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Platinum diamond jewelry manufacturers continue to create fabulous pieces for men, bridal, and women's fashion at all price points ahead of Christmas season 2010. Platinum Guild International USA provided a look at the latest trends in platinum diamond jewelry in Manhattan today. In this video broadcast notice how more designers are using rough stones in their jewelry, and how the use of smaller diamonds still create the most elegant fashion statement, but with that lower price point the average consumer desires.
Read through the latest survey data from Platinum Guild International
In a recent sentiment survey conducted by GFK Audits and Surveys commissioned by Platinum Guild International (PGI-USA), there was positive growth in platinum bridal jewelry sales for the first half of 2010, with a projected 3 percent increase through the end of the year. PGI Preferred Platinum Partners, those that have worked closely with PGI in building their business, expect an impressive 8 percent increase, the highest recorded increase since 2007. This reflects a considerable profit opportunity as Preferred Platinum Partners sell significantly more platinum.
"Our platinum bridal business is a significant focus for us and we see it steadily increasing. Platinum is not only the preferred metal for bridal in our store, but it is also a crucial part of our business model as it moves the needle in our long term sales and profit strategy," states Curtis Bennett, vice president of retail operations for OC Tanner in Salt Lake City, Utah, and a Preferred Platinum Partner.
Such success is leading retailers to increase their platinum bridal inventory. In preparation for fourth quarter, and the most popular engagement season, 56 percent of all retailers plan to purchase additional platinum product through the end of 2010. That percentage rises to 67 percent among Preferred Platinum Partners. Retailers are choosing their platinum bridal inventory wisely as the demand for entry-level platinum, platinum starting at $1,000 rises.
Several factors have contributed to the strength of platinum sales in 2010, one of the most influential being the rising price of gold in today’s market. Platinum’s competitive pricing against gold attributed to 31 percent of retailers stating platinum’s price as a positive attribute, while an additional 29 percent found value in platinum’s unique properties of durability and strength.
“We have certainly seen a strong momentum in platinum bridal sales this year. Our customers already know that platinum is the finest metal for bridal and now, with the current price of gold, it's a no brainer. We expect a minimum of 15 percent sales increase in platinum bridal during the fourth quarter,” stated Michael A. Han, president of The Wedding Ring Shop in Honolulu, Hawaii, and a Preferred Platinum Partner.
The survey also reported that some retailers attributed platinum sales increases due to their staff suggesting platinum to customers more often than before. This finding confirms the importance of well-educated sales associates that understand and share the key features and benefits of platinum.