Jewelers report rising silver sales in 2011, says survey

Sales at silver jewelers rose in 2011, according to the Silver Promotion Service's (SPS) third Annual Silver Jewelry Sales Survey of precious metals buyers.

More than three-quarters of participants, or 77 percent, indicated that their sales of silver jewelry rose in 2011, according to National Jeweler. Only percent 9 percent of respondents indicated dropping sales during the period, and 14 percent reported no change in sales activity.

Of the jewelers that reported rising sales during the period, 27 percent said that their sales rose by more than 25 percent, and 48 percent said that their sales volume rose by more than 11 percent but less than 25 percent, the media outlet reports.

Participants in the survey reported an average increase of 22 percent, according to the news source.

"The fact that this is the third year the survey has showed such results has long-term implications for the industry," Michael Barlerin, director of the SPS, told the media outlet. "With 93 percent of 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."

Precious metals buyers were encouraged by low prices for silver, which is currently trading around $30 per ounce, according to Dow Jones Newswires