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Platinum Jewelry Sales Saw Strong 2018
May 27, 2019 7:49 AM
By Rapaport News
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RAPAPORT... Platinum-jewelry demand grew in India and the US in 2018, as younger consumers and male buyers responded strongly to marketing campaigns,
Platinum Guild International (PGI) reported.
US sales at PGI’s retail members grew 11% amid strong
growth in the bridal category, and the successful use of celebrities in
advertising, the trade organization said. Sales for 2019 are expected to increase
by 8% to 10%, with growth slowing slightly due to market uncertainty and
volatility in light of the US-China trade war.
Sales in India rose 19% at PGI partners, with strong growth
in bridal and gifting, and solid self-purchasing, predominantly by younger
consumers. Purchases will continue to rise 15% to 20% in 2019, as the number of days considered auspicious for buying jewelry rises, and men’s jewelry gains popularity in the
country.
Demand in Japan increased 1% in 2018, lifted by a higher
average weight per piece of jewelry sold, which outweighed a decline in the
number of pieces purchased. International brands such as Tiffany & Co. saw
the largest growth, as young consumers and men responded to influencer and
celebrity campaigns. Purchases in China declined 7%, as more consumers of bridal jewelry bought 18-karat gold instead, PGI added.
Image: A platinum and diamond engagement ring. (Cs1791)
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Tags:
India, PGI, Platinum Guild International, Platinum Jewelry Sales, Rapaport News, US
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