2022 Silver Jewelry Sales Results
SILVER SURVEY 2022
Conducted by: The Silver Institute and The Jewelers Collective
Objectives
Jewelry Retailers were surveyed to determine:
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How 2022 silver jewelry sales compared to 2021.
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How 2022 holiday sales for silver jewelry compared to the 2021 season.
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Which merchandise categories had the best maintained margin over the 2022
holiday season.
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What price points of silver jewelry have the greatest amount of sales.
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How silver jewelry performs compared to other categories in their store.
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Whether they increased their inventory of silver jewelry in 2022.
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Which category had the best inventory turnover rate.
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What age groups are buying the most silver jewelry and where they see their
best-selling opportunities with silver.
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How important silver jewelry is to their business.
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How optimistic they are that silver jewelry sales growth will continue for the next
several years.
Methodology
The survey was conducted online from February 9 to March 8, 2023. The questionnaire
was featured in a full-page ad in The Jewelers Collective (TJC) Spring issue which was
mailed to retailers and to TJC E-subscribers. As of March 8, 2023, 108 retailers had
responded and form the basis for this report.
Executive Summary
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52% of the jewelry retailers said their silver jewelry sales increased in 2022.
22% said their silver jewelry sales remained the same and 26% saw a
decrease in sales. 26% of retailers said their online sales increased.
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52% said their silver jewelry sales increased between 11 and 25%. 7% saw
an increase over 25%. The average increase in 2022 for silver jewelry sales
was 14%. Those who saw a decrease averaged -18%.
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52% of the jewelry retailers said their 2022 holiday season sales of silver
jewelry increased over the 2021 holiday season. 24% said their holiday
season silver jewelry sales remained the same while 24% said their sales
decreased.
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The following merchandise categories gave retailers the best maintained
margins during the holiday season:
Percent rating category as "best"
Silver Jewelry 38%
Diamond Jewelry 21%
Bridal Jewelry 21%
Gold Jewelry 18%
Platinum 2%
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30% said silver experienced the best inventory turnover rate in 2022; 13% said
diamond, 16% bridal and 36% gold.
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The two best price points where retailers are experiencing the greatest amount of
sales in silver jewelry are less than $100 (50%) and $100 - $500 (45%).
Price Point Range
More than $1,000 2%
$501 - $1,000 3%
$100 - $500 45%
Less than $100 50%
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Retailers said their silver jewelry sales as a percentage of their overall jewelry
sales were on average 28% of their unit volume and 19% of their dollar volume.
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61% increased their inventory of silver jewelry in 2022 an average of 21%.
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The age group buying the most silver jewelry is 20 - 40 according to 52% of the
retailers. The under 20 age group was second at 17%.
Over 60 6%
51-60 11%
41-50 15%
20-40 52%
Under 20 17%
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Retailers said the best-selling opportunities with silver are female self-purchase
(34%), while 26% said gifting, and 31% said millennials (ages 23 to 41). Just 9%
said bridal party/bridal gifts or other.
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51% said silver jewelry is very important or important to their business; 27% said
very important.
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88% of the retailers are optimistic that silver jewelry sales growth will continue for
the next several years; 46% said they were very optimistic.
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88% of the respondents are independent retailers, just 2% jewelry chains, and
10% “other.”
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Respondents were concentrated in the East.
New England 13%
Middle Atlantic 41%
East North Central 20%
West North Central 2%
South Atlantic 15%
East South Central 9%
West South Central 0%
Mountain 0%
West 0%
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72% of the retailers operate one physical store, 12% operate two or more stores
and 16% were online only.
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Annual per store sales for respondents are $1,841,837