Hello Dr. Peter J. Meyers,
Thank you for taking an interest into our problem. Unfortunately, we don’t believe that article is the problem. The sponsored link was added a few weeks ago but the phrase specific targeted action happened a year ago in January 2015. Before then, all our anchor text were branded names.
https://www.seroundtable.com/google-update-maybe-19760.html
We previously believed it was due to Panda and we waited for the update. However, the update in July 2015 had no effect on our issue.
We’ve inspected our search console and we’ve found no manual actions or issues.
We’re still ranking number one on all other major keywords such as ‘Wholesale Silver Earrings’, ‘Wholesale Silver Ear Studs’ and ‘Wholesale Jewellery Silver’. The issue is only when silver becomes before jewellery but not the other way around.
Possible Thoughts
We previously went under a different URL (www.jewellery-collection.co.uk). When we moved to our current url (www.mainlysilver.co.uk) we preformed a ‘meta refresh’ on the old url in 2014. As soon as we realised something went wrong with this phrase penalty, we removed the ‘meta refresh’ and added a landing page on the old URL.
Before we joined, the previous SEO guys resourced the link building work to India and as a result, has created us a massive directory link profile to old URL (www.jewellery-collection.co.uk) but they weren’t spamming. The anchor text were all brand names too.
When we did a "meta refresh" redirected from old URL to new, Google forwarded all the inbound links of the Old URL to New URL in the Google Search Console.
This issue has also affected one of our competitors www.925jewellery.co.uk with the specific phrase penalty (silver + jewellery).
I still don't understand why only "silver + jewellery".
We really appreciate your help in this matter.