Silver: Do you need brand power to sell high-end silver jewellery?

by charlene_voisin | February 1, 2013 9:00 am

By Sara Duck

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It’s no secret silver jewellery has had some preconceived notions in the past, especially when compared against its costly rival, gold. Maybe your customers still regard the yellow metal as the absolute high-end jewellery standard, something to be gifted for special occasions or handed down as a family heirloom. And maybe they grapple with the concept of silver ever carrying the same high-end cachet that one equates with gold. Yet, with gold continuing to command record-breaking prices, is this finally silver’s time to shine?

“It’s about changing people’s perception of silver,” says Jennifer Shigetomi, co-owner of Toronto’s Matsu Jewellery. “Silver can be as luxurious as gold, but without the exorbitant price tag.”

This precious metal has the amazing versatility to be shaped into bold and pricier pieces, experts say, and more and more designers are doing just that, capitalizing on the high-end silver jewellery market.

“When branded designers expand to silver, consumer confidence in the metal increases and expands the category for all designers,” says Amanda Gizzi, director of consumer communications for U.S.-based Jewelry Information Center (JIC).

Let’s consider high-end silver jewellery’s presence in the market, and whether it can shake off its pesky second-place standing for good.

A first-place metal with a runner-up reputation

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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.

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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.

Marketing silver as the new gold

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When it comes to silver jewellery, no one can deny Tiffany & Co., does an excellent job of marketing high-end silver jewellery as desirable. From its vast selection of silver pieces and price points starting under $250 to just over $1000, Tiffany provides the masses with affordable luxury and has its branding down to a fine art.

Yet, is branding a deal breaker when it comes to instilling desire among consumers for pricier silver jewellery? Gizzi doesn’t think so. “Branding has helped increase awareness and consumer desire for high-end silver jewellery and in turn, opened the door for less-known or emerging designers,” she explains. “Design, price, and style are factors that are heavily weighted when purchasing high-end sterling silver. The addition of precious stones also adds to consumer confidence and helps move merchandise.”

So, how can your company make high-end silver jewellery part of its signature brand? Ridout believes the proof is in the pudding. “My best advertising is the client who wears a bracelet of mine every day of her life,” she says. “The piece becomes part of their unique style and other women notice the jewellery and compliment them on it.” Ridout adds that an unsolicited testimonial will get you a new client every time.

Having a wide selection and the latest in high-end silver designs to present to your clients can be the biggest advantage to making that sale. Also, offering customized pieces and/or incorporating coloured gemstones or diamonds can help high-end silver jewellery stand up to gold, while creating a perfect balance of glamour and everyday wear.

“I have noticed a lot of designers are choosing to pair silver with diamonds,” Shigetomi says. “And that’s simply because customers and stores are requesting it—there is demand in the marketplace.”

Selling high-end silver jewellery can also provide retailers with a fabulous opportunity to attract a new type of buyer—one that is focused on trends. “Silver jewellery can be promoted as an accessory and an essential part of fashion,” Gizzi says. “Women shop seasonally for their wardrobes, and bringing in the fashion-focused female buyer can help expand sales.”

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To sell high-end silver jewellery, you as the jeweller have to make it just as coveted and special as any gold piece. Think about presentation. Maybe a beautiful leather-bound case is the way to go, as it can convey to the customer they are buying something of quality that warrants this type of treatment.

“Customers are also aware there is a lot of cheap silver jewellery bombarding the market these days,” Shigetomi says. “So educating them on the quality of your product is essential.” She recommends showcasing your high-end silver jewellery’s uniqueness with support material. This is key to helping customers appreciate the value of the purchase and you ultimately making a sale. Sale cards with information about the jewellery you carry can shed some light on what makes it special. Think inspirational tidbits behind the piece or interesting facts about the designer—anything that will give credibility and appeal to the line.

Often, high-end silver jewellery is handmade, one-of-a-kind, and expertly crafted. Customers may wonder why a sterling silver necklace is $900, but when you take the time to point out the intricacies, these pricier pieces may start to take on a new light.

Of course, when it comes to making that sale, throwing in a few extras such as free silver polishing and maintenance can help allay fears this metal needs rigorous polishing to keep it looking good.

With just a little ingenuity, customers can come to see the sterling value of incorporating high-end silver pieces into their jewellery collections.

Sara Duck has been bringing her passion for style and trends to the publishing world since 1999. Her work has graced the pages of top Canadian magazines, including Images, Weddingbells, and Fashion 18. Along with freelance writing, she is currently the managing editor of Home and Décor magazine.

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