A first-place metal with a runner-up reputation
Even though we weren’t hit as hard economically as our neighbours to the south, Toronto designer Lisa Ridout has seen a quiet trend emerging among her clientele. “Gone are the days of spontaneous spending,” says Ridout, of Lisa Ridout Exclusive Jewellery. “People plan and think hard about what they really want and need before opening their wallets.”
While frivolous spending may be a thing of the past, Canadians are still willing to dole out the dough for jewellery. In fact, Statistics Canada shows there was a 9.6 per cent increase in the second quarter of 2012 in sales of jewellery purchases over the same period the previous year. Many jewellers agree clients more than ever are looking for good quality pieces that are timeless in style, can stand up to daily wear, and come with a great customer service policy, including free repairs. And high-end silver jewellery can fill that niche.
“I would say there is a definite permanent place for high-end silver jewellery in today’s market,” Shigetomi says. “From visiting trade shows to listening to the requests of my stores and clients, people are asking for silver because they want beautiful, unique pieces without gold’s price tag.” When it comes to selling high-end silver pieces, Shigetomi warns you have to work a little harder to make that sale compared to gold, especially when presenting higher-end silver in the $300 to $1000-range. Of course, not all clientele will want to abandon their strongly entrenched love of gold jewellery. Some may be unwilling to see the silver lining when it comes to high-end pieces.
Avid jewellery collector Mela Nacki had this to say about making the switch from gold to high-end silver jewellery: “I know the price of gold has shot up immeasurably, but I am old-fashioned,” says Nacki. “I prefer to save up for gold because I don’t think anything compares to it and I just don’t see myself buying high-end silver pieces for my collection.”
Ridout doesn’t fully agree. She’s noticed over the past decade that traditionally ‘gold-only’ customers are now making the switch to invest in quality silver pieces. “They are either putting their gold in their safety deposit boxes and planning on passing it on to family members, or getting rid of gold jewellery and with the money they garner, they are investing in good sterling pieces.”
Let’s consider how you as a jeweller can make high-end silver jewellery more appealing to your clientele through branding and sales.
