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China Rebound Drives Platinum Growth
Mar 4, 2021 7:08 AM
By Rapaport News
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RAPAPORT... China saw strong growth in platinum-jewelry demand in the fourth quarter of 2020, as the economy began to rebound from the coronavirus pandemic, Platinum Guild International (PGI) reported.
Demand for branded collections grew by up to double-digit figures in the country compared to the same period in 2019, the trade organization said last week. Platinum-jewelry manufacturing rose 14% year on year, reflecting the strong demand. Some 69% of PGI’s retail partners said they needed to restock earlier than during the prior year in order to replace jewelry, as consumers were making purchases at a faster rate.
Sales in the US increased 14% year on year in the October-to-December period, led by purchases of diamond and bridal jewelry. Retail partners in India reported 25% growth for the quarter, as strong marketing following the country’s lockdown resulted in strong sales due to pent-up demand during the Diwali festival season.
“Platinum has played a leading role in the jewelry market’s recovery…driven both by favorable metal pricing, and a new generation of products better suited to today’s consumer,” said PGI CEO Huw Daniel. “The latest research indicates strong consumer appetite for fine-jewelry purchases in 2021, which bodes well for continued growth in 2021.”
Image: Platinum jewelry. (Platinum Guild International)
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Tags:
China, Huw Daniel, PGI, platinum, Platinum Guild International, Rapaport News
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