As we all know, the coronavirus pandemic has changed the way we live in many ways. Across the world, people were instructed to stay at home, wear masks, have social distance, work from home, etc. This has inevitably changed our habits – and not just our social habits. The pandemic has forced a way of living upon us that many will stick with after the pandemic, most notably the shift to online. Students have completed degrees from their bedroom, meetings have been conducted from kitchen tables on Zoom, and retail has moved almost entirely online! This has had a fascinating impact on the silver and jewellery industries, which, for the most part, will be beneficial to wholesale silver jewellery companies after Covid is finally a part of our past rather than our present.
Precious metals to stockpile
As reported by Reuters at the end of 2020, the pandemic triggered investors in precious metals to stockpile gold, silver and platinum as a means to protect their wealth. This, paired with disruptions to supply chains, pushed the price of silver up by a staggering 47%, compared to a 20% increase in price for gold and a 10% increase for platinum. As always, investing in gold and silver has been viewed as a failsafe. This means that the silver industry has seen its most substantial year-on-year gain since 2013, according to a November report from the Silver Institute.
Jewellery market resilience
This growth and vitality have also been viewed in the jewellery industry. While stores have been forced to shut down and trade shows have been cancelled worldwide, the wholesale jewellery market has proved its strength by moving online. According to Gartner L2, ‘…the share of online sales across the US and Western European jewellery sales doubled over 2019’ and predictions for 2020/2021 look just as promising. Interestingly, there seems to have been a psychological shift towards making bigger, pricier, more luxurious purchases. In the UK, two-thirds of people have made jewellery purchases for themselves or others, increasing 5% compared to spending habits in 2018. The message is clear: the demand for jewellery and silver is rising!
New demand for silver jewellery
Those within the wholesale silver jewellery industry should pay close attention to these trends. With ever-easier modes of purchasing online and the ever-increasing demand for silver jewellery, now is the time to take advantage of the consumer’s demands and spending habits and turn to a reliable wholesaler so that your jewellery store isn’t left behind! Silver JD by Jewellery Design Ltd has over 20 years of expertise in wholesale silver jewellery and an unrivalled collection including necklaces, rings, bracelets, and unisex and children’s jewellery. Our products are available at competitive, factory-direct prices. So, don’t hesitate to get in touch and make the most of the most significant demand for silver jewellery in years!