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PGI Anticipates Platinum Jewelry Sales to Grow 5% in Key Markets

Apr 30, 2014 12:57 PM   By Jeff Miller
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RAPAPORT... Platinum Guild International (PGI) recorded strong sales growth across the platinum jewelry sector in 2013 and the group extended a positive outlook for 2014 as well. PGI's Retail Barometer report, measuring sales from retailers to consumers, indicated that platinum jewelry sales in the U.S. rose  11 percent year on year in 2013, which was stronger than the fine jewelry sales category as a whole.  PGI anticipates that platinum jewelry sales will grow 11 percent again in 2014 in the U.S., and 71 percent of the group's "Preferred Partners" expect that platinum unit sales will be stronger than was the case in 2013. Retail demand for platinum jewelry is forecast to grow by 5.3 percent combined across the four key global markets (China, India, Japan and the U.S.). PGI expects the platinum jewelry market to grow 5 percent in China, the industry's largest market, India’s retail platinum market is expected to increase by 35 percent and Japan is forecast to grow by 1.2 percent. platinum jewelry

There was greater availability of entry-level platinum jewelry price points in 2013 to boost sales, such as semi-mount engagement rings between $1,345 and $2,500, which offered platinum  within reach of a broader market, according to the report. Other contributing factors suggested that platinum provided an alternative to gold and other precious metals, which attracted the millennial consumer; the average price between platinum and gold narrowed to just 5 percent and PGI contended that consumers believed in platinum's value for the price.

Maren Rosen, the executive director of merchandising at Stuller, said,  “In response to increased demand for platinum from our independent retail customers, the design and merchandising teams at Stuller have expanded our collection of platinum bridal products at price points accessible to most consumers. There are so many benefits to buying platinum, but the number one business reason is the fact that platinum is more profitable. Our most successful customers are seizing this opportunity every day.”

James Courage, the CEO of PGI, said, “Clearly the outlook for the platinum jewelry market is very positive with all four key markets expected to grow further in 2014. Platinum jewelry sales represent a more significant proportion of platinum demand than is commonly understood. We thought it important to provide information on what is happening to retail jewelry sales and what we believe will happen in the coming year.”

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Tags: Bridal, China, Jeff Miller, jewelers, PGI, platinum jewelry, stuller
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