Silver jewelry in Las Vegas has long been a staple of the fine jewelry market. It is especially popular for wedding and engagement rings, earrings, and necklaces. However, these pieces are typically quite small in size and scope. That's because silver as a material has waned in popularity over the last few decades. However, that's all about to change by 2022. The Comeback of Silver Jewelry forecast places the value of this industry at $3 billion by this year, with a strong return on investment during the same time period. Let's take a closer look at why we are seeing such demand for silver jewelry once again and what it means for you as an investor and consumer.
Why Is Silver Jewelry Making a Comeback?
The silver market saw a strong resurgence in the 1990s, peaking in 1996. That year, the silver jewelry industry realized $4.9 billion in total sales. However, over the next few decades, that number steadily declined. It's not entirely clear why this happened, but it's likely due to a combination of factors. First, the jewelry market as a whole has declined since the 1990s, so the drop in silver jewelry sales can likely be attributed to that alone. However, the rise of more affordable, synthetic materials like cubic zirconia and moissanite may also have played a role.
What Types of Jewelry Will Benefit From This Comeback?
As the value of silver increases, it will become more cost-effective to use in jewelry. That will allow silver jewelry to recapture some of its former popularity and bring it back into the mainstream. There is now a high possibility of a resurgence in the use of silver in a number of different jewelry types. Specifically, silver earrings are likely to benefit most from this rising popularity. Silver bracelets, necklaces, and rings will also likely increase in demand.
What to Look for When Investing in Silver Jewelry
When investing in silver jewelry, you will want to find a piece that is both affordable and high-quality. You can research to find graphs that determine the premium on the silver used in your jewelry. By comparing the difference in silver prices from one month to the next, you can get an idea of how the cost of the metal is trending. You will also want to get a highly durable piece. Silver can tarnish over time, especially in Las Vegas weather; you'll want to look for jewelry made with high-grade tarnish-resistant material.
Pros and Cons of Investing in Silver Jewelry
Pros: Silver jewelry has an obvious appeal to many investors. People are naturally drawn to this shiny and beautiful material. Plus, it can be used in different ways: as jewelry, as a table centerpiece, or even to make a fancy frame for an artwork. This wide range of potential uses makes silver an attractive investment for just about anyone. Silver is also a relatively easy metal to work with, making it ideal for jewelry designers. Because of this, you can expect to see a wide variety of silver jewelry come to market as the industry continues to grow.
Cons: The main drawback to investing in silver jewelry is that it can be costly to make. This is especially true for larger pieces, which require more silver. This can make investing in silver jewelry cost-prohibitive for smaller retailers.
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