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(Kitco News) Silver jewelry sales were up for the 12th year in a row in 2020, with millennials identified as the primary buyers of silver products, according to the Silver Promotion Service (SPS) survey.

Around 42% of U.S. jewelry retailers that took part in the survey said they saw higher sales, with the majority highlighting double-digit growth of between 11% and 25%, the SPS said.

“Silver jewelry continues to grow in importance for American jewelry retailers, maintaining double-digit sales increases and strong margins, despite the challenges related to the COVID-19 pandemic,” said SPS director Michael Barlerin.

And based on the demographic breakdown, millennials were the main buyers of silver jewelry in 2020. “The age group buying the most silver jewelry is 20-40 according to 51% of the retailers,” the SPS said in a press release.

More than half of the U.S. retailers surveyed reported that holiday sales of silver jewelry were higher than a year ago.

Also, margins from silver sales were significantly higher than those from diamonds, gold, or platinum. “[Silver’s] 43% margins compared to 19% diamond, 17% bridal, 16% gold, and 5% platinum,” SPS’ press release said.

In total, silver jewelry sales equaled to about 34% of the overall jewelry purchases last year.

On top of that, the sentiment on future sales remains bright, with 89% of retailers stating that “they are optimistic that silver jewelry sales will continue to grow.”

The SPS is operated by The Silver Institute – a nonprofit international association that works to increase public understanding of the value and the many uses of silver.

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