demonstrating strong sales growth and maintaining the highest margins compared to other precious metals, according to a new survey commissioned by the Silver Institute. The survey polled US jewellery retailers on their 2024 performance.
This also brings good news for Indian silver jewellery exporters. India exports silver jewellery worth $320 million to the US.
The survey revealed that 53% of retailers reported increased silver jewellery sales in 2024, a notable rise from the 2022 survey results. This growth is underpinned by a significant increase in inventory, with 71% of retailers expanding their silver jewellery stock by an average of 15% in 2024, a 10% jump from 2022 figures.
The survey notes that silver jewellery delivered the best-maintained margins for retailers, particularly during the crucial holiday season. Silver jewellery sales accounted for an average of 31% of unit volume in overall jewellery sales for retailers in 2024, up from 28% in 2022. The average store growth for silver jewellery sales reached 20% in 2024, significantly higher than the 14% recorded in 2022.
Retailers identified customers aged 20-40 as the primary buyers of silver jewellery, followed by the 41-50 age group. Female self-purchase emerged as the strongest sales driver. An overwhelming 83% of retailers consider silver jewellery essential to their business operations. Some 92% of retailers express optimism for continued growth in silver jewellery sales over the next several years, an increase from 88% in 2022.
Michael DiRienzo, President and CEO of the Silver Institute, commented on the findings: “Silver jewellery offers the consumer many options at a price point that is friendly to the wallet. Interest in big and bold silver jewellery with increasingly stylish designs is leading many consumers to choose silver jewellery.”
