Gold News

Silver Bullion Jewelry Sales Rise

SALES of jewelry made from Silver Bullion performed strongly in the US last year, according to a survey commissioned by the Silver Institute.

A total of 301 retailers responded to a survey sent to them by industry publication National Jeweler. Of these, 77% said they saw sales of Silver Bullion jewelry increase in 2011. Over one quarter (27%) said they saw an increase in excess of 25%.

The survey was carried out by Nielsen and National Jeweler on behalf of the Silver Institute's Silver Promotion Service (SPS), which was set up in 2008 to promote demand for jewelry made from Silver Bullion.

"The fact that this is the third year the survey has showed such results has long-term implications for the industry," says SPS Director Michael Barlerin.

"With 93% of the retailers saying they are optimistic that the current sales boom will continue, their opinion reinforces what I have said at various industry events and meetings, a 'sea change' has definitely occurred for silver jewelry."

Half of the retailers who responded to the survey gave "female self-purchase" as the best silver selling opportunity, followed by "gifting" (26%) and "youth market" (24%).

March sales of American Eagle Silver Bullion coins by the US Mint meantime have already surpassed February's total, according to US Mint data. Over 1.8 million one ounce silver coins have been sold so far this month, compared to last month's total of less than 1.5 million. 

March 2011 saw over 2.7 million Silver Bullion American Eagles – which are produced specifically for investors – sold by the US Mint. 

US Mint bullion investment coins are not sold directly to the public, but to approved dealers.

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