Silver is making a robust recovery in the international jewellery industry, fuelled by improving consumer sentiment, business optimism and stronger overall economic fundamentals.
Major markets have been reporting encouraging performance of silver jewellery exports and retail sales in early 2021 – a welcome development after the onslaught of Covid-19 in 2020.
In India, silver jewellery exports increased by 38.61 per cent from April 2020 to March 2021, mainly in the Surat Economic Zone. Hong Kong’s exports of jewellery, goldsmiths’ and silversmiths’ wares also rose by 22.7 per cent year on year in February. January-February shipments were up by 20.8 per cent compared to 2020.
China meanwhile reported a 99 per cent improvement in jewellery retail sales during the first two months of 2021. Data from the National Statistics Bureau of China showed that gold, silver and jewellery sales during the period in review reached RMB 54.5 billion (around US$8.4 billion), up from RMB 27.7 billion (around US$4.26 billion) during the same period in 2020.
Silver jewellery sales in the US also proved promising. According to a survey conducted on behalf of Silver Promotion Service (SPS) in February 2021, 42 per cent of retailer respondents said silver jewellery sales grew, and of those companies, 52 per cent reported double-digit increases.
Survey results also confirmed silver as a top-performing category for fine jewellery retailers, driving sales and maintaining margin, especially during the holiday selling season. SPS likewise revealed that 89 per cent of retailers are optimistic that silver jewellery sales will continue to grow over the next several years.
SPS Director Michael Barlerin was quoted as saying, “SPS is pleased that silver jewellery continues to grow in importance for American jewellery retailers, maintaining double-digit sales increases and strong margins, despite the challenges related to the Covid-19 pandemic.”